Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

Mid-tier licensees to grow: HUB24

HUB24/growth/centrepoint-alliance/Madison-Financial-Group/Andrew-Alcock/

12 September 2019
| By Jassmyn |
image
image image
expand image

There will be significant growth of business coming from mid-tier financial advice groups during FY20 as advisers look to exit large dealer groups, HUB24 believes.

The platform provider said institutional dislocation in the advice industry continued at an accelerated rate, following the Royal Commission.

HUB24 managing director, Andrew Alcock, said: “Recent decisions by large institutions to review their approach to financial advice, and in some cases exit, will facilitate growth in the mid-tier segment which is highly motivated to look for new partners to support advisers in positioning for the future and delivering great outcomes for their clients”.

Pointing to Adviser Ratings data, HUB24 said over 700 advisers had moved to licensees during Q2 2019, a 20% increase from Q1.

The data also found that four times as many existing advisers were moving to a non-aligned licensee and this represented an acceleration of the trend which made the segment experience the largest growth.

HUB24 said over the past months it had signed agreements with two non-bank owned advice groups – Centrepoint Alliance and Madison Financial Group.

“HUB24 is delighted to be working with Centrepoint Alliance and Madison Financial Group who represent a dynamic, exciting and growing part of the advice industry.  Providing choice to advisers and their clients and giving them the support they need is at the core of what we do,” Alcock said.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

The succession dilemma is more than just a matter of commitments.This isn’t simply about younger vs. older advisers. It’...

1 week 1 day ago

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

1 month ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

1 month 1 week ago

ASIC has released the results of the latest adviser exam, with August’s pass mark improving on the sitting from a year ago. ...

1 week 4 days ago

The inquiry into the collapse of Dixon Advisory and broader wealth management companies by the Senate economics references committee will not be re-adopted. ...

2 weeks 4 days ago

While the profession continues to see consolidation at the top, Adviser Ratings has compared the business models of Insignia and Entireti and how they are shaping the pro...

2 weeks 6 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND