IOOF’s rebadged dealer group Consultum plans to double its financial planning workforce by targeting planners from large institutions and smaller licensees.
The fund manager’s dealer group is recruiting planners to swell its numbers from 100 to 200 over the next three years, Consultum head Stuart Abley said.
“It’s slow, steady quiet growth – we’re not trying to be silly with numbers,” Abley said.
Consultum is targeting the Sydney market in particular, aiming to double the 24 advisors working in the central business district and suburbs. It is also recruiting for Queensland and Tasmania.
Abley said he is talking to advisers in large groups who feel they aren’t getting value for their service and want greater independence from the product and distribution tie-in.
“Large institutionally-owned groups are going to have to smarten up their act,” Abley said.
Smaller licensees burdened with issues like succession planning, bargaining power and compliance are also in Consultum’s sights.
“Compliance issues are driving them crazy,” Abley said.
Consultum takes on advisers as corporate representatives under one license and either co-brands or fully re-brands their businesses. The group’s most profitable planners (typically 30 per cent of the workforce) get access to equity stakes in the company.
West Australian advisory group Prosperity Partners joined Consultum Financial Advisers late last year.
IOOF’s parallel advice lines Winchcombe Carson and Financial Partnership were merged to become Consultum last October.
