Independently-owned dealer group Matrix Planning Solutions (Matrix) intends to grow its network of advisers from 86 to approximately 120 over the next couple of years, Matrix executive director operations and strategic alliances Atit Rungta has told InvestorDaily.
"Matrix plans to grow its number of practices from 39 to 50 or 60 and we're currently in discussions with a number of groups throughout Australia that are close to joining us over the coming months," Rungta said.
This could be as fast or slow a process as is necessary, as Matrix's main priority is not growth for growth's sake but rather to build on its network of top quality practices and advisers, he said.
"Our growth strategy is very much a national one, however we are looking seriously at Victoria and Tasmania as they are two states which Matrix currently does not have representation in but are regions where we see great opportunity," Rungta said.
"We're in discussions with numerous groups and some of these are located in Victoria and Tasmania. However, at the end of the day quality not location is the key."
Matrix wants to acquire mature practices that have a good cultural alignment to Matrix and those with aspirations to grow and which have a strong compliance regime, Rungta said.
"About four or five advisers call me every fortnight wanting to join Matrix, and if the requirements of both Matrix and their practice do not fit I will refer some of them to other dealer groups," he said.
Twenty 20 Capital Finance, a practice based on the central coast of New South Wales, was the latest practice to join Matrix, the group announced on Tuesday.
