netwealth offers adviser stepping stone
The new national advice group announced by netwealth yesterday will look to provide an 'incubator' opportunity to help new advisers gain a foothold in the industry.
netwealth has brought together dealer group Financial Planning Services Australia (FPSA), Bridgeport, and Pathway Licensee Services, which provides services including Xplan support and training, reviews and audits.
netwealth executive director Matt Heine told ifa the new group will focus on the long-term development of its advisers.
“We see that as great incubator for advisers looking to start out, where they can start as salaried planner and build up a practice and potentially look to buy it out later,” he said.
Each group has previously had its head office in a different state, but as part of a recent strategic review it was decided to bring them together in an office in Sydney, with netwealth in Melbourne, he said.
“To some degree we’ve tried to separate the manufacturing arm, netwealth, from the advice businesses. Each has a different service offering and value proposition,” he said.
“What we’ve attempted to do, and have now completed, is offer a different adviser proposition so advisers in the IFA market can come to us as opposed to institutions.
“If they want to be self-licensed we can provide self-licensing support and a robust back office. If they want an independent or non-aligned licence to operate under, FPSA is a place they can move across to.”
Pathway currently services roughly 1,200 advisers across 205 licensees, with one of its biggest clients being FPSA.
Bridgeport is the salaried advice arm of FPSA and currently has 11 salaried planner representatives in five offices around the country, he added.
Former CBA adviser permanently banned
The corporate regulator has permanently banned a former Commonwealth Bank-aligne...
Hayne devalued financial advice, says AFA
The Association of Financial Advisers has called out the Hayne royal commission ...
Brexit has inflicted serious damage, says advice CEO
Brexit has created unprecedented damage to the UK’s financial services industr...