New national advice group launched

netwealth has today announced the formation of a new national advice group bringing together Pathway Licensee Services, Financial Planning Services Australia (FPSA) and Bridgeport Financial Services.

The new advice group will be rolled out this week following a “strategic review” by netwealth of its advice subsidiaries.

Each business involved retains its own brand and will be managed by the existing general managers who will now report to newly-appointed netwealth head of advice group Simon Micallef.

“Previously they have all been quite separate businesses,” netwealth executive director Matt Heine told ifa.

“So, whereas the institutions have all got fairly segmented business models, some will offer one service but not all services.”

“We believe this offers a compelling advice solution to advisers where they can actually pick and choose the services that are relevant to their individual business.”

netwealth said the structure will allow the group to provide a greater value proposition for clients.

“Having the single management structure means that we can make sure that we actually get the maximum out of each of the group and ensure that we share knowledge throughout all the benefits,” Mr Heine said.

“It should give them a better level of service, far better access to industry leaders and overall just new solutions that we’ll be rolling out over the next few months.”

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