Capstone joins forces with PictureWealth to form $22bn FUA planning network

PictureWealth Group has inked a landmark deal with national advice licensee Capstone Financial Planning, forming a combined business with 360 financial advisers and $22 billion in funds under advice.

Prior to the announcement, PictureWealth Group was already the fastest-growing planning group in the country with AFSLs under PictureWealth Advisory, Futuro Financial Services and Insight Investment Services.

Today, it adds Capstone Financial Planning AFSL, which brings 220 financial advisers and $13.5 billion FUA into the fold.

CapBack, the recently launched backoffice services offering for self-licensed practices, will also become available under the broader PictureWealth group.

Capstone Financial Planning will continue to operate under its own name and will continue to be led by its managing director Grant O'Riley.

Capstone authorised representatives will also continue to operate under their existing AFSL licencing arrangements.

"The benefit for advisers and clients is access over time to the broader PictureWealth Group's technology, compliance, practice development and operational capabilities, while maintaining continuity in their existing relationships," said David Pettit, founder and managing director of PictureWealth.

"We are now entering a structured discovery phase whereby any future enhancements will be carefully considered and communicated well in advance.  Advisers who wish to discuss their individual arrangements can continue to do so directly - no matter what stage of their career or business cycle," he said.

O'Riley said the milestone deal is a great opportunity for Capstone's advisers and their clients.

"The shared philosophy and vision of Capstone and PictureWealth creates a natural alignment. Through the PictureWealth Group, there are now more pathways for advice practices to work with us, regardless of the licensing structure they have in place."

Pettit said that with Capstone joining them, PictureWealth can support more advisers who can leverage new advice technologies to make advice more accessible.

"Our additional scale allows us to invest more deeply in technology, compliance infrastructure and shared support services, helping advisers operate more efficiently, spend more time with clients, and extend quality advice to more Australians."

"It also creates succession and integration pathways that can help retain advice capacity and client relationships within the profession.

Following the announcement, PictureWealth Group climbs up the ranks to become one of the top five largest adviser AFSLs in the country.

In the latest Rainmaker Adviser Report, the largest financial adviser AFSLs groups are RI Advice Group, Morgans Financial Limited, Akumin Financial Planning, Alliance Wealth and Picture Wealth.

Count Financial, Lifespan Financial Planning and Ord Minnett round up the top eight.