Independently-owned dealer group Fortnum Financial Advisers has expanded its footprint in Melbourne, Adelaide and Sydney with the addition of five quality practices joining the group’s boutique offering, FPSA Group Pty Ltd (FPSA).
LifeGuard Financial Services, APS Financial Planning and Mornington Financial Services in Melbourne, Redthorn Private Wealth in Adelaide, and The Money Barre in Sydney have all joined Fortnum/FPSA in the last six months, citing the group’s non-institutional ownership, collaborative culture and client-first focus as key reasons.
Joel Taylor, managing director of Fortnum Financial Advisers and FPSA said the group represented the next generation of professional advisory firms, adding that the average age of an FPSA adviser was 41 years old.
This is considerably below the average age of an Australian financial planner which the Financial Services Council estimated to be around 55 years old.
“We’re excited to have such high quality, established practices on board, which reflects our commitment to only appoint like-minded advisers who want to be an active part of our collaborative network,” he said.
“Fortnum and FPSA is a community of advisers who are passionate about providing professional advice and delivering better client outcomes.”
According to Andrew Fenton, principal of Mornington Financial Services, FPSA and Fortnum’s “new world” approach ensured that advisers had a high degree of transparency around deals at the licensee level which meant fee discounts negotiated were passed onto the end client.
“Fortnum uses its scale to get a better deal for clients which is very different to the old world approach where dealer groups kept margins and splits,” he said.
“Fortnum and FPSA are focused on adding value for advisers and clients, and that also involves providing practice management and client engagement tools to ensure we’re running efficient, profitable and growing businesses.”
Tim Foster, principal of APS Financial Planning – formerly one of Patron’s top 10 practices – was attracted to the group’s independent ownership structure and “simple, client-focused proposition” that promoted unbiased, professional advice.
“Fortnum/FPSA has an open, straightforward model that releases me to provide advice and recommend products and strategies that are best for my clients,” he said.
“The support I receive is outstanding and nothing is ever too much trouble.”
Mr Fenton, who received Futuro’s True Adviser Award in 2015, added that in an uncertain and rapidly changing environment, licensees needed to be dynamic and innovative to ensure their advisers weren’t disadvantaged or left behind.
“It’s easy to see how an adviser quietly running their own business can get caught out when the world changes,” he said.
“Advisers who want to continue growing need a tribe of like-minded people around them, supporting them. In the last year alone my business has changed significantly which is why I need a licensee that embraces technology and is committed to bringing me to best solutions in the market.”
