Clayton Coplestone will be the group's CEO and managing director with former ING managing director, Paul Fyfe playing a leading role.

Coplestone, who has been courting ING-aligned advisers and others for months, is set to launch the group under the Madison Financial Group New Zealand brand, in reference to the Australian dealer group of the same name, which will act as a shareholder and service provider to the New Zealand business.

Fyfe, who retired as head of ING three years ago, was also involved in setting up the Madison NZ business.

In Australia, the Madison includes 25 practices, covering 70 advisers, and A$3 billion of funds under advice.

"Madison plans to become the first group to establish a trans-Tasman financial advice business where all advisers meet the best practice standards of both Australia and New Zealand, and are effectively able to be 'licensed' by regulators in both countries," Coplestone says.

An earlier business proposal obtained by Good Returns lists Coplestone, along with Madison Australian directors, Mark Perry and Tony Hartley; Graham Rich, head of Sydney-based Brillient; and David Greenslade, of Strategi as the foundation members. It is believed Greenslade has since dropped out of the project with Fyfe taking up the slot as fourth major shareholder.

Madison Australia will supply compliance and support services to the business. However, the final line-up of service providers has yet to be revealed.

Coplestone has also been negotiating with investment platform providers with the view to creating a white-labelled product for the new group.

According to the Madison business proposal, the four foundation partners would each hold 7.5% equity in the group with the remainder split among adviser members - based on their initial and ongoing contributions to its growth.

But Coplestone told Good Returns under updated arrangements all the Madison NZ principal partners have purchased equity in the group that “includes an opportunity to increase their shareholdings through performance measures and at the discretion of the board”.