Alexandra-based Wilmac Financial Services ended its relationship with the AMP-owned firm last year.

Spicers claimed that Wilmac had then refused to hand over the client records, and was in breach of its agreements with the company.

The firm sought an urgent ex parte injunction in the High Court in Dunedin to recover the client files held by Wilmac.

It told the court that Wilmac was converting Spicers’ property to their use.

Brent Wilson now works for Forsyth Barr in Queenstown.

He said there were pressures on advisers working for big corporates.

“Financial planning is an intensely personal business. Advisers feel a real sense of responsibility for their clients and that can cause a conflict when they are owned by a corporate with strong shareholder interests. That’s the biggest issue, that’s where the conflicts are because no one is ever right. From the point of view of the adviser, they want to do everything for the client they possibly can. The corporate’s first responsibility is to their shareholder.”

A Wilmac spokesperson indicated that negotiations with Spicers continue in good faith to resolve outstanding issues and concerns about record keeping tabled in the ex parte injunction have been addressed and that they were unable to comment further.

An AMP spokeswoman said: "We can confirm we have settled the court action initiated against Wilmac Financial Services and that client files have been returned to us.  As the matter has been settled we are unable to comment any further. There are other matters outside of the court action that the parties are continuing to work to resolve".