Advisers bolster Pinnacle distribution
Pinnacle has detailed how strong relationships with advisers has boosted the firm’s distribution success, despite an adviser exodus.
In a FY22 update, announced to the Australian Securities Exchange, the firm said had gained over 656 advisers as clients in the six months to 30 September, 2022.
This was despite the adviser industry falling from 23,590 in December 2019 to 16,374 in June 2022.
“Pinnacle’s distribution success has been built on using consultative practices and focusing on client outcomes to build strong direct relationships with advisers.
“Successful execution of the above strategy has significantly expanded Pinnacle’s audience reach (85% growth to over 17,000 advisers in the three years to June 2022)
“[There are now] 10,673 advisers actively investing with PNI affiliates across major platforms.”
This was up from 10,017 at the end of December 2021.
The firm’s top 20 wealth management clients were now invested in three or more affiliates on average and across five or more strategies.
There had particularly been an increased uptake of active exchange traded funds (ETFs) from affiliates such as Hyperion and Resolutions by advisers as well as by brokers and consulting practices.
Pinnacle was now focusing on expanding its footprint to new client segments such as family offices and industry associations.
The firm also announced Gerard Bradley, non-executive director, would be retiring next year and the firm was recruiting for a replacement.
AUTHOR
Laura Dew
Recommended for you
The UK-based global asset manager has formed a new group executive committee to accelerate its growth strategy following the commencement of its new CEO this month.
Momentum Media has announced 26 winners across 10 individual and 15 group categories for its brand-new Australian AI Awards.
The financial services industry is currently “overwhelmed with quality and quantity of candidates”, Kaizen Recruitment explains, leading executives to face 12-month long recruitment processes.
Zenith Investment Partners has appointed an experienced research executive as its new group head of research following the departure of Bronwen Moncrieff.
