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.
Recommended for you
Two commentators have shared why cultural alignment can be the biggest deal breaker when it comes to advice M&A and how to ensure a successful fit.
With an abundance of private market options coming to market, due diligence becomes increasingly important as advisers separate the wheat from the chaff, adviser Charlie Viola has said.
The Treasury has launched a consultation into how the $47 million special levy for the Compensation Scheme of Last Resort will be funded.
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
