Fiducian to bend over backwards for new clients
Sydney-based wealth management firm Fiducian Portfolio Services is set to introduce its new badging business to the wider financial services market following the successful completion of a pilot program with a Victorian-based dealer group.
Fiducian head of operations and business solutions Patrick Jackson said the business, which has been developed over the past two years, will afford dealer groups greater control over the products their network of advisers recommend and enable them to adapt to changes, in compliance requirements for example, far more quickly and easily.
Jackson said the business employs technology based on self-managed superannuation fund (SMSF) systems and is therefore far more flexible than traditional badging services, which are based on unit registry or accounting systems.
He stressed that the service is customisable and therefore able to cater for dealer groups’ unique — and often wildly differing — requirements.
“Dealer groups all use different software and want different things [from a badging service], so it’s very flexible. We work closely with clients to determine what their needs are exactly and how best to cater for them.”
Jackson said that, in contrast with many other badging services, Fiducian’s has a flexible pricing structure and does not offer rebates.
“We work out a retail pricing that’s appropriate to each dealer group’s client base,” said Jackson.
“We don’t have a standard fee, as some businesses do, and grant rebates if [the dealer group] writes so much business. I’m not saying there’s anything inherently wrong with rebates, but surely top of the pops has to be the relationship the badge provider has with clients.”
Jackson said the business’ development was stalled somewhat by the then Govenrment’s ‘simpler super’ changes last year, but it is now ready to be made available to clients and has grown slowly but steadily.
“For us, it’s not a numbers game. We’re focused on growing the business in a controlled way with good quality clients who will grow with us.”
At this stage, Jackson said he is less concerned with attaining a certain amount of funds under administration than with forging strong relationships with a select number (about five to six) of the right type of clients.
“Our focus is really on ensuring we’re providing the best service possible to the clients we have. Every dealer group has its own way of doing things, its own little quirks, and often you’ll get quite a long way down the track before you discover, for example, that they’ve got a standard portfolio which you’ll need to cover off in your Product Disclosure Statements or share portfolios in super.”
AUTHOR
Mike Taylor
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
