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.
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.