Following the announcement of a proposed Advice Services Co at the beginning of the quarter, Insignia Financial has provided further details about this new model for its self-employed licensees.
Insignia is fast becoming the licensee to feel the biggest brunt of adviser departures, losing 24 this week and over 100 in the past calendar year, which is three times that of rival AMP, according to Wealth Data.
Insignia is to launch a partnership ownership model for self-employed licensees within months, known as Advice Services Co, as it seeks to become Australia’s largest adviser-owned licensee group.
The wealth group will consolidate its self-employed licensees under one brand, to be owned by the advisers via a new equity model. It has also confirmed it will divest most of its holding in Godfrey Pembroke and is looking to sell Millennium3.