Dealer groups boosting adviser numbers
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Demand for advisers continues to grow with some of Australia’s largest dealer groups signalling their intention to add a significant number to their networks.
AXA is looking to put on 140 advisers this year across its licensee businesses, which include AXA Financial Planning, Charter, Genesys and Jigsaw, according to AXA Financial Planning national manager Paul Williams.
“We need to attract more people to this industry,” Williams said. “The number of advisers available in the marketplace to support the growing advice need is somewhat of an issue. There is a growing number of ageing clients in Australia who are demanding advice. Licensees will need to become larger and provide more relevant services to advisers.
“The confidence is returning, business principals are more confident about their future in terms of revenue growth and opportunity, so that then tends to flow through into their hiring intentions,” he said.
AMP Financial Planning (AMPFP) has also experienced significant growth over the past year, according to AMP’s director of financial planning, advice and services, Steve Helmich. In 2009 AMP Financial Services added 82 authorised representatives, taking its total to 1,413; total AMPFP practice numbers increased by 16 to 695, while Hillross practice numbers increased by 10 to 116, he said.
“This growth was driven by the successful transition of Horizons Academy graduates to AMPFP practices, along with the acquisition of Rabo Financial Advisers into the Hillross network,” Helmich said.
Guardian Financial Planning executive manager Steven Browning said while the group’s adviser numbers had stayed fairly stable at around the 145 to 150 mark over the past 12 months, growth was definitely on the agenda.
“We’d like to get the advisers in Guardian up to around the 200 mark over the next six to 12 months.”
Lonsdale chief executive Mario Modica said Lonsdale had recently grown to more than 200 authorised representatives and 110 firms, and would be on the lookout for further opportunities in 2010.
“We’re actively looking to both purchase and recruit businesses to join the Lonsdale group,” he said.
Futuro Financial Planning recently announced that it had grown 50 per cent over the past 18 months and expected to hit 100 advisers by the end of the financial year; Matrix Planning Solutions announced plans to put on a further 10 practices nationwide and grow by approximately 120 advisers; while Capstone Financial Planning in February said it aimed to boost adviser numbers by 10 per cent this year.
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