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.