Credit union ties bring advisers to Bridges
The culture and offering to advisers has been a factor in the growth of Bridges Financial Services’ planner numbers.
A relationship with a number of credit unions has meant a steady flow of clients for the dealer group, which is attractive to advisers, Bridges chief executive officer Alex Hutchinson says.
“We source about 50 per cent of clients from credit unions, which provides a good source of leads for advisers,” he says.
“This relationship, and the fact Bridges is very planner concentric, means people want to work for us.”
To be exact, in its 20-year history Bridges has never had a large breakaway of advisers to form their own group, unlike some other large dealer groups.
However, Hutchinson points out the group is very selective in who it recruits.
“We want people who will fit in with our service-orientated culture,” he says.
“Credit unions have a different culture and financial planners working with us have to have the same attitude.”
Hutchinson says the Bridges group is also attractive to advisers because of the in-house services it can offer.
“While Bridges is a financial planning organisation, it is also a stockbroker, which means advisers do not have to go outside the organisation for this service,” he says.
“This help stops client fragmentation.”
Bridges also has its own in-house independent research team, which advisers have access to, and, through its parent Australian Wealth Management, access to trustee services through Australian Executor Trustees.
“By giving the adviser access to these services, which are normally outside a dealer group, we are providing advisers a non-fragmented model,” Hutchinson says.
“Financial planning is now a complex and difficult profession, but we have provided a comprehensive range of services to the adviser, so it is almost like a family business.”
Hutchinson says the group will continue to recruit advisers, but it will be gradual, rather than on a widespread basis.
“We will be targeting quality financial planners who can fit into our culture and business,” he says.
— John Wilkinson
Recommended for you
A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments for investments.
Inefficient data processes and systems mean advisers are spending over half of their time on product implementation and administration at the expense of clients, according to research.
With the regulator announcing its enforcement focus for 2025 last week, law firm Hall & Wilcox examines the areas which have dropped down the list in priority for the regulator.
South Australian financial advice and accounting business Perks has extended its paid parental leave program from 12 to 26 weeks, putting it on par with big four firms.
