PIS to launch new version of AAP
Professional InvestmentServices (PIS) is to launch a duplicate version of its dealer service business, Associated Advisory Practices (AAP), aiming to double its penetration in the boutique dealer market.
The plan to launch AAP2 follows the closure of the original AAP — which is a joint venture between PIS and several independent dealer groups — to further applications from dealer groups in April this year.
At its closure, according to a media release, AAP had nearly trebled in size from 39 dealer groups in 2006 to 112.
The release said that if AAP2 rivals AAP in dealer group membership, it will result in a combined membership for AAP of “more than half of Australia’s 400 boutique dealer groups”.
As part of the launch strategy for AAP2, PIS will fly more than 30 dealer group representatives to Fiji to promote the benefits of AAP2.
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.