Adviser numbers decline at Insignia
There were 1,600 advisers in the Insignia network as of 30 June, 2022, a reduction of 82.
Announcing its quarterly results, the firm said the reduction was driven in part by the integration of MLC Advice into Bridges which resulted in the departure of 30 advisers with no impact on client numbers or revenue.
A further 43 advisers departed from the self-employed channel in smaller practices which Insignia said reflected the reset of licensee fees charged by the firm to self-employed advisers from 1 October, 2021.
Nine advisers departed from the self-licensed channel.
The level of departures was expected to moderate in the coming year.
Funds under administration were $205.2 billion, a 6.9% decrease over the quarter of $15.1 billion which was driven by market decline combined with pension payments.
Advised platforms generated $437 million of net inflows during the quarter and $1 billion over the past year across affiliated and independently-licensed advice practices.
The turnaround had been driven by strategic repricing and product enhancements, the firm said.
Renato Mota, chief executive, said: “Insignia Financial has again delivered an improvement in platform flows while facing into increased investment market volatility. Underpinning this growth momentum are client wins in Workplace Super and positive engagement within the Advisory channel.
“Flows into MLC’s retail asset management offering were once again positive, offset by outflows from the institutional channel which are typically lumpier in nature. The integration of MLC Advice into Bridges provides a strong foundation for profitable growth in Advice and provides Insignia Financial with two flagship market positions in Shadforth and Bridges.”
AUTHOR
Laura Dew
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