Times, they are a-changing: Futuro


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April 10, 2017

Futuro has enjoyed another quarter of growth with the appointment of 3 practices so far in 2017. This is a continuation of 2016’s statistics which saw the network growing by one new office per month. Dennis Bashford Executive Chairman of Futuro, said this was particularly satisfying in that this excluded growth from our firms employing advisers as they grow.

He also said it had been interesting that the source of this growth had been quite diverse in terms of both geographic location and the ASFL’s the advisers have moved from.

For instance, two recent South Australian appointments, although they came from different institutional AFSL’s will form an alliance that will deliver significant economies of scale. This is an area in which Futuro has developed considerable expertise, having successfully trialled the concepts in its existing network. He also mentioned an open APL is becoming an ever-increasing attraction to advisers who are struggling with shrinking product and investments strategy options being forced on them by their AFSL’s. He went on to say Futuro’s growth had been helped by being able to attract self-licenced and smaller dealer groups who had found the costs and distraction of running their own license had significantly impacted their revenues by taking them away from face to face with their clients. Mr Bashford also said being non-aligned, with an APL that reflected this had also figured significantly in this decision making.

He also alluded to how the financial advisory industry was changing.  “As an example, not so long ago the dealer fee was the primary criteria on which advisers selected their AFSL. Today, however, they are looking more closely at putting a fiscal value on the more abstract aspects of what an AFSL offers. Things like independence, the quality of the compliance regime, a good complaint and PI claims track record, an open APL, high performing model portfolios, access to managed accounts, overall business and marketing support and so on are becoming much more important. All of which shows an increasing level of maturity among advisers themselves”.

He said Futuro’s recent experience tends to support view this “because Futuro’s dealer fee is not the cheapest but the rate of growth we have enjoyed over the past 12 months demonstrates advisers capacity to recognise that the headline fee is now only part of the dealer fee selection equation”.

SOURCE: Futuro Financial Services


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What is Cut + Paste? Cut + Paste contains news releases, statements and other information from organisations active in financial planning and related areas. Its aim is to convey that information to you directly from those organisations. Everything published in Cut + Paste has been curated for its relevance and topicality; otherwise, it is predominantly unedited. The views expressed in Cut + Paste do not necessarily reflect those of Professional Planner. To learn more, please click here.

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