Claim of adviser backlash
Australian Unity Personal Financial Planning chief executive, Steve Davis has pointed to what he describes as an "adviser backlash" against the recent acceleration of vertical integration.
Just days after the announcement of his company's bid for Premium Wealth Management, Davis has claimed an upturn in calls from advisers wanting to move under the Australian Unity umbrella.
Davis said it was clear that some advisers aligned with struggling licensees, or licensees with reputational issues, were anxiously looking for alternatives.
"We have also noticed that these advisers are very discerning. They are rigorous in their investigations into the quality of the support services and infrastructure a new licensee can provide them," he said.
Davis claimed the areas of most interest for advisers were compliance, technical, investment research and marketing support.
He said that where advisers had previously typically prioritised low fees, they were now looking for value for money from a licensee.
"It's a flight to quality, and could be the start of an adviser backlash against the recent acceleration of vertical integration," Davis said.
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.