Lynx adviser numbers spiral
Lynx Financial Services has emerged as the financial planning growth engine for Mercantile Mutual.
Lynx Financial Services has emerged as the financial planning growth engine for Mercantile Mutual.
The fully owned Merc subsidiary has already attracted 110 advisers, mostly from a life insurance and superannuation background.
Lynx opened for business in November last year, after a number of executives left IFMA to start up the business.
The group is headed up by former IFMA national sales manager Stuart Abley. Abley points to the solution Lynx offers financial advisers from a life insurance and super background as the critical ingredients in the growth of the business.
“Our financial planning licence enables advisers to benefit financially by fully ag-gregating all aspects of their business under one principle instead of holding their own separate proper authority,” he says.
Until the Financial Services Reform Bill is implemented next year, Lynx advisers can operate under a dealership or multi-agency structure.
Recommended for you
A quarter of advisers who commenced on the FAR within the last two years have already switched licensees or practices, adding validity to practice owners’ professional year (PY) concerns.
Integrated wealth and financial services group Rethink has launched a financial planning arm called Rethink Wealth to expand beyond property investing and into holistic wealth management.
While adviser numbers continue to slowly creep back up, the latest Wealth Data analysis reveals they would actually be in the green for the calendar year if it weren’t for so many losses in the limited advice space.
Iress has appointed a chief AI officer to spearhead the fintech’s strategic focus on AI, with chief executive Marcus Price describing how the technology opens the doors to a “new frontier for wealth advice”.
