Pride advice acquisitions lead to growth

South Australian-headquartered financial planning business Pride Advice, one of the largest non-bank and privately-owned advisory firms in Adelaide, has more than doubled in size with the acquisition of two firms, bucking a national trend for consolidation and industry downsizing.

Pride Advice CEO Brett Schatto, who founded the firm 21 years ago, said the two acquisitions in Adelaide had taken the team from four to 11 advisers and to 30 support staff. Pride Advice expanded into Sydney two years ago and is looking at further acquisitions in both Sydney and Adelaide in the coming months.

“The cost of financial advice has increased since the Financial Services Royal Commission handed down its findings five years ago, and the number of financial advisers has significantly decreased,” Mr Schatto said.

“We’ve found that because of the reporting requirements and the increased regulations, combined with the number of older financial advisers retiring and fewer younger people entering the profession, there’s never been a greater need for sound and trusted advice.”

Prior to the Royal Commission, Mr Schatto said there were more than 30,000 registered financial planners, and that number had dwindled to about 15,000.

He said there was a need for younger planners to enter the profession, and room for growth to cater for clients who had lost their planners or were entering their pre-retirement years.

Since March, Pride Advice has acquired Adelaide-based Flexible Lifestyle Solutions and Serious Money, with room for growth to come.

Mr Schatto said with the current cost of living crisis affecting many people, particularly as they neared retirement, his firm had chosen to offer a bespoke approach to services and pricing, which meant people did not have to pay for unnecessary administration or servicing fees.

“The landscape of the financial services industry has changed significantly over the past five years, particularly with changes to superannuation and with an increasing number of people wanting to manage their own retirement funds,” he said.

“Whether they’re mum and dad investors, people preparing for their retirement or higher net worth individuals, our advice is under the spotlight and we want to ensure it is easy to understand and accessible.”

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