JMI: Advice businesses riding wave
JMI Wealth head of advice Jason Watson says low interest rates are providing a boost to the financial advice sector, and driving business growth.
Wednesday, November 27th 2019, 9:44PM
This year JMI has added Lynette Ball, Shameema Shameem and Sue Richards to its advice team.
Watson said it was interested in expanding further for the right people.
He said there would be more opportunities for firms as the financial advice provider licensing process began.
Some advisers would want to merge with bigger organisations to help with their compliance obligations under the new regime, he said, and others would look to sell their books for the same reason.
He said there was also movement of advisers out of banks because of changes happening within them that made their wealth teams reassess whether they wanted to continue within the organisations.
That had led to a number of advice businesses adding former bank advisers to their staff, he said.
There were not so many young people joining the industry, though JMI has added some as associates who will become advisers over time.
“It’s mainly people moving from one organisation to another.”
But he said the low-interest rates on offer from banks were a boost for the sector.
“A lot of people are wanting to talk about what are the alternatives to produce income. That demand means more clients needing advisers and more support people as well.”
That has been a trend for the past 12 to 24 months, he said.
“Most businesses are going strong. There’s definitely demand for more staff.”
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