FSP grows adviser and funds business

By Kate Kachor

FINANCIAL services dealer group Financial Services Partners (FSP) is set to unveil a new distribution platform that will extensively expand both the breadth of its product range and adviser numbers.

FSP, the parent company to NOW Financial Services, Inscorp Financial Services and Kingston Capital has set in place plans for major changes to its distribution channels, with the group in deep discussions with a number of external dealer groups eager to join FSP as affiliates.

“What we’ve done is that we’ve got to the point now where we’ve got a very sound business model. This model is about financial distribution going into the next decade. And we’ve got it right,” says FSP chairman, Dr Frank Wolf.

Despite being unable to comment on the names of interested dealer groups, Wolf did say FSP is speaking with a range of groups and will make announcements within the next few months.

As well as expanding its distribution, Wolf says FSP is also planning the development of an accounting affiliation program with 50 accounting groups slated to join the program in the next 12 months.

However, expansion plans don’t stop there, with FSP also looking to expand the business practice of one of its funds management businesses, Abacus Funds Management.

Abacus, according to Wolf, was founded five years ago and provides wholesale property opportunities to retail investors. At present, Abacus has about $400 million in funds under management.

The changes FSP is planning to make to Abacus involve bringing out a range of other retail investment products that are not property related, however, Wolf says details on this change will not be released for some time.

FSP invests in strategic distribution groups and works with the management of those groups to build their businesses. FSP also has its own master fund and its own wrap service.