Avenue Capital's 30 advisers join Lonsdale
Avenue Capital Management's 30 financial advisers across 15 practices will become authorised representatives of IOOF's Lonsdale Financial Group, IOOF has announced.
IOOF indicated the deal was a partnering arrangement rather than a purchase of the group, but said the agreement would bring "significant" increases to Lonsdale's funds under administration.
Avenue advisers will now have access to a broad range of dealer services including practice management, corporate governance, research and software support, according to IOOF.
"In line with our desire to grow the Lonsdale business through quality practices, the addition of these 15 practices will significantly increase Lonsdale's adviser footprint in the [New South Wales] market," said Lonsdale chief executive Mark Stephen.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
