Tower rises to distribution challenge
Financialservices group Tower Trust is preparing to open three new offices and more than double its business development team in a bullish move designed to boost its nationwide distribution base.
The three new sales offices - in Canberra, Hobart and North Queensland - will each be staffed by one of the 10 new business development managers Tower is looking to appoint.
The other seven new managers will join Tower’s existing offices in Sydney, Melbourne and Perth, taking Tower’s total number of business development mangers across the country to 17.
“What we want to do is provide better services to those advisers in these areas already using Tower’s services and also tap into those not already involved with Tower,” Tower Trust’s general manager of marketing and distribution Peter Cocks says.
The new Tower offices are expected to heighten the flow of funds into Tower Trust’s flagship Private Super Fund offering and its self managed super fund product, which was launched earlier last year.
Tower is also looking at expanding its range of products to meet the expected rise in demand from its new offices, including an individually managed account for high-net-worth investors wanting to run their own direct share or managed fund portfolio.
The recruitment process for the new Tower positions is already well under way, with the majority of business development roles expected to be filled by the end of February.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
