PIS recruitment into top gear
ProfessionalInvestment Services (PIS) has signed 200 financial planners and life brokers in the past 12 months, from more than 15 dealer groups, with further expansion plans likely.
Although it is not entirely clear where the influx of the planners and brokers has come from, it is rumoured that 24 of the 200 planners joined PIS from the Now Financial Services group.
PIS managing director Robbie Bennetts refused to comment on the rumour, stating only that the 200 planners came from 15 to 20 groups nationwide, with Victoria and New South Wales being the two states responsible for the biggest planner numbers.
“All the planners and brokers came to us through referral. We don’t go out there and do marketing. Some people send out letters with offers, with some even writing to our planners, but we don’t see the need,” Bennetts says.
The successful recruitment drive for PIS does not stop there. The group is also in negotiations with two Australian-based groups, with Bennetts only stating that “one of the groups is fairly substantial and one is small”.
PIS has also been busy pushing its services offshore, and as reported inMoney Managementrecently, the group already has a presence in New Zealand and Singapore, with Canada soon to follow on.
The group is close to signing up more than 180 Singaporean accountants, as well as being in the early development stages with around 20 Canadian-based accounting groups.
In July this year, PIS opened 15 offices in New Zealand, a business that began slowly but has since flourished, Bennetts says.
Recommended for you
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity International.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
