Christchurch-based advisers Lifetime Group has acquired Wellington-based Meridian Brokers as part of plans to expand into the North Island.

Lifetime CEO Warren Stephens says last year’s earthquakes delayed expansion plans.

“We had always intended to expand into the North Island,” he said. “However, with our head office located in Christchurch the earthquakes last year delayed the move.”

Regulatory changes were the reason for Meridian to join a larger group, director John Ashby says.

“Meridian knew being part of a bigger organisation… would be advantageous to everyone concerned,” he said.

Mr Stephens says the regulatory changes will lead to larger adviser groups being created to provide a wider service.

“In this new regulatory environment, identifying synergies in other successful financial advisory businesses and focusing on the different skills and knowledge each can bring to a new, larger combined organisation, is the future,” he said.

“This [acquisition] further strengthens Lifetime’s position in the market, providing additional diversity, flexibility and service.”

Mr Ashby will stay with the expanded business as will Meridian advisers Brenden Van Schooten and Mike Morris.

A new adviser will be recruited to join the Wellington practice and Lifetime adviser Greg Little is also moving to the business.

Lifetime was formed in 1999. Last year its turnover was more than $NZ11.5 million ($8.8 million).