Platinum recruits advisers

After only a month in operation, Platinum Group Financial Services has confirmed 34 authorised representatives have already joined its ranks and are operating within the dealer group.

The dealership received approval to operate under an Australian Financial Services Licence in late May. At that time it also established a national office in East Perth before officially commencing operations on July 1.

Platinum managing director Murray Hills, who also co-founded Deakin Financial Services, said the group had set an initial target to recruit 16 advisers by the end of August 2005.

“I am pleased to confirm that we have exceeded our expectations and are well ahead of budget,” he said.

Hills did not indicate how many of the 34 advisers had moved from Deakin to join the new dealer, although Deakin has recently acknowledged that it has shed up to half its planners.

In mid-May, Hills told Money Management that about 65 advisers from across Australia had shown interest in joining the group and that the dealership aimed to have at least 60 advisers on board by the end of its first year in operation.

Hills said the group had attracted planners quickly because it had no institutional ties and is wholly owned by its management, staff and advisers.

He said regular state meetings would be held to allow the management team to personally communicate details of the group’s activities to its advisers.