Fortnum Financial Group is on the cusp of announcing the institutional backer that will provide 20 per cent of the capital needed to fund the new dealer group.
"The contract will be signed any time now and once that's done and we get our universal managed account (UMA) investment platform up and running, Fortnum will be ready to start hiring," Fortnum executive chairman and former Genesys Wealth Advisers managing director Ray Miles told InvestorDaily.
Miles said he hoped to have 15 practices on board by the end of 2010 and that Fortnum would be looking to recruit practices from all over Australia, with no concentration on any particular states.
"We want to recruit larger practices that are generating $1 million in turnover," he said.
"Our ultimate goal would be that our practices bring in an average of $1.2 million in turnover, however, we would still consider smaller practices that have strong growth potential."
The dealer group had received a number of inquiries from practitioners interested in joining the dealer group from both within and outside of Genesys, he said.
"Obviously because of my past ties with Genesys there has been interest from groups still with Genesys, as well as some who have left to join new dealer groups or to establish their own licences," he said.
"We've also received inquiries from practices tied to some of the larger dealer groups as well."
Miles said Fortnum and wealth management firm Yellow Brick Road chairman and co-founder Mark Bouris were also not far off announcing which organisation or organisations would be chosen to provide their clients with a UMA investment platform.
