Centrepoint Alliance embarks on recruitment drive
Centrepoint Alliance is looking to recruit more practices offering to help prospective groups move away from institutions by replacing their equity stakes with that offered by Centrepoint.
Centrepoint Alliance, Managing Director, John de Zwart said more adviser and practice moves are likely to take place across the industry as people focus on maximising the value of their business and the investments required to grow.
"The days of adviser practices being seen as the distribution arm of large institutions are over," de Zwart said.
"From here on, manufacturers will have to compete on the quality, flexibility and innovation of their products, dealer groups will have to compete on the value they add to advisers and their clients, and advisers will be measured on the quality of advice and strength of their client relationships."
de Zwart said as a result of this shift Centrepoint Alliance was speaking with a number of sizable planning practices about joining the group and about offering equity stakes in those businesses.
"Our partnering strategy is focused on aligning with quality practices either seeking to grow a proven business model or to facilitate succession planning or changes in ownership and that may mean exiting institutional investors or it may mean succession planning amongst the principals," he said.
"The principals we are speaking to realise how quickly the landscape is changing and they need to move quickly to maximise the value and sustainability of their business and maintain their client best interest long term.
de Zwart said Centrepoint Alliance would add planners to any of its three advice channels - Alliance Wealth and PIS for authorised representative practices; Alliance Wealth & Protection for salaried advisers and Associated Advisory Practices (AAP) for independently licensed firms supported by dealer services - if they fit the group's criteria.
"Our organic growth strategy is to continue to grow through AAP's self-licensed model, authorised representatives through Alliance Wealth and recruit and train salaried advisers. The only criteria is they must be a practice which is focused on providing quality advice to their clients," de Zwart said.
"We don't believe in a one-size-fits-all advice model and believe there is room for many different types of advice practices. We do believe, however, the common trait of the successful ones is that they are squarely focussed on serving the needs of their clients, while leveraging the scale and specialist expertise of a strong advice partner to do that."
AUTHOR
Jason Spits
Recommended for you
Advice firms are increasing their base salaries by as much as $50k to attract talent, particularly seeking advisers with a portable book of clients, but equity offerings remain off the table.
MLC Expand has appointed retirement specialist Andrew Long to work with advisers and licensees and drive growth for its recently launched retirement solution.
Despite banks largely having exited the industry, advisers under institutional licensees are least likely to switch while 26 advisers have been appointed to a licensee more than 10 times.
Insignia Financial has shared a progress update on the acquisition by US private equity firm CC Capital as well as the departure of a long-standing director.
