AFS sticks to Strategy
Australian Financial Services (AFS) has built up $30 million in funds under administration in the first nine weeks of operation of its Strategy master trust.
AFS national business development manager Steven Griffen says the group is on target to bring in $300 million into the master trust within its first year of operation.
"Money has been coming in at about $100,000 every hour," he says
AFS uses the Oasis master trust for its administration and has opened up ownership to advisers. AFS management only owns 20 per cent of the master trust while the remaining 80 per cent is owned by the financial planners who use the system.
Most of the advisers currently using the system are part of the AFS network, but Griffen says they are promoting the service to external advisers. Four small external dealerships have already taken up the offer.
Griffen also says adviser numbers within AFS are on the up, rising 12 per cent in the past year.
AUTHOR
Recommended for you
Wealth Data has revealed the top five licensees for financial adviser growth over the September quarter, with more than 150 advisers joining in Q3 overall.
Former Sydney financial adviser, David Valvo, has pled guilty in court to a charge of dishonest conduct.
Building a network of mentors and coaches with varied skill sets could help women achieve their career goals, according to an FBAA executive.
AMP has reported its Q3 results and provided a progress update on the divestment of its advice division to Entireti.
