The creation of Insignia Financial’s new financial advice services partnership model is moving forward with the focus now shifting towards implementation.
The firm’s ASX quarterly update for the three months to 31 December 2023 (2Q24) states that the resetting of its financial advice operating model is progressing, with the Rhombus Advisory entity established. It was formerly referred to as Advice Service Co (see: Insignia Advice Restructure).
The update says that advisers have continued to demonstrate positive sentiment towards the partnership strategy and participated in a roadshow during 2Q24.
“The equity participation approach was presented to advisers and focus is now shifting towards implementation by July 2024.”
Insignia Financial CEO, Renato Mota notes that the company has made a strong start to the financial year and “…solid progress on the FY24-26 strategic initiatives announced in July 2023.”
Financial Advisers
The update also notes there were 1,199 financial advisers in the Insignia Financial network as at 31 December 2023, comprising 211 advisers in the Professional Services (Employed) channel and 988 advisers across Advice Services channels (Self-Employed and Self-Licensed).
It says the reduction of 186 advisers “…was primarily from within the Advice Services channels as a result of the sale of the Millennium3 business to WT Financial.”
“There was also a reduction of 27 authorised representatives from the Self-Licensed offer as a result of a larger practice being sold and some other smaller businesses exiting.”
