DKN and Lonsdale maintain growth
Dealer groups DKN and Lonsdale are continuing to expand despite the downturn that has hit the planning industry, with DKN reporting 10 new platform clients have come aboard, 11 practices have joined Lonsdale and 33 self-licensed are now accessing practice and license support.
Commenting to Money Management this week, DKN chief executive Phil Butterworth attributed the growth to the company’s flexible offering, which he suggested was fitting the mood of the market.
Lonsdale chief executive Mario Modica acknowledged that a tightening market for financial planning practices had been a factor in the growth, as they sought the support and scale that could be provided by groups such as Lonsdale.
He said this had been reflected in at least one financial planning practice, which after initially opting not to join Lonsdale last year, had recently reopened discussions with the group.
“As the market continues to remain challenging and stressful for financial advisers, our feedback indicates a marked increase in the importance placed on human interaction and finding the right cultural fit in a dealer group,” Modica said.
He said seven practices from Victoria had joined the group, three from NSW and one from South Australia, with two of them being specialist self-managed superannuation fund practices and the majority established within or aligned to accounting firms.
Recommended for you
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.