TFAS was the old adviser association made up of TOWER aligned investors and is now called DNA Advice. When TOWER decided to sell its businesses TFAS ended up being owned by Fidelity Life (which also bought TOWER’s life business).

However, the company hasn’t done much with the group and has agreed to relinquish its ownership.

DNA Advice director James King (pictured left) says the group has around 30 advisers, $600 million of funds under management and $10 million of in-force business with both Fidelity Life and health insurer nib.

The group decided that it would “have a crack”at re-establishing itself as a non-aligned adviser channel in the new regulatory environment.

"We see an opportunity in the market under the new licensing regime," he says.

He says they are delighted that Fidelity Life has agreed to give them ownership of their books of business.

“It’s a huge relief for all our members that we can finally say we own our clients.”

He says Fidelity still remains an “important partner” for the group, but its advisers can now work with other life insurance companies.

DNA Advice advisers also have a deep relationship with Fisher Funds Management (which bought TOWER’s managed funds and KiwiSaver businesses).

King says the reborn group does not intend to apply for a licence and become a Financial Advice Provider.

His view was that using vanilla, templated solutions was not good for clients.

“We won’t be telling them they can use certain products.”

However, he does see a role for the group to help members get their own licences

Advisers in the group use model portfolios developed and managed by Fisher Funds as it is a simple and cost-effective approach, however that doesn't stop advisers adding "a little bit of flavour outside of the model portfolios."

King says the reborn group may appeal to RFAs who want to dip their toes back into the investment space.

The group is more of a co-operative model rather than a corporate one. It has three directors; Shaw, Peter Crawford andClair Dodd. Former TOWER executive and IFA chief executive Fred Dodds has been appointed as a transitional manager.