BT Select careful in recruiting AFS practices

financial-planning/mergers-and-acquisitions/FOFA/australian-financial-services/bt-financial-group/dealer-group/BT/

13 June 2013
| By Mike Taylor |
image
image image
expand image

BT Select had undertaken substantial due diligence on those Australian Financial Services (AFS) practices it sought to recruit earlier this year, according to BT Select managing director Phil Butterworth. 

BT Select had recruited around six of the AFS practices, but Butterworth acknowledged that some of the issues which had surrounded the former dealer group were such that an extensive due diligence process had been undertaken to ensure they would represent an appropriate fit. 

Butterworth’s confirmation of the processes followed with respect to the AFS practices which had joined BT Select came at the same time as he confirmed that around 50 practices had now joined the grouping, and that this could rise to as many as 60 practices by the end of the year. 

He said that, ultimately, BT Select might represent a “community” of 100 practices, but that the ultimate number might also be lower in circumstances where the focus was on quality and cultural fit rather than quantity. 

Butterworth said BT Select was particularly identifying multi-planner, multi-staff practices generating well in excess of $1 million. 

He said that in many instances those practices joining BT Select were seeking the comfort of the scale provided by BT Financial Group, particularly in terms of FOFA implementation and compliance.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

The succession dilemma is more than just a matter of commitments.This isn’t simply about younger vs. older advisers. It’...

1 week 4 days ago

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

1 month ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

1 month 1 week ago

AMP has settled on two court proceedings: one class action which affected superannuation members and a second regarding insurer policies. ...

3 days 18 hours ago

ASIC has released the results of the latest adviser exam, with August’s pass mark improving on the sitting from a year ago. ...

1 week 6 days ago

The inquiry into the collapse of Dixon Advisory and broader wealth management companies by the Senate economics references committee will not be re-adopted. ...

2 weeks 6 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Powered by MOMENTUM MEDIA
moneymanagement logo