Count lures 11 IOOF/MLC firms and 30 advisers moneymanagement.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneymanagement.com.au Daily Mail and Mail on Sunday newspapers.
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The past week saw 74 adviser roles appointed while 99 adviser roles ceased, which gives a net loss of 25 roles, however the true story is that 33 actual advisers left the industry this week, according to the analysis by HFS Consulting which looks at adviser numbers from the Financial Adviser Register (FAR) run by the Australian Securities and Investments Commission (ASIC).
Colin Williams, HFS’ director, explained this was due to Apogee Financial Planning having appointed the same adviser three times, which most likely was an error, while at the same time BDO appointed three advisers, of which two still had their roles at Godfrey Pembroke. Following this, Evans and Partners appointed three advisers who also held roles at Dixons, its related business.
Despite wanting to bring on "the majority" of MLC advisers, IOOF CEO Renato Mota said the group will reduce its self-employed network and focus on making the group more sustainable and profitable.
IOOF, MLC practices join Count Financial
A former Godfrey Pembroke practice and two ex-IOOF aligned firms have joined the listed advice group.
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In a statement, Count Financial said Sydney-based practice Plan Protect, previously from Godfrey Pembroke, had joined the dealer group.
Count said the firm had a “strong reputation for providing strategic advice” and was “very much a family business”, with practice principal Janne Ashton’s son Byron Pritchard currently undergoing his professional year under Count’s program.
“Changing licensees is a significant decision for any business, so we started with an open mind and spoke to a number of options in the market,” Ms Ashton said.
Advisers leak from IOOF/MLC licenses | Money Management moneymanagement.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneymanagement.com.au Daily Mail and Mail on Sunday newspapers.