Centrepoint Alliance says its total number of advisers is now at 1,338 and it sees the recruitment pipelines across the licenced and self-licenced business lines as strong, largely driven by the disruption caused by licensee consolidation.
In reporting its half year results to 31 December, 2023, the company says the 1,338 advisers is made up of 518 licenced advisers (net growth of seven over the half) and 206 self-licenced firms (net growth of 10 over the half) representing 820 advisers.
It says this performance is “…strong relative to peers with only three other licensees (with more than 100 authorised representatives), recording positive growth.”
…opportunities to recruit advisers will continue to materialise due to disruption in the market…
The firm also notes in its ASX announcement that opportunities to recruit advisers will continue to materialise due to disruption in the market.
It says that market conditions for advice remain strong “…with significant demand for advice services, strong equity markets and easing of regulation through a series of reforms arising from the Quality of Advice Review.”
The results announcement also highlights the acquisition of FAM which was completed on 1 December 2023.
The company says FAM is a Queensland-based financial planning group operating in eight locations, providing advice to over 1,550 household clients, with funds under advice in excess of $1 billion.
“The acquisition is strategically important, creating operating scale in the important higher margin salaried advice segment, with 15 advisers joining the Group creating a national presence of 19 advisers.”
Centrepoint CEO, John Shuttleworth says the business is at “…an incredibly exciting phase of its development.”
He says it has “…significant scale thanks to the trust placed in us by the 1,338 advisers we service. With the current dislocation in the market, we are seeing significant opportunity as advisers look for a licensee … to help them with the services they need to manage their business.”
He notes too the recent acquisition of FAM “…is an important step to build a larger profitable salaried advice business complementing our licensee services. The pending launch of the IconiQ Platform and iQ portfolios, launched in December, will further expand the services we can offer our community of advisers.”
