PIS back-office provider claims membership bounce
Professional Investment Services’ (PIS’) back-office service provider, Associated Advisory Practices, (AAP) added more than 30 dealer groups to its client list in November and December, according to PIS chief executive Robbie Bennetts.
The increase brings to 150 the number of dealer groups in AAP, a joint venture between the dealer group and independently-owned boutique licensees, Bennetts said.
“Based on the increase and strength of applications in January this year, we believe AAP will be very close to 200 dealer groups by Christmas this year.”
He attributed the bounce in membership to current adverse market conditions compelling advisers to focus on servicing clients rather than business practice issues.
“The current market is such that if you are running a little licence on your own, it’s nice to have a support mechanism in the market offering a range of dealer support services,” he said.
Recommended for you
Financial Services Minister, Stephen Jones, has assured the cost and time to enter the financial advice profession will soon be halved, as shadow treasurer Angus Taylor pledges to reach 30,000 advisers.
The positive results of the latest financial adviser exam have helped the advice profession reach 15,600 yet again, according to Wealth Data analysis.
Financial advice firms have told Adviser Ratings they are planning to increase their compliance spend by almost a third, including on enhancements to their cyber security which ASIC has identified as an enforcement priority.
The digital advice platform is officially launching into the financial advice sector, offering up its services to practices as a means of engaging with the next generation of clients.
