Dealer group Capstone Financial Planning has added eight new practices to its national network and believes it is not all “doom and gloom” for mid-sized licensees.
While many in the industry believe the Future of Financial Advice (FoFA) reforms will end the level playing field for medium-sized operators, Capstone’s managing director, Grant O’Riley, disagrees.
“Our professional and highly-supported business model will continue to allow us to be a leading independently-owned licensee, regardless of what happens with FoFA,” O’Riley says.
“Many of our practices have operated under business guidelines similar to what FoFA proposes for many years, so minimal process changes are required.”
With increased speculation surrounding life after the proposed reforms, many non-aligned dealer groups are choosing to consolidate or sell to an institution.
Capstone recently announced the alignment of eight new practices including: PCR Partners (Morwell, VIC), Brad Tilley (Millicent, SA), Agbis Financial Planning (Armidale, NSW), Corpacc Financial Planning (Brisbane, QLD), BKM Financial Services (Camberwell, VIC), HGN Private Wealth (Camberwell, VIC), Equus Private Wealth (Malvern, VIC) and CoastGuard (Gold Coast, QLD).
O’Riley said new practice inquiries are commonplace for Capstone, with several calls per week.
“Requests such as these continue to demonstrate that practices still value licensees and their value proposition,” he said.
“More importantly, it shows many advisers aren’t thinking the big end of town is the solution for the future.”
