Australian Unity achieves $1 billion in FUA

Australian Unity Personal Financial Services has reached $1 billion in funds under advice (FUA), a two-fold increase over the past year.

Australian Unity general manager of personal financial services Steve Davis said the business is also seeing very strong growth in other areas.

"Our mortgage broking loan book has more than doubled over the past twelve months, and our revenue from risk insurance increased by 27 per cent over the same period," Davis said.

"We now have a very strong business, especially when you consider that it was just a few years ago that we restructured and moved from a retail, sales driven, shop front approach to a modern advice driven financial services business."

The re-structure allowed Australian Unity to modernise the dealership so that it is now largely prepared for the proposed Future of Financial Advice legislation. It also allowed them to develop a more sustainable business strategy, which included the development of an accountants' alliance business, said Davis.

"We currently have relationships with around 160 accounting firms - most of whom refer their clients to our financial advisers and mortgage brokers for specialist financial advice--and we intend to continue to grow that," he said.

"As a result, we are still on the look-out for good quality advisers who want to build their practices by partnering with accountants."

Davis said accountants are turning to Australian Unity because the dealership allows accountants to provide financial services in-house or through a referral to a specialist from Australian Unity.

"It's a flexible, full-service model that is attractive to accountants because it makes it easy for the accountant to retain their independence and identity," said Davis.

According to Australian Unity, the dealership currently has 74 advisers and 20 mortgage brokers operating in all mainland states and the ACT.