Recent movements in financial planning practices continue to show a mix of both ongoing consolidation and strategic repositioning:
On a practice level, despite AMP's impending deal to sell 70% of its advice arm to Entireti - which still remains the main talking point around the profession - AMP Advice announced the addition of Victorian practice Stantins Financial Services to its network, a practice focused on offering multi-disciplinary advisory services to small to medium businesses, multi-generational companies, start-ups and scale-ups.
Pride Advice announced the acquired two Adelaide-based firms, Flexible Lifestyle Solutions and Serious Money. This expands their adviser count from 4 to 11, with supporting staff now at 30. Pride Advice CEO Brett Schatto cites the scarcity of advisers and increased demand from clients of Pride for advice as key drivers for this expansion.
Lastly, Sherlock Wealth announced that it has transitioned to self-licensing after 20 years with Matrix Planning Solutions (Centrepoint Alliance). This reflects the ongoing trend of established firms opting for increased autonomy as we head towards the implementation of the Delivering Better Financial Advice legislative package.
These practice movements continue to demonstrate the evolving and varied response practices are changing to regulatory pressures, increased costs, and changing client needs. We can expect further reshaping of the advice landscape in the coming years as firms adapt to these challenges.
