WB Financial expands as market contracts

While many financial institutions and licensees are downsizing during the current financial environment, WB Financial (WBF) is expanding its team, appointing six new trainee advisers.

Despite new trainees being appointed to WBF businesses around the country over the last few months, WBF chief executive Steven Eager believes the market will contract further over the next 12 months.

“We are seeing evidence that it is not only the larger institutions that are retrenching people but also small and larger adviser businesses. While this is partly due to the market, the business models of many in the industry are not robust enough to deal with the more uncertain conditions,” Eager said.

However, he said WBF would continue to employ new advisers.

“We expect that we will employ another six to 10 by the middle of the year,” Eager said.

For more information on WBF’s recruitment initiative, see the February 26 edition of Money Management.