BT Financial Group (BTFG)-owned dealer group Magnitude is planning to build on its brand by adopting a new franchise-style model.
The new model will offer support to advisers setting to up their own businesses with training and back-office systems.
In addition to its organic growth strategy, Magnitude hopes a lift in its profile will also attract planners from outside Westpac.
"We've been successful in retaining Westpac financial planners, more so than we originally thought we would be, so let's make that part of our strategy," Magnitude national head Deborah Potts said.
"We are not a franchise, but there are a lot of things we can learn from that model. What will attract people to Magnitude is the small boutique with an institutional backing, good processes and you can join knowing that you are supported to start a new business. That is going to attract people from Westpac, but it is also going to attract people from outside of Westpac who want to start a business."
After the merger between Westpac and St George, questions were raised about whether it would make sense to merge the 60-planner Magnitude into the long-running 470-adviser dealer group Securitor.
"When the merger with St George happened we needed to assess: does the strategy still hold true? Because, suddenly, we had a very close neighbour in Securitor," Potts said.
"We have spent this year reviewing whether the strategy is still appropriate and we think it is. Having confirmed all of that, we're much surer of where we are going in the future and we want to evolve the brand."
The review found the groups were servicing different segments of the planning market.
Historically, a large portion of Securitor clients consisted of accountancy practices that aspired to branch into financial planning.
Magnitude on the other hand was born out of the idea to support financial planners who were technically astute, but lacked experience in running their own business.
"My shorthand version is: business people who want to do financial planning versus financial planners who want to be business people," Potts said.
Retaining both brands also fitted in well with BTFG's multi-brand strategy, Potts said.
The review of Magnitude comes after BTFG finalised its restructuring of reporting lines within its advice business.
Under the new structure, Sean Allen has been appointed as head of St George financial planning.
Allen was previously New South Wales state head of advice for the BT advice business.
Former National Australia Bank private wealth head of financial advice and investments Adam Youkhana has joined the company as head of Westpac Private Bank financial planning.
BTFG veteran Sarah Forman has been appointed as NSW/ACT state head of Westpac Financial Planning.
She has held a number of advice roles within BTFG, among which was head of partnerships advice.
All three will report to Westpac/BTFG head of advice Mark Spiers.
