AusUnity PFS adds 35 advisers

Australian Unity Personal Financial Services (PFS) has added 35 advisers to its network in the last 12 months, but chief executive officer Steve Davis said the group had also turned away a number of planners during that period.

Australian Unity PFS currently has 115 advisers and 20 mortgage brokers operating nationally, as well as referral partnerships with 270 accounting firms.

While the group expected to grow this number, Davis said Australian Unity did not wish to add "too many advisers" to its network.

"Although we expect to continue to grow strongly, the fact we have a high-touch, full-service model with a focus on helping our advisers grow their practice means we do not want to take on too many advisers," he said.

"That is why over the last 12 months we have turned away a number of prospective advisers and also assisted some of our existing advisers to find alternative licensee options that were more suited to their business objectives," Davis explained.

Davis said the group's advisers have indicated that the Accountant Partnership Program — which allows accountants to refer their clients to AusUnity's financial planners for specialist advice — was the most appealing offering.

In a recent interview with Money Management, Australian Unity PFS head of financial advice Craig Meldrum said the company specifically targeted practices with room to grow — which are usually run by younger professionals.

As a result, he said, the average age of AusUnity PFS advisers is under 50.

"There are many of those older and well-established practices that don't need [our program] because they're in a different place than we are," Meldrum said. "So it's been good for us in attracting younger practices and advisers."