Non-institutional dealer group MyPlanner Australia has added five new representatives, bringing its total rep number to 130.
Speaking to ifa, MyPlanner's managing director, Philippa Sheehan, said the group is also processing 10 new applications and 86 per cent of these are from advisers looking to leave institutional licences.
"The main reasons for leaving have been the pressure to write institutional product due to vertical integration of the industry," Ms Sheehan said.
"Client engagement is key to financial planner success. If we look back at when we were at school, teachers told us how to solve a problem in their way and we just copied.
"These days, teaching is all about showing students the multiple strategies to solve a problem, and they use the strategy they understand".
Ms Sheehan said MyPlanner is focusing on two main areas: technology and client engagement.
"As this generation begins to seek financial advice, we too have to change how we provide financial planning. We need to engage with clients on a different level. Show them their options, engage them in both the strategy and investment piece," she said.
Ms Sheehan spoke after launching a new IMA with Implemented Portfolios and Netwealth last week.
"We encourage those planners who are disheartened in the industry because of vertical integration, product pushing, compliance, administration, systems, and the like to try and look outside what they are doing. There are better ways of doing things. There are groups who care about the challenges you are facing. Find partners that support what you do," she said.
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