Johnston burns bridges to go it alone

dealer groups platforms mergers and acquisitions financial planning industry

15 August 2002
| By Anonymous (not verified) |

Financialplanning executive Ross Johnston has left dealer group Bridges to embark on a new venture as an independent consultant.

His consultancy, called Fintech Solutions, will provide a range of services including financial planning strategy advice, guidance on building dealer platforms, and estate planning consulting.

The financial planning industry has seen a raft of mergers and acquisitions in recent years and Johnston expects many disgruntled staff to leave larger organisations to launch their own ventures, creating a market for independent consultancy services like his own.

“A lot of financial planner groups are being bought by dealer groups, but the best financial planners will drop out of these dealer groups because they don’t want to conform, they are used to operating with a high degree of independence,” says Johnston.

Johnston expects to see some of the most qualified financial planners in the industry band together to form independent dealer groups, and Fintech Solutions will target this growing market.

Though his departure from Bridges was amicable, Johnston feels the company has slipped in the aftermath of its acquisition by Tower two years ago. Following the merger, Johnston says Bridges has seen a decline in growth in funds under management and its market position has weakened.

Johnston will use his experience to help advisers develop financial planning strategies, advising them on product selection, tax issues, risk profiling and asset allocation. He will also help dealer groups set up ‘virtual’ dealer services by outsourcing back-office dealing operations to external companies.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 day 5 hours ago

Interesting. Would be good to know the details of the StrategyOne deal....

5 days 11 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 3 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 5 days ago

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 ...

4 days 9 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

3 days 12 hours ago