Matrix Planning Solutions expands NSW footprint

Matrix Planning Solutions has continued on its recruitment drive with the addition of a financial planning practice on the New South Wales central coast.

Matrix has aspirations of adding a further 15 practices to its group, which would take it to its target of around 120 advisers.

Matrix executive director, operations and strategic alliances, Atit Rungta said the group is “in close discussions with a number of other practices which are close to joining us in the coming months”.

The latest addition to the dealer group is Twenty 20 Capital Finance, a practice located in Erina on the central coast of New South Wales. The principal financial planners in the practice are husband and wife team Tony and Kylie Davies.

A statement from Matrix on the addition said Twenty 20 had recently experienced significant growth, including the acquisition of Olive Financial Services in January last year. The business works with predominantly ‘mum and dad’ clients, and its services include debt reduction, wealth management and insurance.

Twenty 20 is planning to move to a “pure fee-for-service model” over the coming year, Matrix said, in addition to increasing the level of support staff working in the practice.

The principals of Twenty 20 have been in the financial services industry for 16 years, and have been primarily self-employed advisers for the majority of that time. Tony Davies said the pair chose Matrix in part because of the “willingness of the Matrix group to share on an adviser level” as well as for the group’s research resources.

Matrix Planning Solutions is owned by advisers and management and currently has 80-plus financial advisers across Australia. The group has more than $2 billion in funds under advice and $39 million in in-force insurance premiums.