BT-owned dealer group Magnitude Financial Planning (Magnitude) plans to open a further two regional advice offices next month as part of its continued expansion strategy.
Magnitude, which recently surpassed $2 billion in total funds under advice, will open practices in Atherton, Queensland and Geraldton, Western Australia on 1 December.
Magnitude chief executive Mark Spiers said the new groups continue the dealer’s strategy of one practice opening per month.
“Since opening our business, on average, we’ve had one practice per month with on average 100 million of funds under advice,” Spiers said.
He said Magnitude expects the next 12 months would continue this year’s growth trajectory.
“We’ve got these practices opening in December which will substantially increase our funds under advice but we have other practices in our pipeline to open through next year,” Spiers said.
“The practices in the pipeline are in different stages, some are in transition and we’ll announce when they’ll open when we’re closer to completing the transition process. Others we are just finalising the agreements to work together.”
Magnitude’s new regional offices will join the group’s recently opened North Queensland groups in Mackay, Cairns and Townsville.
“We like regional Australia because clients are loyal to the businesses, the businesses are very community-based and they are very stable well-organised structured business. Often they lack licensees that are able to support them in those areas and we can,” he said.
However, despite the impressive growth, Spiers said it is important that the group stays true to its model of helping practices to grow.
“While we’ve been doing this growth, obviously that’s important is that we’ve got to concentrate delivering on our value proposition which is helping them grow. It’s one thing to say ‘come and join us’, it’s another thing to help them grow,” he said.
Spiers said in addition to expansion on a dealer level a number of the Magnitude businesses were also appointing their own advisers.
“The existing businesses are also in growth mode and are developing and appointing their own planners. So a number of offices are in the process of appointing their third and fourth adviser,” he said.
Magnitude Financial Planning is a specialised dealer group that supports established practices seeking to grow through the provision of leading financial advice solutions to their clients. It has 20 offices in four states.
