Easton confirms exit of 100 limited advisers
Easton Investments, which sought a change of company name to Diverger Limited at its 2021 annual general meeting (AGM), has confirmed 23 new full advisers in 1H will offset an approximate 100 limited advisers expected to depart due to the Financial Adviser Standards and Ethics Authority (FASEA) reforms.
Further to that, the company said it expected lower growth rate from continuing operations, higher corporate costs through re-investment in leadership and company infrastructure and continued exploration of strategic merger and acquisition opportunities to accelerate growth in net revenue.
The company also confirmed that part of its investment in growth strategy assumed the launch of a service offer to self-licensed advisers and a further development of HUB24 partnership.
As far as its wealth solutions were concerned, Easton said it would expect higher growth occurring in both net revenues and earnings contribution and a full year contribution from Paragem acquisition, with scale benefits improving margins.
Addressing its 2021 AGM, Easton Investments chair, Kevin White, said that following the resetting of the company’s strategic plan under the guidance of new managing director, the company would aim to build scale and expand the delivery of its core services to the accounting and wealth sectors with the support and backing of HUB24 as a significant shareholder.
“It is in this context that the board is today seeking a change of company name as the current name, ‘Easton Investments Limited’, no longer reflects the activities, strategic intent or focus of the company,” he said.
“A refreshed brand with a contemporary look is well overdue and the proposed new name, ‘Diverger Limited’, is considered by the board to better reflect the reset strategy and to differentiate the company in a competitive market.”
AUTHOR
Oksana Patron
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.
