The alliance is designed to plug the gap in the market offering independent, customer-focused advice that is more personal than the big banks but more widely resourced than the smallest firms.
Aurora, whose founding firms are independent in ownership and structure, believes it can directly compete with private banks, insurance companies and national financial adviser firms.
The group will look to offer the full service provided by banks including treasury, FX and cash management business but its business will be based on fee-based financial planning services.
Aurora member firm Investment Quorum CEO Lee Robertson says the launch comes at a time when the current level of dissatisfaction with the banks as financial planning and wealth management providers is at an all time low.
He says: “We believe that the most effective way of providing true, client focused wealth management is through smaller, boutique firms – and yet we recognise that smaller firms often don’t have the PR clout, budget or resources of the larger firms, and this is why Aurora was created.”