PIS exports strategy
Robbie Bennetts
Professional Investment Services (PIS) plans to target 500 Canadian accountancy practice principals as part of a strategy to expand its international operations.
Codenamed Project 500, the initiative will see PIS work with accountancy practices by offering financial services without expecting an equity stake in the business.
The dealer group’s chief executive, Robbie Bennetts, said the emphasis would be on making the partner firms more profitable as standalone businesses.
“The problem with purchasing equity in the practice is it then ties the practice to the company and its products, and many accountants quite rightly shy away from this,” he said.
“By leaving the accountants to remain independent, the partnership with financial services is seen as a professional and skilled extension of the firm.
“There is huge potential for growth in our Canadian operation, our current network there is very enthusiastic to embrace our model and implementing Project 500 not only substantially broadens our referral base it also acts as a significant motivation for our advisers to grow their business to the next level.”
The Australian implementation of Project 500, which began in January, has signed up 98 accountancy practices so far, comprising 125 practice principals and 361 professional staff.
PIS is also considering extending the strategy to its other international operations.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
