Fortnum-aligned firm Fortuity Strategic Advisors announced it has acquired Just Advice Financial Services – an authorised representative of AMP-aligned licensee Charter Financial Planning.
In a statement this week, Fortuity Strategic Advisors said the acquisition of Just Advice was part of the firm’s “aggressive plans to grow.”
Fortuity also announced the appointment of Samuel Fenning to the role of financial adviser. Mr Fenning was formerly an adviser with Just Advice, according to his LinkedIn profile.
Managing director of Fortnum Private Wealth Joel Taylor said the dealer group is pleased to attract well-educated, young professional advisers like Mr Fenning who are passionate about helping people achieve financial freedom.
“Today’s advice businesses will be unrecognisable in the next five-10 years with new education standards, a smaller professional advice community (with adviser retirements) and increasing customer demand and complexity,” he said.
Over 43 per cent of financial advisers are over the age of 50, according to eFinancialCareers, the statement said.
By comparison, the average age of a Fortnum adviser is 41 years old.
In order to attract the best talent to the industry, licensees had to revamp their value proposition to focus on the needs of practices around business growth, advice capability and technology support, Mr Taylor said.
“It’s important to have one eye on today and one eye on tomorrow to stay relevant as a licensee. Attracting young, quality advisers like Sam is an important part of building the future at Fortnum”, he said.
Charter does not have the same restrictions as the AMP guys and girls in terms of selling a business. It is somewhat interesting however, in a group the size of AMP / Charter the business was sold to an external practice. A sign of the times.
Well done Joel.
There aren’t many happy Charter practices at the moment. I suspect this is more a result of wanting to get away from AMP than anything.