Insignia breaks down its adviser movements
Insignia has detailed the quarterly breakdown of movement among its advisers, reporting both gains and losses.
In its quarterly results for the three months to 30 September, the firm said it had a total of 1,570 advisers that it was actively working with.
The biggest loss was seen in the self-employed (licensed) channel which fell by 28 advisers from 798 at the end of June to 770 advisers at the end of September.
There was a smaller loss of five advisers in the employed channel which fell from 256 to 251.
However, there were gains reported in the self-licensed channel which were those advisers who were not authorised under Insignia Financial licensees, but to whom Insignia Financial provides services through the Alliances, Dealer Associates and Connect business models.
This grew from 546 to 549 and represented 35% of the firm’s total advisers.
Insignia said: “Whilst the level of departures has moderated compared to recent quarters, there continued to be some movement in the self-employed channel with a number of practices opting out, primarily through selling their client books or transitioning to a self-licensed model.
“Some advisers also relinquished their authority with the expiry of the FASEA exam deadline (30 September 2022). Insignia Financial continued to broker internal M&A transactions, retaining some of the sold client books with pre-existing practices in the Insignia Financial licensees.
“Offsetting the departures during the quarter, we did also see some recruitment into the self-employed channel, with three new businesses joining Insignia Financial licensees.”
The firm also noted that a significant proportion of its funds under administration in the advised channel came from independent financial advisers highlighting the broad support for its product set among non-aligned advisers and clients.
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