Operating under Fortnum’s AFSL, the new entity includes a number of original FPSA practices, including Sydney-based First Unity and Brisbane-based Kent Private Wealth.
Fortnum has also invited two institutionally-aligned practices to join, and is receiving applications from the external market.
Fortnum and FPSA managing director Joel Taylor said there is room for about 20 practices within the new FPSA group.
“We recognised that not all practices suited the Fortnum model, which is why FPSA is such an important part of Fortnum Financial Group’s overall proposition,” he said.
“FPSA is a new offer for advisers who want to partner with an independently-owned licensee and want support to grow their business and provide quality, client-centric advice but who may not fit Fortnum Private Wealth’s hallmark comprehensive, high-touch offer.”
Mr Taylor added that the arrangement gave the group greater scale and bargaining power to negotiate competitive rates and better service standard agreements.
“We have the resources and tools to help practices become more efficient and productive. Technology will play an increasingly important role and we’re committed to being an innovative, forward-thinking licensee,” he said.
The new FPSA entity is jointly owned by Fortnum and FPSA principal practices, with Netwealth continuing to provide a range of platform, managed accounts and compliance services.
FPSA national operations manager Lisa Faferko has moved from Netwealth to Fortnum while former IA Financial Services operations manager Sandy Holland has joined Fortnum as its client service manager for advice operations and support.
First Unity senior adviser and FPSA director Tim Reppen said the partnership between FPSA and Fortnum is a “great strategic fit”.
“Our new relationship with Fortnum provided an opportunity to enhance FPSA’s existing boutique offer while leveraging the strength and influence of the broader Fortnum Group. By tapping into the scale of the Fortnum Group, FPSA will benefit from increased buying power to deliver even more effective client solutions,” Mr Reppen said.
“Fortnum is a group that simply gets things done. They’re willing and able to invest the time and resources required to stay ahead of the curve in an increasingly complex regulatory environment.”
