Futuro Financial Services’ national advice network has grown as businesses inside the dealer group hire additional advisers.
Manly Financial Services, a Sydney-based advice business licensed through Futuro, has brought on a senior strategy and research adviser.
Brisbane-based practice iPlan has also hired an additional adviser.
And in hiring additional employees, Perth-based practice Stable Wealth has brought on a technical planner, a paraplanner, and a client service coordinator.
According to Futuro executive chairman Dennis Bashford, the dealer group is assisting its practices to strategically expand their businesses into markets that will offer them the best growth opportunity.
“We believe there is more value to us, as an AFSL, in identifying practices that are aggressive and committed to growing their businesses and then actively supporting that growth rather than simply focusing on practice numbers,” Mr Bashford said.
“We appreciate that our advisers run unique practices of their own and we spend a lot of time in getting a clear understanding of what they want to achieve and then providing them with the type of support that will see them achieve that.
“Futuro is not running a sausage factory, so our job is to help each one prosper based on their strategic plan,” he said.
Futuro previously sold 10 per cent of its business to AMP’s Charter Financial Planning, and is now in the final stages of completing a buyback of that equity.
The news was announced last week.
The firm has posted a 29 per cent increase in underlying NPAT.
Magellan wrapped up a tumultuous year with a 9 per cent drop in average funds under management.
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