Omniwealth adds two firms to dealer group

Each of the Queensland-based acquisitions will add one adviser and several support staff to the group, which now has 10 authorised representatives, group managing director Matthew Kidd told ifa.

Omniwealth is also in discussions with another two practices that between them have a further five advisers, he said.

Brisbane-based advisory and accounting practice Lifeplan Financial selected Omniwealth because it had its own real estate licence and approved product list for direct property, as well as “genuine business to business support”, Omniwealth stated.

Lifeplan principal Peter Trounce said Omniwealth is a boutique dealer group that concentrates on direct shares and direct property. He added he needed the support of a dealer group that was also attuned to the direct shares and direct property path but that also “did not accept kickbacks”.

“Brisbane is a very important market as part of our expansion into the [independent financial adviser] industry and Peter reflects the type of adviser that we wish to attract” Kidd said.

The principal of Sunshine Coast-based advisory firm Private Portfolio Strategies, Scott Betterridge, also nominated the focus on direct equities and property as a reason for the switch to Omniwealth.

“Omniwealth Services simply made sense as they are very focused on direct investments, including direct residential property,” Betterridge said.