Advisers from three large bank-aligned institutions have jumped ship to growing non-aligned licensee Dover Financial Advisers, with the dealer group increasing its planner numbers by 57 per cent in the past 12 months.
The groups of planners from CBA-aligned Financial Wisdom, Suncorp–aligned Guardian and from NAB have help Dover swell its adviser ranks from 151 advisers in 2014 to 237 in 2015 according to Dover.
Dover adviser relations manager Peter Thompson told ifa the institutional advisers joined the licensee to break away from the poor compliance and sales-driven culture of the institutions.
"I think they like the idea that we also don't have an interest in product," Mr Thompson said.
"It is also, [I think], that the dealer group doesn't retain any volume rebates, volume bonuses or have any special conflicted deals with wraps or insurers.
"We allow [advisers] freedom of choice that is within our licensing conditions," he said.
Mr Thompson added that Dover has plans to continue growing its adviser base, with the licensee setting a goal of 250 advisers by the end of 2015.
"Last year, we said let's try and aim for 180 advisers by the end of the year, and I think we got there," he said.
"This year, we said let's try and aim for 250 advisers by the end of the year and it looks like we are on track for that again.
"We are sort of working on those bite-sized goals at the moment and making sure that we are keeping a proper handle on the quality of advisers and doing the proper due diligence [before we bring them into the network]," Mr Thompson said.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 18 Sep 2018Peter Kell resigns as deputy chair of ASICBy Eliot Hastie
- 18 Sep 2018Two former Macquarie advisers given 10-year banBy Adrian Flores
- 18 Sep 2018McMaster slams ASIC: ‘They knew about our CPP in 2016’By James Mitchell
- 17 Sep 2018ASIC wants a confession from McMasterBy James Mitchell
- 17 Sep 2018ASIC takes Dover director to courtBy James Mitchell
- 17 Sep 2018ASIC gives permanent ban to unlicensed adviserBy Adrian Flores
- view all