KEY POINTS:
John Atkinson is a long way from both his home and his original career path.
The New Zealand chief executive of ASX-listed financial advisory group Plan B Wealth Management grew up in Dublin and began his career marketing fast-moving consumable goods such as tea and coffee.
But now
his aim is to "sell" the Plan B brand to New Zealanders.
It's a task Atkinson does not underestimate in a market where financial advisers have faced flak for recommending finance-company debentures to mum-and-dad investors on the back of high commission rates.
But, says Atkinson, Plan B is not about commissions or attracting mum-and-dad investors.
It charges a fee for its service and targets high net-worth investors.
"New Zealanders have focused on bricks and mortar - why people feel happy about bricks and mortar is that it is tangible. But Plan B tends to focus on high net-worth individuals - they tend to have a level of sophistication where they understand asset allocation and that there are other things to invest in outside of property. People who are less financially astute tend to have all their eggs in one basket."
Plan B is a passive investment specialist and uses asset class investing as a model rather than relying on fund managers to pick stocks.
The firm took this approach in 2002 on the back of scientific financial research. Atkinson says studies show no fund manager can outperform the market over time so it invests in a raft of companies - and stays invested.
"Time is the key to investing, not timing." He says investors need to be in for the long haul - which means about a 10-year period.
The aim is to target steady growth over time rather than a "shoot the lights out" performance.
"We don't create wealth," says Atkinson, "Achieving plan A is what happens before you come to Plan B. We can't pull rabbits out of hats."
In Australia the Perth-based company has been around for 20 years. It listed on the ASX midway through last year. But in New Zealand it is barely known at all.
The firm first entered the market with a 25 per cent stake in financial advisory firm Strategic Asset Management in 2005. A year later it bought the company outright. But it wasn't until last September that the firm decided to change its name to Plan B and Atkinson moved from being head of marketing for the Australian business to New Zealand chief executive.
It was a big step up after joining the firm only in April 2006. Before that he was head of products and marketing for Peters and Brown, a subsidiary of dairy co-operative Fonterra.
While the CEO position was a good chance to advance his career Atkinson says he chose Plan B because of his strong belief in the company model.
So far it has $227 million in funds under management in its New Zealand business and Atkinson's target is to build it up to $500 million with the help of both acquisitions and partnerships.
It has alliances with Polson Higgs Business Advisers, Fiona Judd and Associates and Joy Durrant.
