Axa Australia continues to expand its stable of financial planners through a program called Discovery, in which Axa buys client lists back from advisers it already licenses.

Discovery, established in June last year, is believed to be the first program of its kind in Australia. It has 155 practices that have nominated some client lists to be sold, and 77 advisers have joined Axa to take them up.

National Manager Michael Meysztowicz says the program is like “seeding”. He says 480 advisers are licensed under Axa Financial Planning and 420 in the charter licensed group.

Axa provides a package of services, but advisers are effectively running their own businesses. The package includes coaching, training, technical assistance, business support and compliance.

A pilot is under way in New Zealand, and a similar program will soon be established in the US. Between 50 and 80 US practices have already shown interest in the concept.