Lynx sets its sights on top 10
Lynx Financial Services has set its sights on becoming one of the country’s biggest dealer groups with plans to grow adviser numbers to 250 within the next 18 months.
The fully owned Merc subsidiary has already attracted 110 advisers, mostly from a life insurance and superannuation background. Lynx started from scratch in late last year after former IFMA national sales manager Stuart Abley joined the group and took on management responsibilities. About half of the new advisers have come from IFMA, according to Abley.
He says the focus for Lynx has been to offer specific solutions for financial advisers wanting to specialise in life insurance and superannuation, particularly in light of the upcoming changes introduced by the Financial Services Reform Bill (FSRB).
"Most other financial planning groups are focused on the investment part of financial advice," he says.
"Our financial planning licence enables advisers to benefit financially by fully aggregating all aspects of their business under one principle instead of holding their own separate proper authority."
Lynx is one of a number of financial planing groups looking to provide solutions to advisers under the pending FSRB legislation, such as the new AXA arm Altus, Professional Investment Services and Financial Services Partners.
However, Abley says Lynx offers a number of unique propositions to prospective advisers.
"Firstly, we offer succession planning solutions not just for imminent retirees but also in the case of disablement, illness or death," he says.
"We also harness Mercantile Mutual infrastructure to assist advisers in their marketing efforts.
"And thirdly, we have developed a profit sharing arrangement with advisers."
The profit sharing arrangement is based on the profits of the dealer group and comes in the form of a bonus. It does not involve the adviser taking equity in Lynx as has been the case in other planning networks.
AUTHOR
Recommended for you
As the government announces a public inquiry into the collapse of Dixon Advisory, risk adviser Richard Silberman has detailed the three areas that typically lead to an AFSL's collapse.
With a growing number of advisers now running their own business, they need to pivot their career identity to being a business owner rather than just as a financial adviser if they want to futureproof their business.
Zenith Investment Partners has launched a range of new managed account portfolios over the past quarter, including on Insignia Financial’s Expand platform.
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
