Fiducian Financial Services has added two new franchisees to its national advice network.
The Australian firm, which provides financial advice and wealth management services, has appointed Gurbinder Gill and Paul Blackadder as two franchisees in its advice network.
Gill has been a principal and adviser at Melbourne-based Gill Private Wealth for over seven years. Meanwhile, Blackadder has been the principal at NT-based Blackadder Financial Services for more than 27 years.
According to Fudician, the two additions reflect the firm’s continued expansion of its professional adviser network. Moreover, the appointments strengthen its presence in both metropolitan and regional areas across the country, providing a range of financial solutions to clients.
“We are thrilled to welcome Gurbinder Gill and Paul Blackadder to our team of experienced financial advisers,” commented Robby Southall, executive chairman at Fiducian Financial Services.
“Their expertise and dedication to helping clients achieve their financial goals make them valuable additions to our network. We look forward to working together to provide exceptional service and support to our clients.”
Fiducian Financial Services is one of the five divisions that operate under the broader umbrella of the ASX-listed Fiducian Group.
This also includes its portfolio services business, investment management services arm, administration services provider and M&A distribution business.
Earlier this month, Money Management identified Fiducian as one of the best-performing listed advice licensees in terms of share price growth. Over one year, it has returned 28 per cent while its returns over five years are 56 per cent (as at 4 June 2024).
The firm was founded by Indy Singh in 1996 and currently has 80 advisers, although it is forecast this could grow to 150 in the medium term. This is divided evenly between salaried advisers and franchisees.
Fiducian’s Auxilium platform administration business was also recently identified as an opportunity for growth. Described as a “disrupter to the disrupters” of the legacy platforms, it recently opened up to external planners for the first time.
Movement of funds onto Fiducian’s system can lead to a 100 bps uplift in Fiducian revenue with reduced costs and better administration for the client, a Veritas broker note about the licensee said.
In February 2024, the company reported a 23 per cent rise in net profit after tax (NPAT) to $6.8 million in its half-year results for the six months to 31 December. However, funds under advice (FUA) fell from $4.8 billion to $4.7 billion due to a “long list” of non-fee paying clients.
