Adding advisers not about numbers, says Fitzpatricks

Fitzpatricks Private Wealth has announced former ipac advisers Bev Manallack and Heather Boughton will join its offices in Melbourne on 7 December 2015.

The addition of Ms Manallack and Ms Boughton follows that of a string of other advisers who have joined the non-aligned dealer group over the past year – the most recent being former Centric Wealth advisers James Hand and John Rees.

Speaking to ifa, Fitzpatricks group managing director John McMurdo said while the dealer group has had a number of advisers join the firm, the group is "not chasing numbers". 

Mr McMurdo added that it had grown from 24 authorised representatives in late 2011 to 56 in 2015.

"It is not just the number of advisers joining, but they have been quality firms with high-calibre advisers, and clients that demand a high level of professional service and engagement," he said.

Mr McMurdo added that since 1 July 2015, 82 advice firms have approached Fitzpatricks asking whether they can work with the group, although Fitzpatricks has only accepted a select few.

"Five of those 82 we have admitted to Fitzpatricks," he said. "There are another 10 or so that we are still in a due-diligence process with, so you can expect there will be more that will be joining us in 2016.

"They are firms currently inside institutions, they are self-licensed firms and there are also employed advisers who [want] to be a part of a strong self-employed, professional-style firm. [We have also had] some planners embedded within accounting firms wanting to join," he said.

Mr McMurdo said Fitzpatricks is experiencing this wave of advisers wanting to join the dealer group because of its client-centric focus, independence and because of their resonance with its culture and professional reputation.

"What we get often is firms or groups looking at us saying we see Fitzpatricks demonstrably providing all of those," he said.

"It is not necessarily one or another; it is the combination of those three where we believe we have an established track record, and that is coming through loud and clear [and that] is why groups are looking at us."