Growth and independence have been successful drawcards for adviser-owned dealer group Australian Financial Services Group (AFS), according to chief Peter Daly.
The non-institutionally aligned dealership signed 21 practices last year and has already attracted five new firms in 2007.
"What successful practices are looking for is a parent to grow their business. Many are finding their dealer group does a lot of talking, but takes very little action. Our reputation for developing business is growing and it's drawing other practices to us like magnets," said Daly, who took over the AFS helm in 2004.
The average AFS practice grew by 42 per cent last year, compared to the industry average of about 20 per cent, Daly added.
"All we've done is provided a catalyst for organic growth using our tailored professional and business management programs," Daly said.
Size of practice is also a fundamental difference that sets AFS apart from its competitors. On average AFS advisers generate 10 times more income than its competitiors, Daly claims.
AFS also claims to offer practices greater independence than institutionally aligned dealer groups in choice of platform and its Approved Product List.
It has 95 practices, about 190 advisers with $4.5 billion in funds under management.
