Institutional advisers get personal with independently-owned firms
Financial advisers employed at institutional dealer groups are increasingly approaching independently-owned advice firms for their personal advice needs, according to Andrew Rocks, head of financial services firm Announcer Group.
Rocks said institutionally-employed advisers have grown recently to now form 10 per cent of Announcer Financial Planning's client base, of whom 80 per cent work for institutional dealer groups.
Many of the advisers on the Announcer client base are senior planners at institutional dealer groups who have been referred to Announcer by other advice clients of the dealer group, he said.
"We don't actively market ourselves to other financial planners, and anyway, most of them want strict confidentiality for fear of potentially being sacked from their jobs."
At least some of these advisers "passionately hate that they get told what to do in their professional life, and would prefer their personal advice needs to be handled by an independently-owned advice firm", he said.
Rocks added that 27 per cent of Announcer Group's accountancy provider's database are external accountants
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