Robbie Bennetts
Having exceeded its targets in terms of funds under management, revenue and client numbers in just over a year, Associated Advisory Practices (AAP) — a Professional Investment Services(PIS) spin-off — has closed its doors to new dealer groups.
AAP provides 103 boutique dealer groups with back-office and business development support, an opportunity for equity participation as well as professional development days, conferences and access to approved products, research and software.
PIS chief executive Robbie Bennetts said he expected AAP’s doors would reopen to independent dealer groups soon, but that the closing of phase one of the initiative allowed for the conversion of AAP equity into ordinary equity in preparation of the parent company’s ASX listing.
“We have a substantial pipeline of interested dealers for phase two and we will announce an opening date shortly,” he said.
