Pharos Financial Group, the Australian financial services firm, has entered a strategic alliance with one of the largest dealer groups in New Zealand.

Under the terms of the deal with TNP, the New Zealand-based firm, financial advisors from both Australia and New Zealand will be able to provide services in each other's countries based on the qualifications and experience they acquired from their home country.

The New Zealand Financial Markets Authority has allowed Australian qualified advisors to apply to become authorised financial advisors in the country based on their existing qualifications. Conversely, the Australian Securities and Investment Commission amended its rules to recognise New Zealand AFAs and qualified advisors. 

"Whilst the two parties have informally shared intellectual property between each other previously for a number of years, the strategic alliance recognises a formal commitment to extending this into focused joint product and services development initiatives," said Mark Perry, managing director of Pharos Financial Group. 

The mutual recognition of advisors officially took effect in 6 July.