Mortgage broking group Australian Property Finance (APF) has moved to create a wealth management arm, hiring former ANZ adviser Jason Fung to help build the business.
Speaking to ifa, APF chief executive Nathan Swain said the business – which is a joint venture between RE/MAX Australia and Vow Financial – started looking for someone to run the financial planning side in October 2014.
"It took a while for us to get the right person and Jason joined us in late June 2015. He has been with us for three months now and starting to get some really good traction," he said.
Mr Swain said that of the 27 brokers who currently sit within the business, while some are qualified to be financial advisers they will remain in their current roles.
"All of them will remain as finance brokers or mortgage brokers. I am a big believer in doing what you do well and stick to it and go and get good people that can fill the gaps – I don't think you can be everything to everyone," he said.
Instead, the business will look to build a financial advice team around Mr Fung, although Mr Swain said there is "no absolute number" that the firm is currently looking to bring on.
Previously, Mr Fung has worked with non-aligned dealer group WealthSure, both as a paraplanner and in several administration roles.
The APF advice business will be authorised to provide financial advice through Vow Financial's AFSL holder Yellow Brick Road.
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