Magnitude Group’s expansion of its financial planning practice network has continued with the opening of its Lonsdale Street Private Wealth Practice in Melbourne.
The opening of the new practice is among the first of five flagged by the BT Financial Group-owned dealer group last month when it hit $1 billion in funds under advice (FUA).
Magnitude now has 16 practices in both regional and metropolitan areas spread across Queensland, New South Wales, Victoria and Western Australia.
Mark Spiers, Magnitude’s chief executive officer, said the group’s selection criteria for new practices did not revolve around location, adviser numbers or the FUA they contribute, “It’s about finding the right practices and the right advisers with the fit for our model”.
“It’s all about practices that want to grow their business, are aspirational and want a partner to help them realise that growth,” Spiers said.
He explained Magnitude has not set any specific financial targets for the new group, instead trusting that growth will flow from its selection of specifically growth-oriented planners and practices.
“Our whole business model…is not around planner numbers or practice numbers or FUA — if we get the right fit with aspirational planners and practices, then they’re motivated not just to continue to provide the right service and support to their clients, but they’re motivated to grow their own business, and any benchmarking we do would only be in terms of growth rates against their own business plan.”
The Lonsdale Street practice will focus on private wealth management, concentrating particularly on superannuation and leveraged investment.
It launches with three advisers: Allan McCurry, Bernard O’Connor and Anthony Kapetanovic, who have 48 years’ combined financial services experience covering superannuation, corporate structuring and wealth creation along with institutional and retail advice on equities and derivatives.
“The Lonsdale Street practice has a depth of experience and knowledge that provides its clients with a focused and tailored range of investment strategies and services,” Spiers said.
The purpose built facility is located in the Melbourne CBD, in close proximity to its high-net-worth client base of professionals and small-to-medium business owners.
