AXA FP start-up program boosts adviser numbers
AXA Financial Planning has grown by seven offices since the launch of its practice start-up program a year ago.
National manager Paul Williams said he is delighted with the success of the program, which has seen the launch of practices in the Gold Coast, the Sunshine Coast, Northern New South Wales, Brisbane, Newcastle, and Sydney CBD.
"We are delighted with the performance and the demand for the program, and are still on the look out for the right quality of advisers to establish this offer in all states by the end of 2010," Williams said.
The start-up program is aimed at encouraging salaried financial advisers to step out on their own, with the support of a business plan, office branding, lead referrals and marketing from AXA.
Williams said the group's growth over the last year can be largely attributed to consumers seeking out stronger retail brands, particularly since the global financial crisis commenced.
"Trust and confidence in a well-known, large, established brand has been a real driver, not only in advisers taking an interest in the offer, but also their clients seeking confidence that the adviser is backed by a large, trusted brand," Williams said.
He said as a result, AXA Financial Planning has seen its best year ever in terms of adviser number growth, which has gone from 353 this year to 379 at the end of November.
"It really leverages AXA's long-running Discovery Program, where we have helped in excess of 230 employed advisers become successful business owners."
Williams conceded that within the industry, some financial planners may be put off running their own business because of a perceived increase in compliance burden. However, he said this has not been the case with advisers approaching AXA.
"We've got state-based and head office-based compliance support to take a lot of the worry away from them," he said. "They already have a compliant Statement of Advice done for them; they already have a compliant, efficient, technology-enabled business behind them. So their time is mainly spent in front of clients because they have piece of mind that AXA has already sorted that out for them."
Recommended for you
The strategic partnership with Oaktree Capital and AZ NGA is likely to pave the way for overseas players looking to enter the Australian financial advice market, according to experts.
ASIC has cancelled a Sydney AFSL for failing to pay a $64,000 AFCA determination related to inappropriate advice, which then had to be paid by the CSLR.
Increasing revenue per client is a strategic priority for over half of financial advice businesses, a new report has found, with documented processes being a key way to achieving this.
The education provider has encouraged all financial advisers to avoid a “last-minute scramble” in meeting education requirements prior to the 31 December 2025 deadline.
