Australian Unity is planning to boost its accountants' alliance business, after its Personal Financial Services sudsidiary registered strong funds under advice (FUA) growth during the past 12 months.
The firm's Personal Financial Services unit had increased FUA to more than $1 billion from $527 million a year ago, Australian Unity Personal Financial Services general manager Steve Davis said.
Davis said as part of the division's business strategy, Australian Unity would look to recruit high-quality advisers who wanted to build their practices by partnering with accountants.
"We currently have relationships with around 160 accounting firms - most of whom refer their clients to our financial advisers and mortgage brokers for specialist financial advice - and we intend to continue to grow that," he said.
"As a result, we are still on the lookout for good-quality advisers who want to build their practices by partnering with accountants."
The accountants' alliance business has been running for 12 months.
Davis said accountants were attracted to Australian Unity partly because it was a member-based organisation and gave each accountant the choice of providing financial services in-house under its licence or through a referral to an Australian Unity Personal Financial Services specialist.
"It's a flexible, full-service model that is attractive to accountants because it makes it easy for the accountant to retain their independence and identity," he said.
"The range of financial services we offer is also appealing to accountants. An accountant can help their clients with finance, risk insurance, financial planning and super - there is even a health insurance referral opportunity."
He said the licensee currently had 74 advisers and 20 mortgage brokers.
