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.
Recommended for you
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.
