Tribeca puts growth plans on table

Financial services training and education providerTribecahas flagged a two-tier growth strategy at its annual general meeting today that will see it continue to exploit the current changing regulatory environment being introduced through the Financial Services Reform Act (FSRA).

In an address to the meeting, Tribeca managing director Adam Davis said the first plank of the strategy will be to grow its existing certification, continuing education and compliance services into the broader financial services market rather than continuing to focus just on financial planning.

This would involve the development of a similar suite of products to those presently being offered to financial planners, which will be targeted at a number of other adviser segments.

The second plank of the strategy, according to Davis, would be to optimise the current business through increasing volumes of product as a result of increased marketing and sales activity.

Davis said that Tribeca is in the position of having demand for these products and services supported by legislation, with Tribeca products all designed to assist companies in meeting regulatory requirements.

The new strategy is based on a review of Tribeca’s business during the year that found its non-core business units had no scale or competitive advantage, and that there was no clear growth path for the business.

Davis said the review also highlighted that the group’s core competency lay in the areas of education and compliance, leading to the decision to grow this competency into other areas.

While the business plan is not dependent on further acquisitions, Davis said opportunities will continue to be assessed with financial and strategic constraints.