Insignia Financial completed the separation of Rhombus Advisory on 1 July 2024 but will continue to have an equity stake in Rhombus Advisory’s advice licensee business.
Rhombus Advisory comprises the Consultum, RI Advice and Tenfifty self-employed advice businesses and Insignia says in its latest quarterly update that upon separation, advisers and key management took ownership stakes in Rhombus Advisory, while Insignia Financial has retained 37% of equity.
Insignia’s CEO Scott Hartley says that through this “…unique and innovative partnership model we will continue to have an equity stake in Rhombus Advisory’s high quality advice licensee business, whilst focusing on strengthening our relationships with Rhombus advice practices.”
He sees this as another important milestone in Insignia’s strategy to simplify and optimise the business.
Insignia’s Professional Services Advice businesses, Shadforth and Bridges, remain wholly owned and the company says the new operating model will allow improved focus on unlocking the growth potential of both businesses.
The company also notes that there were 1,086 financial advisers in the Insignia Financial network as at 30 June 2024 comprising 200 advisers in the Professional Services (Employed) channel and 886 advisers across Advice Services channels.
