Increased regulation is forcing more advisers to give up their individual Australian financial services licences and move to non-institution dealer groups such as ClearView, according to its MD Simon Swanson.

“We are also seeing people from bank-owned institutions coming to talk to us because they want to be part of a smaller group,” he told insuranceNEWS.com.au.

“People like us because we are not an institution.”

ClearView’s latest recruits are life insurance writers Roy Agranat and Jon Pillemer, both of whom have left Centric Wealth, which was bought by Financial Index Wealth Accountants earlier this year.

Both were long-time Centric members. Mr Pillemer joined in 2002, while Mr Agranat served as head of risk.

Mr Swanson says advisers like more intimate dealer groups.

“People don’t want to be part of a conglomeration where they are just a number,” he said.

He says changes to regulations have forced some advisers to join dealer groups as their compliance costs spiral.

The forthcoming rule on tax adviser registration is one example.

“There will be a lot of work we will have to do to put in place the systems for our advisers to register in three years.

“Advisers are deciding against pursuing this on their own and coming to dealer groups.”