Financial Wisdom member firm joins Fortnum

23-Jan-2015

By Julie May

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A financial planning practice formerly with Commonwealth Bank of Australia-owned dealer group Financial Wisdom has joined Fortnum Financial Advisers.

Fortnum Financial Group executive chairman Ray Miles told financialobserver the independent licensee had started the year with a bang with Plenary Wealth joining its ranks, and at least fix or six more were expected to come on board by the end of the first quarter.

Miles said Plenary Wealth, based in North Sydney, was headed up by co-founders Joshua Cratchley and Julian Nowland.

Cratchley, a qualified accountant and certified financial planner, was awarded Financial Wisdom’s Rising Star for New South Wales and the Australian Capital Territory in 2011.

Meanwhile Nowland, a financial planner for well over a decade, established his own practice in 2005 before launching Plenary Wealth with Cratchley in 2013.

“With the addition of Plenary Wealth, Fortnum now has a total of 30 practices across all states and territories in Australia, minus Tasmania and the Northern Territory,” Miles said.

He added the group’s non-aligned status was a point of attraction, as was the fact the licensee was owned by its member firms.

“Now that [the Future of Financial Advice reforms] have been clarified, a lot of firms are looking at their options and making the move,” he said.

On the topic of AMP announcing it would close Genesys Wealth Advisers in November, he said Fortnum had talked to a few firms that were aligned to the financial planning giant.

“I think all of those that wanted to join Fortnum from Genesys have done so already,” he said.

“There are still some good firms aligned to Genesys, but AMP has put a deal on the table, so I think you will see a number of them stay with the group but move across to another of its licensees, mainly Charter Financial Planning.”

His comments followed a number of Genesys firms migrating to Fortnum in recent years, with Miles having established the group in 2010 when it was known as Associated Planners.

Elsewhere, Fortnum was doing a lot in the software space this year, he said.

“We’re working on the rollout of our interactive software solution, which has been in the works for several years now and which is going to change the way advisers work with their clients,” he said.

“We’ve got six firms testing the software, and we will roll that out more broadly in due course.”

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