Lifespan looks to micro-AFSLs for business growth
With the growth in micro-AFSLs and self-licensing, Lifespan chief executive Eugene Ardino is looking to double the number of AFSLs it services.
The firm’s Lifespan Partnership offering delivers a range of support services and partnerships with self-licensees, led by Tony Mantineo who was appointed in March 2022. This includes an online community, education and training, assistance with AFSL applications and compliance support.
Earlier this year, Wealth Data found some 27.1 per cent of the advice industry work at what it termed as “micro-AFSLs”, or those firms with less than 10 advisers. The number of advisers at micro-AFSLs has risen from 568 licensees in 2019 to 869 in 2023, an increase of 301 as of 1 October 2023.
Speaking to Money Management, Ardino said: “We set it up almost four years ago and I regret not doing it sooner, but it was dependent on finding the right people and having the breathing space to do so.
“We currently work with around 26 and would like to double that to 50 by this time next year so we are at a reasonable scale for that business. Building it to that number would be a pretty good level for us.
“With the growth of self-licensing, this is a way that Lifespan can still play a part and participate in that growth. It is a natural progression for us. It’s just a case of using our existing services and repurposing and repackaging them for self-licensed advisers.”
Mantineo, who joined Lifespan as head of the offering and as a national practice consultant, spends the majority of his time working with AFSLs but also recruits advisers into the wider dealer group.
“A lot of people leave a licensee and aren’t sure what they want to do next, whether to join a new licensee or set up on their own, and Tony has experience in both of those areas,” said Ardino.
Before joining Lifespan, Mantineo worked at IOOF, Australian Unity and ClearView Wealth.
Lifespan is not the only advice licensee looking to capitalise on this trend. AMP has been offering its Jigsaw Advice Solutions business since 2002 to help self-licensed practices while other licensees, such as Diverger and WT Financial Group, also have their own similar offerings.
AUTHOR
Laura Dew
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