PIS to launch new version of AAP
Professional InvestmentServices (PIS) is to launch a duplicate version of its dealer service business, Associated Advisory Practices (AAP), aiming to double its penetration in the boutique dealer market.
The plan to launch AAP2 follows the closure of the original AAP — which is a joint venture between PIS and several independent dealer groups — to further applications from dealer groups in April this year.
At its closure, according to a media release, AAP had nearly trebled in size from 39 dealer groups in 2006 to 112.
The release said that if AAP2 rivals AAP in dealer group membership, it will result in a combined membership for AAP of “more than half of Australia’s 400 boutique dealer groups”.
As part of the launch strategy for AAP2, PIS will fly more than 30 dealer group representatives to Fiji to promote the benefits of AAP2.
Recommended for you
A quarter of advisers who commenced on the FAR within the last two years have already switched licensees or practices, adding validity to practice owners’ professional year (PY) concerns.
Integrated wealth and financial services group Rethink has launched a financial planning arm called Rethink Wealth to expand beyond property investing and into holistic wealth management.
While adviser numbers continue to slowly creep back up, the latest Wealth Data analysis reveals they would actually be in the green for the calendar year if it weren’t for so many losses in the limited advice space.
Iress has appointed a chief AI officer to spearhead the fintech’s strategic focus on AI, with chief executive Marcus Price describing how the technology opens the doors to a “new frontier for wealth advice”.
