Another well-known financial adviser, formerly licensed by Professional Investment Services (PIS), has become self-licensed, saying she expects more advisers within the industry to follow in her footsteps.
JBS Financial Strategists' founder and chief executive, Jenny Brown, said she decided to get her own AFSL because it was the next “logical step” for her business.
“We felt we needed to go our own way. We saw it as having our own flexibility for the future and being in control of our own destiny,” she said.
“We don't have to worry about what other advisers within the licensee are doing. We can just have everything in-house.”
Ms Brown’s move follows that of another well-known adviser, Caboodle Financial Services co-founder Peita Diamantidis, who gained her own AFSL last month, having formerly been licensed by Suncorp’s now-defunct Guardian Advice.
Many changes within the industry will lead more advisers to continue down the self-licensed path, she said.
“If you look at the last 6 to 12 months, there have been a lot of advisers who have gone out and got their own licences,” she said.
“There seems to be a lot of changes: for example, with Guardian closing down at the end of May and quite a number of businesses like Caboodle acquiring their own AFSLs.
“So I think it’s going to be a trend we will see more often,” she said.
However, Ms Brown suggests advisers who are considering making the move to having their own AFSL should “absolutely plan it”.
“We went into it with our eyes wide open and were able to really use our networks and ask a lot of people a lot of questions,” she said.
“Fellow advisers are happy to help with providing feedback and suggestions.”
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