New group bids to free adviser HeadSpace
By Ben Abbott
Queensland-based Fitzpatricks Financial Planning is looking to aggressively grow its fledgling financial planning business consultancy, HeadSpace, which is targeting planners “irritated and disillusioned” with the industry.
The HeadSpace business, which assists adviser businesses to focus on relationships and the provision of more general face-to-face advice, is looking to grow its client base to around 50 businesses, up from the present 12.
Fitzpatrick managing director Scott Fitzpatrick says the HeadSpace business grew to its present level by word of mouth after the Fitzpatrick business itself moved to a fee-for-service model, freeing up adviser time.
The HeadSpace business offers advisers help in making a “paradigm shift” from the provision of the technical side of advice to a focus on advisers’ “unique ability” to build relationships with clients and referral sources.
“We see things such as investment recommendations as a commodity, and that financial advisers can add no value around that. To be honest, most planners don’t know much about investments,” Fitzpatrick says.
The group suggests strategies such as businesses outsourcing their investment recommendations to vehicles such as individually managed accounts, leaving them time to focus on their key skill of relationships.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
