Premium Wealth gains momentum with new member
Independent dealer group Premium Wealth Management is slowly growing its member footprint with a new acquisition after it was “grounded” last year by regulatory reform.
Queensland-based Total Solutions Group has joined the dealer group, bringing its member firm tally to 23 firms and $2 billion in funds under advice.
Premium Wealth Management CEO Paul Harding-Davis said the group hoped to bring its firm numbers to 40 or 50 in the next five years, but the plan was stalled by regulation, predominately Future of Financial Advice (FOFA) and grandfathering reforms.
“We’ve had very little movement in the last year ¨ primarily because of uncertainty,” he said.
“There’s been a lack of movement and advisers have been very cautious.”
Harding-Davis said while he is “optimistic” sentiment will improve once regulatory reforms are ironed out, it could take months for the firm to pick up pace on the member recruitment front.
However, he said the recruitment of Total Solutions Group was a notable win for the dealer group.
“(Total Solutions Group principal) Peter Mitchelson and his team, including Michael Chazikantis, the director of Total Solutions Group, have ambitious growth plans and I found our discussions to represent a new way of thinking about business growth in this market,” he said.
“We are very pleased to welcome Total Solutions Group to Premium Wealth.”
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