Significant similarities between Fortnum and Australian Unity

There are many similarities between Fortnum and Australian Unity, making them a reasonable fit, according to new analysis from WealthData.

According to the analysis, the two businesses have similar numbers of advisers boasting similar years of experience.

Commenting on the comparison, WealthData principal, Colin Williams said Fortnum run two AFSLs, Fortnum Private which currently has 213 advisers and Fortnum Advice which only has 10. Australian Unity has a total of 167 advisers.

Williams said that putting Fortnum and Australian Unity side by side revealed some significant similarities.

“The key areas of difference is the year to date growth , Fortnum up by 2, Aus Unity are down by (-12),” he said. “Australian Unity have slightly more advisers who commenced Pre 2012, but Fortnum have a higher Average Years of Experience.”

“The percentage of advisers with a degree of some description is also very close. What each licensee authorises their advisers for the main product sets are again similar,” Williams said.

Key Adviser Movements This Week:

• Net change of advisers +18
• Current number of advisers at 15,700
• Net Change of (-99) for Calendar YTD
• Net Change Financial YTD +140
• 32 Licensee Owners had net gains of 38 advisers
• 14 Licensee Owners had net losses for (-20) advisers, one of the lowest numbers in a while
• 1 New licensee and zero ceased
• 9 New entrants.
• Number of advisers active this week, appointed / resigned: 65

Growth This Week – Licensee Owners

• Lifestyle Asset Management picking up 3 advisers from Dirigere Advisory, the losses for Dirigre showed up last week
• Four licensee owners up by net 2 each including:
  • United Super gaining 2 advisers from different licensees, with one adviser coming back after a few years out of advice
  • Trustee for Auriga (Capella), a recently formed licensee, gained advisers switching from Madison
  • Canaccord gaining 1 new entrant and an adviser from Morgan Stanley
  • Australian Administration Services (Link) picking up 2 advisers, one after a break from advice.
• 27 licensee owners up by net 1 each, including the one new licensee, Count Group, Fiducian and Castleguard (Lifespan).

Losses This Week – Licensee Owners

• AMP Group down net (-3), losing 4 advisers and gaining 1 new entrant
• Insignia also down (-3), losing 3 advisers, 1 adviser each from Bridges, Consultum and RI Advice
• Clime Group down (-2) both advisers leaving to Capella as mentioned above
• FSSSP Financial Services, (Aware Super), losing 2 advisers, neither showing as being appointed elsewhere
• A short tail of just 10 licensee owners down by net 1 each including, Diverger, Fitzpatricks, Morgans and WT Financial Group.