The platform will be used by Fortnum’s advice network, which consists of 31 practice principals and 31 financial advisers across Australia.
Fortnum said FirstWrap was chosen on the basis that CFS has a “strong commitment to non-aligned financial advice businesses”.
“[CFS] understands that Fortnum values being owned by its staff and advisers, as well as innovation and collaboration,” Fortnum executive chairman Ray Miles said.
“As a result, we have a mutually beneficial arrangement which, in turn, will enable Fortnum advisers to better service their clients.”
Miles is a very smart icon of the industry who built a independent licensee that was subsequently killed off by a large vertically integrated owner that struggled with choice. That aside it would be interesting to see exactly what Miles means by “mutually beneficial arrangement”. Being independent goes beyond institutional ownership and goes to internal arrangements that could make the product more beneficial to the adviser and therefore influence the advice.