Earlier this week, Suncorp confirmed it will begin a six-month transition to “simplify” its distribution model and walk away from managing its Guardian and Suncorp Financial Planning dealer groups – a decision that will affect 170 advisers across both dealer groups.
As previously reported by ifa, Suncorp has turned to the non-aligned sector in order to try and help relocate advisers wanting to join another licensee.
Along with Infocus Wealth Management, Centrepoint Alliance and risk specialist dealer group Bombora have partnered with Suncorp in order to provide an easy transition for the bank’s displaced advisers.
Speaking to ifa, managing director of Bombora, Wayne Handley said being contacted by Suncorp to assist with providing insurance specialist advisers a new dealer group to join was a “big compliment”.
“Together with two other parties – which are the Infocus group and Centrepoint Alliance – we were invited to be part of a number of offers that they put to their network when they made their decision,” Mr Handley said.
“I think Suncorp has thought carefully about whom they selected [to work with] and we certainly fit the mould of a group for those that specialise and have a clear focus on risk.
“There is no real partnership, we have just been invited to make ourselves available to hold a conversation with those that are interested,” he said.
It is understood that some other non-aligned dealer groups across the sector are happy for Suncorp-aligned advisers to join their network, pending stringent compliance checks.
Dover adviser relations manager Peter Thompson told ifa that the non-aligned group would be happy to open its doors to Suncorp advisers.
“We are in a space where we are still growing, we are keen to take on aspirant advisers and advisers who have their clients’ best interests at heart as we only focus on compliance and we are not swayed by product or volume rebates,” he said.
Centrpoint Alliance was contacted for comment but did not respond by deadline.
