Australian Unity expands adviser network

AustralianUnity Financial Planning (AUFP) has added three more practices to its network, as it rolls out a new business model.

The new offices are in South Melbourne, Frankston and Bendigo in Victoria. The dealer group is also about to open a Brisbane office.

AUFP head of dealer services Ross Johnston said that previously, Australian Unity placed franchisee planners in its branch offices, but now dedicated financial planning offices are being opened nationally.

“Previously the planner, who was part-time, sat in the branch office waiting for customers, but now we are opening independent financial planning offices with full-time planners,” Johnston said.

He added: “It is a key part of the strategy to attract younger advisers who may have entered financial planning in the last decade and are looking for a strong partner in building their planning practice.”

Johnston said the company is rebuilding its leads generation capabilities to create more opportunities for the new full-time planners.

“We have 220,000 members and we haven’t covered a lot of our segments to generate leads,” he said.

“We have a lot of pre-retirees in our membership and we haven’t touched the aged care member market yet.”

All planners with AUFP will now be self-employed and the part-time planners in the group are being encouraged to either change to the new model or look for positions with other dealer groups.

“There are lots of young people who want to build their own practice and because of the leads we can generate, this creates an opportunity for them to achieve this,” Johnston said.

Currently, AUFP has 18 planners in 11 offices nationally.