New-look Fortnum/FPSA Group focused on helping practices grow
Joel Taylor
Independently-owned dealer group Financial Planning Services Australia (FPSA) has successfully transitioned to Fortnum Financial Advisers’ Australian Financial Services Licence (AFSL) and launched a refreshed licensee offer.
A number of original FPSA practices, including Sydney-based First Unity and Brisbane-based Kent Private Wealth, have already transitioned to the new FPSA entity under Fortnum.
Fortnum has also invited two institutionally-aligned practices to join FPSA and is receiving applications from the external market.
Fortnum and FPSA managing director Joel Taylor said the revamped FPSA would ultimately be made up of around 20 high quality foundation practices.
“FPSA is a high quality, sustainable proposition and we’re interested in talking to advisers who match our innovative, collaborative, client-first culture,” he said.
“We recognised that not all practices suited the Fortnum model which is why FPSA is such an important part of Fortnum Financial Group’s overall proposition. FPSA is a new offer for advisers who want to partner with an independently-owned licensee and want support to grow their business and provide quality, client-centric advice but who may not fit Fortnum Private Wealth’s hallmark comprehensive, high-touch offer.”
According to Tim Reppen, First Unity senior adviser and FPSA director, the partnership between FPSA and Fortnum is a great strategic fit with many FPSA advisers early to mid-career and focused on continuing to build high quality, sustainable businesses.
“Our new relationship with Fortnum provided an opportunity to enhance FPSA’s existing boutique offer while leveraging the strength and influence of the broader Fortnum Group. By tapping into the scale of the Fortnum Group, FPSA will benefit from increased buying power to deliver even more effective client solutions,” Reppen said.
“Fortnum is a group that simply gets things done. They’re willing and able to invest the time and resources required to stay ahead of the curve in an increasingly complex regulatory environment.”
The new FPSA entity will be jointly owned by Fortnum and FPSA principal practices with netwealth continuing to provide a range of platform, managed account and compliance services to FPSA and Fortnum Private Wealth.
Mr Taylor said that the addition of FPSA to the Fortnum family gave the group greater scale and bargaining power to negotiate more competitive rates and better service standard agreements on behalf of advisers and their clients.
“At Fortnum, we have a long-term view. We’re passionately independently-owned and we want to go on a long journey with our advisers which is why growth and scale is crucial,” he said.
“We have the resources and tools to help practices become more efficient and productive. Technology will play an increasingly important role and we’re committed to being an innovative, forward thinking licensee.”
FPSA national operations manager Lisa Faferko has moved from netwealth to Fortnum while former IA Financial Services operations manager Sandy Holland has joined Fortnum as client service manager, adviser operations & support.
