Bodinnars makes nationwide growth push
Bodinnars Personal Financial Servicesis aiming to open up offices in each of the nation’s states by the end of the financial year and release a range of service packages to clients in the next two weeks after an extensive re-engineering of its operations.
The Sydney-based firm, which was taken over byFiducian Portfolio Servicesin 2002, has already commenced the process with the opening of a new office in Southport, Queensland, and is scheduled to open branches in Tasmania and Victoria shortly.
The group, which has around 1,500 and more than $600 million in funds under advice, has appointed former ANZ and Suncorp Metway senior planner James Cheshire to head up the Southport branch.
“We are aiming for six Bodinnars offices, at least one in each state, by the end of this financial year and a gradual growth by recruitment or acquisition from our present 1500 clients to about 2000,” says Bodinnars senior advisor Rex Doughty.
Meanwhile the new client packages have been designed to streamline client portfolio management under Financial Services Reform and utilise the administrative and research resources offered by Fiducian’s back-office systems and administration services.
When Fiducian bought the firm, the original intention was to eventually absorb it into own brand, however the group has now opted to develop the Bodinnars brand with multiple layers of service and new specialist departments.
Previously, Bodinnars planners would refer clients seeking specialist advice on matters such as property, mortgages and insurance to external parties. However Bodinnars will now consolidate its own expertise in these areas and employ specialist planners and advisers to deliver it.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
