Magnitude expands into regional WA
Magnitude Financial Planning has opened a practice in Busselton, WA, the first step in a plan to establish a regional network of authorised representatives in the state.
The BT-owned dealer group is actively looking to recruit a WA state manager to build and manage the planned network, even as it celebrated the launch of its first ever practice in the state yesterday.
Magnitude Financial Planning Busselton is headed up by Phil Harris, who has operated his practice out of the town’s BT-owned Westpac branch office for the past 17 years.
Magnitude chief executive Mark Spiers said the group is also currently in discussions with other regional WA practices with a view to joining the network.
Describing Harris as a “model beachhead” into WA, Spier said the group similarly hoped to attract “established practices that are seeking to grow” into the network.
He said the plan for a WA network is based on the premise that there are “significant opportunities in prosperous regional WA to attract practices that match those criteria”.
“While a lot of licensees find WA a long way away in terms of support, we actually see WA, and indeed regional Australia as a whole, as a very strong growth corridor for our business model.
“Busselton, in particular, has a large and growing retirement population, for which retirement planning and the right financial advice are fundamental.
“We have also found that there are a large number of young homebuyers in the town, many of whom do not have sufficient life or income protection insurance,” he said.
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