Entireti acquires Insignia's self-licensed offering
Australia’s largest advice licensee Entireti has acquired licensee solution provider IOOF Alliances from Insignia.
This will merge IOOF Alliances with existing Jigsaw Advice Solutions, which it acquired from AMP last year, to form a new entity called Entireti Alliances.
The deal will add 70 self-licensed advisory firms and 350 advisers to the community, while the overall Entireti Alliances will have 85 firms and over 450 advisers, led by Andy Marshall as general manager, who is the former head of IOOF Alliances.
Completing the team is Amy Roelandts as operations manager and Tanja Zurak as national manager for business development, with Roelandts joining from Insignia and Zurak from AMP/Jigsaw.
Neil Younger, group chief executive of Entireti, said the brand will provide compliance, technology, business consulting, and education to self-licensed firms.
“This strategic alliance brings together the industry’s two leading licensing and business services providers under one strong brand and proposition to empower self-licensed advice professionals to deliver quality advice and build strong businesses.”
Marshall, who will report to Akumin chief executive Matt Lawler, added: “We are focused on simplifying AFSL compliance and enhancing the adviser experience through expert-led solutions and a collaborative eco-system.
“Our flexible, modular service packages enable advisers to choose the services they need from an extensive menu, based on their unique needs, and we have a diverse, collaborative community of advice professionals.”
A recent report from the Financial Services Council (FSC) found self-licensed advisers often opt for this model as it allows them flexibility, and then they work with external providers on areas such as technology and compliance.
Some 40 per cent of self-licensed advisers want help with their technology and 38 per cent with their compliance, while for those still working with an AFSL, 52 per cent are satisfied with their technology and 72 per cent with their compliance.
Specifically on compliance, 70 per cent of practices said they manage over half of their compliance internally compared to 41 per cent of licensed ones, with most licensed ones only handling 26–50 per cent internally.
“Many self-licensed practices are seeking external support in the very areas where licensees have traditionally provided the greatest value. Rather than building these capabilities in-house, many practices are turning to a growing ecosystem of third-party service providers to meet their operational and regulatory needs,” the FSC said.
AUTHOR
Laura Dew
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