Australian Unity backs financial planning arm expansion

financial planning property australian unity financial planning business financial advice

16 July 2004
| By John Wilkinson |

Melbourne-based financial services group Australian Unity is throwing its weight behind expanding its three-year-old financial planning arm, with plans to increase its advice franchises and allow planners to sell wealth creation and health products alongside financial advice.

As part of the plan, the group has snared Perpetual-owned dealer firm Wilson Dilworth general manager Travers Stow to head up Australian Unity Financial Planning.

Group managing director Rohan Mead, who formally took over at the helm from incumbent chief Ian Ferres on July 1, says there are various models the group has considered to grow the financial planning business, but the franchise option is deemed to be the more sustainable model.

“Financial planning will be the core of the proposition within the wealth and health offerings,” Mead says.

Stow, who like Mead joins from Perpetual, will take responsibility for expanding the financial planning network when he commences in the role later this month.

The company has also hired former Alchemy Business Solutions principal Richard Atkinson as its new practice development manager and has just completed a six month review, which was conducted by Mead.

“It has been a welcome review that produced a number of proposals that included taking the financial planning business from its incubation stage to maturity,” he says.

Australian Unity has eight existing franchises out of the 23 planners in the group, while the asset management arm has $2.3 billion of funds under management.

Mead says inflows over the last financial year have been very strong compared to a number of years of stagnant growth.

“Last year we achieved gross inflows of $446 million, with most funds going to our specialist offering in property and mortgages.

“The funds management growth has been into our own funds and specialist microcap manager Acorn (in which Australian Unity has a 50 per cent stake),” Mead says.

Asked if the group will rationalise some of its other products, Mead says its traditional products, such as funeral bonds, will stay while the company plans to develop its property funds with syndicates and unit trusts.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 2 weeks ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 2 weeks ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 2 weeks ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

4 days 14 hours ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

3 weeks 4 days ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

4 weeks ago