Mark Ryan
Dealer group Financial Planning Services Australia (FPSA) has appointed former Australian Financial Services (AFS) distribution head Mark Ryan as chief executive — with a brief to aggressively grow the company.
The appointment of Ryan, whose official title is dealer principal and director, follows FPSA’s near total acquisition by independently-owned wrap provider Netwealth Investments last month.
Netwealth purchased an additional 25 per cent to 30 per cent stake in FPSA, bringing its holding to 99 per cent — and promptly announced it intended to make a greater strategic input into the dealer group.
Ryan said FPSA’s growth strategy involves adding 10 new practices over the next 12 months to complement its existing 27 practices throughout Australia.
FPSA, which ranked 60th in Money Management’s 2008 Top 100 dealer group survey, will “look at any avenue for successful growth”, according to Ryan.
“We would not be averse to acquisitions if these represent an attractive proposition, and we will examine each and every opportunity as it presents itself.
“Recruitment is always a challenge, but I’m confident that once we get our story out in the market, people will see the attractions of a dealer group that encourages individualism.”
Ryan emphasised that the strategy involved a “measured and managed approach to growth, considering that every new practice joining a dealer group comes with a compliance risk”.
Ryan said the FPSA business model empowers its practices to make the right decisions and provide the right solutions for clients, while at the same time allowing them to grow in profitability and revenue.
He added that the growth strategy would “not involve using any undue influence to encourage or discourage any adviser from using any platform or any product, subject to research guidelines”.
