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Adviser remuneration was a clear thematic this year, with the top two stories focusing on salary levels. Practice management and regulation, once again, played prominent roles in the news cycle, as did the profile of one very interesting young adviser.
The proprietary technology provider will use a capital injection from an existing investor to take advantage of regulatory tailwinds set to push the wealth management industry forward. Staying profitable in the interim will be key.
The problems afflicting Australia’s life insurance advice industry run deep, with pundits estimating there are now less than 1,000 pure risk advisers left in the country. That consumers are turning to other sources of information should come as no surprise.
Advisers won the case against a well-armed opponent and can move on with more financial parity, while AMP’s shareholders and executives can put a long-overdue cap on the damage caused by this at-times acrimonious dispute.
Advisers still place a lot of emphasis on historical performance and fees when they sum up the value of a fund manager, but it’s the thinking behind their investment process that really matters.
Despite a unique value proposition and some notable backers, wealth admin platform OpenInvest finds itself once again looking for capital. “We’ve had mixed results,” says founder Andrew Varlamos.
The Australian Shareholders’ Association and the Australian Investors Association have agreed to amalgamate in the new year, seeking to grow their membership and influence as a unified leader in advocacy and education.
While one listed group reported $236K revenue per adviser, another said its advisers brought in $600K each. But the extraordinary delta is more a function of business models than adviser performance, however.
A confluence of factors has seen the life insurance industry lose significant ground across the globe, according to the French multinational. The Australian industry’s own problems are unique, but the broader trend is the same. So is the solution, pundits reckon.
Even when thousands more advisers left the industry in 2022, bringing the cohort down from 28,000 in 2018 to a total of around 17,000, there was still no shortage according to the government’s own skills commission.
AMP’s executive spine has done a remarkable job of arresting the company’s decline, but its refusal to accept the court’s decision that it shortchanged advisers on BOLR deals is an egregious misstep that could put its trust account with those advisers back in the red.
The purchase comes after a turbulent couple of years for Diverger, which was formerly a collection of dealer groups under the Easton Investments banner.