Zurich AFSL helps boost adviser numbers
Zurich Assure has started a new AFSL with 14 advisers as the industry sees net growth of 33 advisers.
According to Wealth Data, there was a net change of 33 advisers in the week to 9 February, compared to losses of 26 in the previous week.
Some 25 licensees had net gains for 53 advisers and 15 licensee owners had net losses of 19 advisers. Three new licensees commenced and one ceased.
Wealth Data founder, Colin Williams, said: “A significant number of advisers who left the ASIC FAR (last week) were transitioning to new licensees. The transition for most is now complete and has contributed to this week's growth after last week's losses. The number of Provisional Advisers has also increased to eight, marking another positive week of new entrants”.
Growth was seen at Zurich Assure which started its new AFSL with 14 advisers who had previously been at Bombora after Zurich acquired the ANZ Risk business.
A second licensee also commenced with nine advisers, having previously been part of a large practice at Australian Unity, while a third started with two advisers from Lonsdale (Insignia).
Fortnum increased by five, Perpetual by three and 20 licensees recorded a net increase of one adviser.
As for losses, Insignia decreased by three after losing four advisers and gaining one Provisional Adviser and Centrepoint decreased by two. Oreana decreased by two and then there was a tail of 12 licensees who declined by one each.
AUTHOR
Laura Dew
Recommended for you
David Sipina has been sentenced to three years under an intensive correction order for his role in the unlicensed Courtenay House financial services.
As AFSLs endeavour to meet their breach reporting obligations, a legal expert has emphasised why robust documentation will prove fruitful, particularly in the face of potential regulatory investigations.
Betashares has named the top Australian suburbs with the highest spare cash flow, shining a light on where financial advisers could eye out potential clients.
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
