Bridges to open offices in regional Australia
BridgesFinancial Servicesis gearing up for an assault on the Victorian and Queensland financial planning markets with plans to open up eight new offices — four in each state — and by appointing business managers to each state.
Bridges head of financial planning Paul Brown says the group has recruited former Commonwealth Bank staffer Robert Baker-Smith as its Victorian business manager and will announce the appointment of his Queensland counterpart within a week.
Smith was previously general manager of Banner Financial Services, which was owned by Legal & General beforeColonialsnapped up the group in the mid 90s.
“We recognise the need to expand further into Victoria and Queensland, especially into regional areas, and replicate the success of our operations in New South Wales to date,” Brown says.
The appointment of the two business managers adds to the three already servicing New South Wales.
As for the new practices the group is close to signing up, Brown says he will announce a collection of deals with adviser firms by mid-next year.
“We’ve already received applications for new offices in regional areas of Victoria, but I can’t give away too much detail. We have plans to put on four new offices in Victoria and four new offices in Queensland over the next six months.
“[Victoria and Queensland] are the main areas we are focusing on and we’re looking to do more in these states as there’s a lot of saturation in New South Wales,” he says.
Brown also says the group, now with close to 150 planners, has signed up 35 additional planners over the last financial year and is on schedule to meet its target of 200 by the end of 2005.
Bridges, which was established in 1985, has more than 40 offices across Australia and more than $4.7 billion in funds under advice.
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