Permanent Trustee to crack financial planning industry
Permanent Trustee Company is planning a major push into financial planning and investment advice.
Permanent Trustee Company is planning a major push into financial planning and investment advice.
Recently appointed managing director Paul Lahiff says he hopes to hire about 30 financial planners over the next few years to build on its relationships with high net worth individuals established through its trustee business.
"We would like to become a healthy competitor in the financial planning indus-try, but we don't expect to do it overnight," Lahiff says.
The move into financial planning is aimed at repairing the damage wreaked on its trustee business by the introduction of the Managed Investments Act (MIA). In-deed, the company says the MIA should dent its revenue by about $25 million a year in the medium term as larger funds drop their trustees and move towards re-sponsible entity status.
He says Permanent plans to position itself as a "one-stop shop for the wealth management of affluent Australians".
It will do this by building on its key strengths which include its 112-year old brand name and its ability to offer taxation advice and wrap account services.
Lahiff says Permanent's target market is the 40-plus age group "with lots of money, but no time to look after it".
The company is also working on offering badged banking services like cheque books, credit cards and lending facilities through an alignment with a bank.
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