Australia’s largest adviser network Professional Investment Services (PIS) will soon have more financial advisers in international operations than it does on home turf.
Globally, the financial services giant has about 2650 advisers and more than $20 billion in funds under advice.
Combined with affliated business Associated Advisory Practices, PIS has around 1800 planners in Australia. It plans to have about 4000 by 2012.
It has about 850 advisers in offshore operations in Singapore, Malaysia, China, Hong Kong, New Zealand and Canada, but plans to boost this to 6000 in five years.
“We do not see ourselves as an Australian company but as a true international company,” PIS managing director Grahame Evans said.
PIS has a 30 per cent stake in Malaysian firm Standard Financial Planning (SFP), which is on its way to becoming the largest financial planning network in the country.
It has been given approval to appoint 30 authorised representatives by Bank Negara Malaysia and a dozen by the Malaysian Securities Exchange.
This will take SFP’s licensed advisers to 41. It has 300 representatives in total.
Until January 2007 financial advisers were tied to institutions, but now planners can provide advice on multiple products from different companies.
The SFP dealer group has signed up with product providers Axa Affin, Manulife, Allianz and Uni Asia Life.
SFP has expanded operations from Kuala Lumpur to regional centres Kuala Terengganu, Penang and Kota Kinabalu.
PIS has forecast huge growth in the Malaysian financial planning sector.
PIS Malaysia manager Tony Pincombe will oversee the expansion.
“With the government and regulatory bodies committed to intelligent and stringent economic and regulatory measures, the economy will grow in a careful and considered way,” he said.
