PIS back-office provider claims membership bounce
Professional Investment Services’ (PIS’) back-office service provider, Associated Advisory Practices, (AAP) added more than 30 dealer groups to its client list in November and December, according to PIS chief executive Robbie Bennetts.
The increase brings to 150 the number of dealer groups in AAP, a joint venture between the dealer group and independently-owned boutique licensees, Bennetts said.
“Based on the increase and strength of applications in January this year, we believe AAP will be very close to 200 dealer groups by Christmas this year.”
He attributed the bounce in membership to current adverse market conditions compelling advisers to focus on servicing clients rather than business practice issues.
“The current market is such that if you are running a little licence on your own, it’s nice to have a support mechanism in the market offering a range of dealer support services,” he said.
Recommended for you
The profession is up by almost 200 advisers for the new financial year, with August continuing the consistent weekly positive gains.
WT Financial has announced its second “Hubco” with a combined valuation of $7.8 million, while its first one has successfully incorporated and is now making its own acquisitions.
The Australian Wealth Advisors Group has entered into a joint venture with a Melbourne financial services firm to launch a wealth manager.
Remediation and litigation costs have led AMP to announce a reduced statutory net profit after tax of $98 million for the first half of 2025.
