Another player enters market to buy FAPs

Profsee, which acquired education provider Dacreed, is looking to raise $10 million to start acquiring financial advice firms across the country and sectors. Currently, it Is looking to raise $2 million of that sum on the Catalist platform.

It says financial advice in New Zealand largely uses outdated tech. “Professional advice is often slow, expensive, and inaccessible.”

“Many older advisers have had enough of increasingly onerous regulation, rapidly evolving consumer expectations, complex digital demands, and changes to commission structures,” it says in its offer document.

Profsee estimates the financial advice market generates commission and fee revenues of $6.4 billion each year and currently “more than $200 million of adviser trail is available for acquisition right now.”