Advisers drifting towards big organisations
Nicola Smee, of the Ginger Group, said it had become noticeable that big firms were increasingly keen to sign up advisers as tied agents.
“They’re picking good brokers off one by one to be tied agents and offering them extra bonuses they’d normally pay [groups],” she said.
Smee said that was hard on groups that had invested time and money in helping those advice businesses to grow.
But AMP managing director Jack Regan said it was a natural progression for financial advisers to seek out the support of larger organisations. He said 80% of AMP's 604 advisers were part of the QAN. both QFE and non-QFE members. THe rest had significant distributor arrangements and operated with their own compliance and support services.
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