Advice force changes: Hunters out, farmers in
Mike Moore specialises in helping financial advice firms sell their books of business. He said, when he first started his firm, most clients were independent advisers who had begun on their own and developed their businesses, then wanted to sell.
But as the years had gone on, there had been a shift to more mergers and acquisitions rather than outright sales, he said.
Some independent advisers looked at the increasing regulatory and compliance requirements and deciding that going it alone was uneconomic, he said. Many were personality-driven salespeople who thought processes and procedures were "a bit of a pain", he said.
Bigger firms could end up with a mix of apprentices, people who could go through the advice process without the "hunting skills" of traditional advisers, advisers who could farm and a couple who could hunt.
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