Fiducian adds life broking
Fiducian has added a life broking business to its suite of financial services.
The group is hoping to recruit at least 15 life brokers and write more than $2 mil-lion of new business by the end of the next financial year. Six brokers have already joined the group with more than $750,000 already coming in the door.
Fiducian has added a life broking business to its suite of financial services.
The group is hoping to recruit at least 15 life brokers and write more than $2 mil-lion of new business by the end of the next financial year. Six brokers have already joined the group with more than $750,000 already coming in the door.
Fiducian Portfolio Services managing director Indy Singh says the life broking business will complement the financial planning operations of its shareholders. Fifteen financial planning groups representing more than 80 financial planners are currently shareholders in Fiducian.
Singh says the life brokers will work closely with the financial planners through cross marketing services. The brokers will refer clients to the financial planners while
“It is still only a tiny part of our financial planning, master trust and funds man-agement business which is approaching $500 million under management,” he says.
“It is not going to be a great money spinner for the business but will offer a service to our existing financial planners.”
Former AMP and National Mutual executive Doug Richards has been signed up to manage the team of brokers.
Singh says the Fiducian is still finalising details of a listing on the Australian Stock Exchange for some time in the next financail year. He says the capital raising will open up a number of opportunities for the group, including setting up overseas op-erations.
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