Total Financial Solutions adds six advice firms
Countplus subsidiary Total Financial Solutions (TFS) has announced the addition of six new financial advisory firms to its network.
TFS was the country's 40th largest dealer group with 114 authorised reps at the time of Money Management's latest Top 100 Dealer Groups survey in June this year.
The group now has a total of 134 authorised representatives, 15 of whom were added by the acquisition of the six latest firms, according to TFS chief executive Phil Aris.
The new firms have come from both institutional and non-institutionally aligned backgrounds, bringing a combined $350 million in funds under management, $4 million in risk in force premiums and $5.4 million in revenue, TFS stated.
The new firms are Omega Financial Solutions and Hunter Financial in NSW, Financial Advisory Group and McCabe Financial Services in South Australia, Finstyle Planning Solutions in Victoria, and Mortgage Administration Services and Your Financial Solutions in Queensland.
According to TFS, the joining firms cited opportunities to expand their businesses, dealer group backing, financial security and cultural alignment as reasons for joining.
"We acquired TFS in September 2010 to provide insurance referral services to Count Financial," said Countplus chairman Barry Lambert. "With referrals to TFS advisers growing, it is no surprise that more advisers are looking to join TFS to take advantage of this opportunity."
Aris said the company planned to continue its expansion throughout 2013, increasing its number of small- to -medium-sized financial services businesses and licensees.
"As market consolidation continues due to regulatory changes and increasing economic pressures, we expect increased interest in TFS from external advisers and a growth in our adviser numbers," Aris said.
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