Financial Services Partners (FSP) was focused on retaining and growing its adviser base, chief executive Charles Smith said yesterday.
The ANZ-owned dealer group’s 135-strong adviser base has another eight advisers in the process of joining and a further 30 in the pipeline.
“Our plan this year is to grow by 50, and we’re on track to do that, [but] we want to grow within our capability so that we still keep the boutique nature of FSP,” Smith told InvestorDaily.
He said FSP did not have incentives in place to attract new advisers, but instead it had initiatives around dealer pricing, which it hoped would attract new advisers and benefit its existing advisers.
“One of the problems, I think, when you start having deals is you start to get two classes of advisers – those with the deals and those without – and you start to break down the culture of the dealer group,” he said.
“We’re finding we can have success without having to offer an upfront payment like some of our competitors.”
In terms of retaining its existing advisers, he said he tried to ensure all advisers got what they needed out of the dealer group – better technology, help to give good advice and help to sell that to their clients.
“I want to build a group of advisers where it is too hard for them to leave because of what we’re offering them,” he said.
“If we can help our advisers in their business to grow better and stronger business, then there is no reason for those guys to leave. A one-off monetary incentive is not going to be better than the benefit they can get out of our dealer group.”
He also noted ANZ’s strong support and resources helped FSP’s advisers.
