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Fitzpatricks adds new firms, credits advice model

Privately-owned Fitzpatricks Private Wealth has announced it added 11 new advice practices to its network, which come as more advisers start to weigh up their licensing options.

In a statement, Fitzpatricks chief executive John McMurdo said he predicts 2017 to be “the year of migration” and a “watershed” for the objectives-based advice movement.

He said the dealer group’s focus on objectives-based advice has resulted in more than 150 expressions of interest made by external advisers in the last financial year.

This year, 11 new advice practices joined Fitzpatricks, with another 10 firms in the process of transitioning in the next couple of months, the statement said.

Expressions of interest have also come through from self-licensed advisers wishing to partner with a larger, like-minded group.

“We can say with great certainty that a significant number of advisers are indeed weighing up their options, just as the institutionally-owned groups have begun making major decisions regarding their future operating models,” Mr McMurdo said.

“Perhaps more telling from our experience is a consistent desire by those advisers to align with licensee groups that offer the opportunity to more deeply explore the opportunities of the objectives-based advice route.”