Another player enters market to buy FAPs
The New Zealand financial advice market is facing a “perfect storm” and one firm is planning to take advantage of it.
Monday, January 12th 2026, 8:55AM
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It says financial advice in New Zealand largely uses outdated tech.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.”
Profsee estimates insurance advisers account for the biggest part of the market with some $4 billion of annual commissions and fees, with $1.8 billion in wealth management and $600 million for mortgage brokers.
In its offer documents it says, “with the support of its AI and SaaS solutions, Profsee is planning to deliver at least a 4x efficiency gain, within four years, while improving the quality of advice.”
“We understand that transformation cannot be achieved overnight. It is expected to take three to five years from start to finish.”
In early 2024 Profsee started buying companies in the financial services sector that provide compliance and digital solutions.
Profsee bought Kingbird mortgage advice firm on Auckland’s North Shore, the Dacreed software platform for advisers, and the Professional IQ College supporting adviser development.
Profsee is headed by Dennis Murray who founded Dacreed.
Dacreed took over running Partners Life's Adviser Support programme in 2024.
Also, Mark Banicevich's Governance Bites series that dives deep into the realm of governance appears on the platform.
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