Claim of adviser backlash
Australian Unity Personal Financial Planning chief executive, Steve Davis has pointed to what he describes as an "adviser backlash" against the recent acceleration of vertical integration.
Just days after the announcement of his company's bid for Premium Wealth Management, Davis has claimed an upturn in calls from advisers wanting to move under the Australian Unity umbrella.
Davis said it was clear that some advisers aligned with struggling licensees, or licensees with reputational issues, were anxiously looking for alternatives.
"We have also noticed that these advisers are very discerning. They are rigorous in their investigations into the quality of the support services and infrastructure a new licensee can provide them," he said.
Davis claimed the areas of most interest for advisers were compliance, technical, investment research and marketing support.
He said that where advisers had previously typically prioritised low fees, they were now looking for value for money from a licensee.
"It's a flight to quality, and could be the start of an adviser backlash against the recent acceleration of vertical integration," Davis said.
Recommended for you
With the highest number of candidates in a year sitting the latest financial advice exam, a surge of new entrants are expected in the coming weeks, according to Wealth Data.
AMP has launched a range of five diversified index managed portfolios on its North investment platform, targeting a younger client demographic.
An NSW adviser, who advised over 120 clients after falsifying her financial advice exam results, has been permanently banned by ASIC.
ASIC has released the results from the latest financial adviser exam, the first to be run since changes to its structure earlier this year.
