Advisers at Futuro Financial Services are unlikely to exit the dealer group following the recent deal to sell a 10 per cent stake to AMP.
Futuro advisers were predominantly pleased with the decision and therefore had no interest in departing, the company’s managing director said.
“There was virtually zero pushback at all from our adviser network,” Dennis Bashford told InvestorDaily.
They instead expressed a high level of excitement and support, which took him by surprise, Bashford said.
In the new consolidated dealer group landscape, the focus had shifted to what changes and goals needed to be achieved in order to deliver the best outcomes for clients and for businesses to thrive, he said.
The response he received from industry peers was also positive.
“There are a lot of people in our industry right now that [acknowledge] we’re moving into a new world,” he said.
“The time for judging whether this is good or bad or whether it’s going to work or not, I think that’s largely passed and our concentration now needs to move to how we to maximise the opportunities that this new environment offers.”
The deal would give the company some scope to grow its adviser numbers, but Bashford would not confirm its target at this stage.
Futuro advisers were informed from day one that the firm was built to be sold, he said.
“Over the last two years we have been telling our network we were seriously looking and then in the last six months they were told we were getting close, so when the announcement was made none of them had to grab their heart,” he said.
