Fiducian in talks to offer support to dealers
Fiducian Portfolio Servicesmanaging director Indy Singh says his company is in discussion with several groups, including a national accounting group, over the provision of support systems for financial advisers.
Singh says the discussions are the result of the stricter licensing provisions for financial planners, which are resulting in an accelerated consolidation of the industry.
“The added management time required for FSRA compliance is prompting financial institutions that have a small group of advisers to question whether this should be part of their core business,” he says.
Singh says that some are realising that, rather than devoting more resources to a small in-house distribution group, this aspect of their distribution should be outsourced.
Commenting on the discussions currently being held between Fiducian and the planner and accountancy groups, he says they have come to Fiducian “because we have developed one of the most attractive support systems for advisers”.
“Similarly, many financial planners realise they need to be within a group that is singularly focused on supporting them,” he says.
Singh’s comments came at the same time as Fiducian announced the launch of a new investment product - the Fiducian Geared Australian Shares Fund.
The fund, which can be accessed only through investment advisers, is designed to provide a comparatively safe option to investors wanting the increased returns offered by gearing and who are also prepared to accept its risk.
Fiducian’s investment manager Conrad Burge says the Fiducian Australian Shares Fund is un-geared and has six underlying fund managers, which has the effect of reducing its average gearing from around 60 per cent to around 30 per cent.
Minimum investment in the new fund is $5,000 with $1,000 increments.
AUTHOR
Mike Taylor
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