Netwealth Investments-owned dealer group Financial Planning Services Australia (FPSA) plans to add a further seven practices to the five it already acquired this financial year.
"My ambition is to recruit 12 practices in the 12 months to June 30, 2009," FPSA chief executive Mark Ryan said yesterday.
The current economic climate has provided many advisers with cash flow problems and some of them are now looking to join a stable dealer group.
"While it is difficult to move between dealer groups, advisers are looking for security and longevity," Ryan said. "We are fortunate to be in the position of having a good parent."
The acquisitions are part of FPSA's strategy to expand its national footprint. To help achieve this, the group will also move its head office from the Sunshine Coast to Melbourne.
The group's compliance division is already based in Melbourne and the move will see back office operations, marketing and executive brought together in one location.
The Queensland operations will take over part of a floor previously occupied by Netwealth, and will use a number of services offered by the parent company. These include IT infrastructure, web support, product and technical support, marketing, communications and accounting services.
FPSA has also appointed Adam Swanwick as compliance manager and Fiona Madden as general manager.
