Insignia loses more advisers in latest quarter

On Tuesday, 26 April Insignia Financial, formerly IOOF, reported 1,682 planners in its network as at 31 March 2022; a reduction of 83 advisers.

Insignia said the drop was “primarily through the loss of smaller practices in the self-employed channel” which also fell by 28 to 452 at the end of March.

Insignia added that it expects adviser numbers to stabilise from 1 July.

“The next phase of our advice simplification strategy will see us bringing two of our employed advice businesses together, combining the strengths of both businesses and unifying them under one brand and culture,” Insignia CEO Renato Mota said.

“This is a key step in our transformation to ensure we have a sustainable and accessible advice business into the future.”

The company added that the new operating model will “reflect the removal of previous subsidies” and is predicted to result in the reduction of approximately 30 adviser roles, with no expected impact on revenue.

Meanwhile, Insignia reported total funds under administration (FUA) of $220.3 billion; a $6.7 billion reduction on the last quarter on the back of “unfavourable market movements of $5.7 billion.

Funds under management (FUM) also fell slightly by 1.9 per cent on the last quarter to $96.9 billion.

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.