Zurich AFSL helps boost adviser numbers


Zurich Assure has started a new AFSL with 14 advisers as the industry sees net growth of 33 advisers.
According to Wealth Data, there was a net change of 33 advisers in the week to 9 February, compared to losses of 26 in the previous week.
Some 25 licensees had net gains for 53 advisers and 15 licensee owners had net losses of 19 advisers. Three new licensees commenced and one ceased.
Wealth Data founder, Colin Williams, said: “A significant number of advisers who left the ASIC FAR (last week) were transitioning to new licensees. The transition for most is now complete and has contributed to this week's growth after last week's losses. The number of Provisional Advisers has also increased to eight, marking another positive week of new entrants”.
Growth was seen at Zurich Assure which started its new AFSL with 14 advisers who had previously been at Bombora after Zurich acquired the ANZ Risk business.
A second licensee also commenced with nine advisers, having previously been part of a large practice at Australian Unity, while a third started with two advisers from Lonsdale (Insignia).
Fortnum increased by five, Perpetual by three and 20 licensees recorded a net increase of one adviser.
As for losses, Insignia decreased by three after losing four advisers and gaining one Provisional Adviser and Centrepoint decreased by two. Oreana decreased by two and then there was a tail of 12 licensees who declined by one each.
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.