A former institutionally-owned dealer group kingpin has set up independent boutique Patron Financial Advice for planners disillusioned by large licensees.
Rob McCann, ex-Guardian Financial Planning state manager for NSW/ACT, aligned with financial planner David Hasib to form the Parramatta-based group.
“Institutionally-owned dealer groups have served the broad adviser population well, however, have forgotten one major business principle – we are in a relationship business and that people essentially join people,” principal and director Hasib said.
Patron cites institutional inflexibility and a limited approved product list for advisers’ unrest within large licensees.
It also recognised advisers’ growing desire to share in a dealer group’s growth and profitability, general manager McCann said.
Adviser Central, its optional back-office service, is the licensee’s unique selling point.
Designed for advisers to maximise their client-facing time, the tool allows planners to outsource work and access a hub of resources.
“They can get on with contacting, reviewing, servicing existing clients and finding new clients,” McCann said.
McCann has 30 years’ industry experience.
He has held senior positions with AMP, National Mutual (now Axa), Tower Australia and Winchcombe Carson Financial Planning (now Consultum). Patron currently has 17 advisers.
“Patron will become large enough to have its presence felt in the industry, however, small enough that it does not lose that personal touch,” Hasib, who has 15 years’ experience, said.
“We hope to grow to 50 planners in the coming 12 months with the focus on attracting professional, compliant advisers who are looking for support in both financial planning services and risk insurance.”
Associated businesses Patron Mortgage Advice and Patron Accounting Advice receive strong referrals and generate cross-selling opportunities within the group.
“I think the bigger institutionally-owned dealer groups have really done a great job in providing a suite of services, transitioning advisers into FSR [financial services reform], and they have basically developed to a point,” McCann said.
“My personal view is that some of the bigger groups will splinter because they’ve lost focus on what the adviser is looking for.”
Patron has 10,000 clients. It uses an approved product list based on IOOF research.
