Fiducian restructures for acquisitions push
Set for a fresh dash down the acquisitions path, listed non-aligned dealer group Fiducian Portfolio Services today announced a shake-up of its distribution team.
Heading up the new look team will be Michael Nicholson who takes on the role of head of financial planning and distribution. Nicholson is a former executive manager of the Commonwealth Bank’s margin lending division, was a national manager for ING and has experience as a planner at MLC.
Also capitalizing on the restructure are Sharon Knightly, who takes up the role of national franchise manager and ex-Macquarie Bank and AM Corporation marketing staff member, Christine Howard, who becomes marketing and communications manager.
As national franchise manager, Knightly will head up the 38 advisers in the franchised office of Fiducian Financial Services.
“We have experience a weakness in distribution in the past,” said Fiducian managing director Indy Singh.
“The new structure with fresh experience and motivation should help drive this part of our business to match the top class results of our other businesses, namely platform administration, funds management and systems.”
According to Singh, a number of ‘high profile’ financial planners and dealer groups have been earmarked for potential acquisition.
Fiducian Portfolio services first flagged its aggressive acquisitions policy last October, when it posted a modest after tax profit of $185,000 for 2004 - a recovery on a trading loss in 2003.
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.
