Influx of wealth in Bay brings growth to Hastings financial services firm Cole Murray

Richard Maloy and Magali Martin have increased their commitment to a growing Cole Murray.

The arrival of well-heeled newcomers to Hawke's Bay has resulted in financial services firm Cole Murray expanding its investment and wealth generation department.

Magali Martin is joining the team and Richard Maloy is buying into the business.

Authorised financial adviser (AFA) Richard Maloy, who has been with the company for two years, bought a 50 per cent stake in CML Financial Planning, Cole Murray's wealth-generation subsidiary.

"This was an exciting opportunity for me to invest in a progressive and well-established business. But more importantly it provides assurance for our clients that I'm here for the longer term - something that is vital when handling long-term assets," Mr Maloy said.

Ms Martin recently joined Cole Murray in a full-time capacity and has an MBA and is in the final stages of her authorised financial adviser's accreditation.

Cole Murray co-owner Mike Murray says the department has expanded to meet the demands from clients, mostly from those moving to Hawke's Bay from the major centres.

"There has been an influx of people from Auckland and Wellington who are cashing up and moving here," he said.

"They are able to purchase a property for half the price, leaving them with lump sums to invest."

"The demographics of our customers are also changing. We are seeing more younger people moving here and who want to set themselves up with less debt, which is why we launched our financial planning service.

"At the other end of the spectrum are those with retirement on the horizon and we are seeing a huge number of 55-year-olds to 65-year-olds downsizing, living debt free and using this time to ramp up their savings and establishing an investment portfolio."