Glenhurst continues to eye life registers
Glenhurst Corporationhas re-affirmed its intention to expand this year through the acquisition of registers from life agents departing the industry, and its plans to boost adviser numbers by up to a dozen.
“We are talking to a couple of private groups about funding Glenhurst’s growth, and are looking to buy old-style practices and (then) look to selling other services to those clients,” Glenhurst chief executive officer Anthony Kofkin says.
According to Kofkin, who discussed the group’s plans withMoney Managementback in October, Glenhurst is continuing it discussions with groups and individuals on the issue, however he is unable to reveal specific details of likely deals at this stage.
Back in October Kofkin said a large number of senior life agents had become disillusioned with the industry given the legislative burden now being placed on them to continue working in their profession, and spawning the group’s bid to acquire life registers.
The move will benefit the company Kofkin says, as a client base being offered pure risk products will have the potential for taking up other products, such as estate planning.
“It makes a lot of sense to target these businesses for cross-selling through service. The clients in these businesses have never experienced hand-on relationships with the practice,” he says.
60 percent of turnover at Glenhurst last year came from in-house advisers a figure which supports this cross-selling model, Kofkin says.
Glenhurst has $1.6 billion in funds under advice, with $300 million of this managed internally on behalf of some 270 clients.
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