BT Financial Group (BTFG) has recruited five financial planning practices from Commonwealth Bank of Australia-owned group Count Financial.
The five groups will join BTFG's dealer group, Magnitude, where they will retain their "identity" BT Financial Group's Head of Advice, Mark Spiers said.
"The success of their practices has been around their own identity and we will just work with them to help them continue to grow and develop their business," Spiers told InvestorDaily.
Spiers would not be drawn on how discussions between BTFG and the five groups began.
"Our focus isn't on where people are coming from. Our focus is on the broader opportunity in the market to be a leader and provide in what is dislocated times a strong platform and solution for practices to join us," he said.
"And so clearly we're actively and proactively in the market responding to those opportunities as well as responding to direct inquiries."
He would also not make any direct comments on whether the five firms have high levels of funds under advice (FUA) within the BT Wrap, an investment platform badged by Count.
"When we look at whether we want them to join us or whether they want to join us, so it's like a two way exchange, the predominate thought is are we like minded," he said.
"We don't have as a strong a focus around what they bring, around FUA and revenue because for us it's about the future. That's why we have lesser focus on who their previous dealer was and our focus is all about where they want to go.
"The past is important because it has a dimension around the quality and the compliance and the reputation and clearly a group like Count is an absolute industry leader in all respects but this is not about us or anyone else, it's purely about the practices and their growth ambitions."
When asked whether the recruitment of former DKN Financial Group chief executive Phil Butterworth is part of BTFG's plans for future practice recruitment, Spiers said it was.
"Definitely, our strategy is very much a growth strategy in what is an increasingly dislocated market," he said.
"As we continue to move forward in the market, our focus will continue on building our aspirational like minded practices. no matter whether it's in Securitor or Magnitude or Licensee Select and through our employed bank channels."
Butterworth will join Magnitude on 22 March.
