Insignia Financial has reported a downturn in funds under management and administration of $8.6 billion as a result of market volatility.
Announcing its quarterly results for the three months to 31 March, 2022 to the Australian Securities Exchange (ASX), the firm said group funds under management and administration (FUMA) was down 2.7% to $317 billion.
This was the result of unfavourable market movements as well as institutional outflows.
There were 1,682 advisers in the Insignia network which was a decline of 83 advisers, divided between 49 from the self-employed space and 32 from the self-licensed channel.
Departures from the self-employed channel were typically smaller structures and reflected the reset of management fees charged by Insignia to self-employed advisers.
It said it expected adviser numbers to stabilise from 1 July, 2022 but said it expected a further 30 adviser departures between now and July.
This included the Bridges and MLC Advice businesses to be integrated under a refreshed Bridges advice model.
Insignia chief executive, Renato Mota, said: “The next phase of our advice simplification will see us bringing two of our employed advice businesses together, combining the strength of both businesses and unifying them under one brand and culture. This is a key step in our transformation to ensure we have a sustainable and accessible advice business into the future”.