Australian Unity reports drop in adviser numbers

According to its annual report, released yesterday, Australian Unity’s financial advice revenue grew by 4.8 per cent to $53.2 million during the year to 30 June 2016.

The number of financial advisers in its network dropped slightly from 183 in 2015 to 176 in 2016 due to some practices leaving the Premium Wealth Management dealer group, which Australian Unity acquired in 2015.

The company said this was an “anticipated attrition”, and has been offset with the recruitment of 10 new practices this year.

There are also plans in the coming year to “more rapidly expand the employed adviser and broker business as well as maintain steady growth in the network of self-employed advisers and accountants”, the report said.

“The adviser recruitment pipeline is encouraging and adviser numbers are expected to grow in the 2017 financial year,” the report said.

Meanwhile, the number of accountants commercially associated with Australian Unity’s advice business has reached 354, thanks in part to the removal of the accountants’ SMSF advice exemption.

The business was able to position itself “effectively” in relation to the legislation changes that now require accountants who provide SMSF advice to hold an AFSL, become an authorised representative or work with a licensed or authorised adviser.

“Australian Unity’s ability to offer such support resulted in the induction of 79 accountants during the year,” the report said.