Fiducian positions Singh for chairmanship
Publicly-listed financial services firm Fiducian has confirmed it has reached almost a 50/50 split in funds under advice (FUA) handled by its salaried and franchised financial planners.
The company’s chair, Robert Bucknell told its annual general meeting (AGM) that Fiducian had acquired financial planning businesses with client bases of about $97 million in Victoria and NSW over the past 12 months.
“As acquisitions continue to assimilate we expect increased revenue and earnings growth,” he said.
“There are now 21 salaried financial planners in company-owned offices throughout Australia that manage over 48.8 per cent of funds under advice and there are now 37 franchised financial planners that manage over 51.2 per cent of FUA,” Bucknell said, noting that there were also nine accounting practices in Fiducian’s “Associate” franchise program which should convert to full franchises when education and training programs were complete.
The company also announced to its AGM that its managing director, Indy Singh was being positioned to become chair.
Bucknell said that Singh would be taking on the role of executive deputy chairman, which will allow the chairmanship of the company to be transferred to Singh over the next three years.
He said this represented the first step of the company implementing a succession planning strategy.
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