Netwealth’s high five

Netwealth Advice Group, a subsidiary of platform provider netwealth, has modest plans to add five new member firms in the next 12 months.

According to netwealth Advice Group boss, Simon Micallef, five is the optimal number given the amount of work required to perform comprehensive due diligence and compliance checks, and properly monitor and supervise new and existing authorised representatives. 

He warned that dealer groups that were aggressively pursuing rapid and exponential growth in adviser numbers ran the risk of attracting the regulator’s attention and getting into trouble.

“It’s important to have sustainable growth supported by the appropriate infrastructure, and that is what we’re doing,” Micallef, pictured right, said. “We want to grow the number of quality practices we have, not the headcount.”

Netwealth Advice Group’s dealer group, Financial Planning Services Australia, currently has around 60 financial planners. The group’s Pathway subsidiary provides dealer services, including platform administration and training services, to a further 1000 advisers.

Netwealth Advice Group recently announced the appointment of former head of AMP’s Jigsaw Support Services, Peter Boston, as national advice manager of Financial Planning Services Australia based in Sydney. Boston will join netwealth on September 23 and report to Micallef.