NZ Funds, which has been a part owner for the past two years is taking full ownership of the MMG Advisory Partners and plans to close it down; at the same time creating at least 14 new, independent advisory firms.

Former MMG franchisee Jon Davies says the change is good as it has been hard to work under the MMG brand for the last three to four years.

 "I think to the outside world the change is fairly dramatic, as far as we're concerned, we've been working down a planning route with clients for a while now and other than the fact we're not part of a franchise, its business as usual and we'll be looking to grow."

Davies says MMG had acquired franchises in Auckland from retiring advisers over the last three years and with MMG coming to a close, he and his business partner Mike Jones have bought the North Shore MMG.

"It's a good opportunity to pick up client bases and look after them."

Rob Blackmore has changed the name of his Nelson business to Blackmore Wealth Management.

He says the closure of MMG feels good and like a natural progression because over the last six years financial advisers themselves have become a brand as such attracting clients, rather than any other brand like MMG.

He says under MMG advisers had been on a semi fee base for some time.

"Now we're fee-based there's no conflict of interest and it's better for the client as it's more transparent, they know when they will be charged, how and by what amount."

Blackmore's revenue now comes from a percentage of funds under management and he is currently looking at a flat fee for advice which depends on the level of advice wanted.

 "I'm excited about the opportunities to arise in the future with what we've done and what the NZ Funds investment team has done with its hedging and equity protection strategy - there is light at the end of the tunnel after a pretty hard three years."