Avenue leads Oasis towards further growth
OASIS Asset Management has struck its sixth client deal, with Avenue Capital Management becoming the latest firm to sign up for its customised financial planning products.
Oasis managing director Bruce Tustin says the firm is processing between $80 million and $90 million each month for its existing five clients, but expects this figure to rise to more than $100 million per month by early next year.
With its sixth client now on board, Oasis will focus on servicing existing clients rather than targeting new ones, though Tustin expects to sign another client this year, and two more next year.
“When we started the business we aimed for eight to 10 clients to achieve our business plan,” Tustin says.
“As we grow closer to reaching that target, we are focusing on improving functionality and providing a customised service for our clients.”
Oasis only takes on clients that have at least $500 million under advice, and the capacity to generate around $3 million worth of new funds under management each year. Other clients include Matrix, Professional Investor Services (PIS), Australian Financial Services (AFS), Taylor Bowring and, most recently, Queensland-based InFocus Securities, which signed up in April.
“Avenue is very much in line with our ideal client profile, in that it has a relatively small group of high quality advisers, who we believe will appreciate our focus on data integrity, functionality and superior service standards,” Tustin says.
Oasis will build and administer customised financial planning products for Avenue, including a superannuation master trust and a wrap account.
The products will be available from Avenue’s 20 branches throughout New South Wales in September.
Recommended for you
BT is to launch a new low-cost “Focus” investment menu for its Panorama platform this October, in partnership with Vanguard, seeking to compete with industry superannuation funds.
Net gains of financial advisers have already doubled since the start of FY25, according to this week’s Padua Wealth Data, with momentum gathering pace far faster than the previous financial year.
National advice firm MiQ Private Wealth has appointed a new chief executive to lead the business through a “transformative era” after penning a partnership deal with AZ NGA earlier this month.
WT Financial’s managing director, Keith Cullen, believes the firm’s Hubco model with Merchant Wealth Partners will be a “repeatable growth model” for the business as it scales its adviser numbers.
