Challenger annuity sales by independent advisers are up by 26% as the financial services company invests in reaching more advisers and broadening its distribution channels to counter a weak financial advice market.

CEO Richard Howes says domestic sales by the major advice hubs are down 16% over the year, due to significant disruption among its major distribution partners. More than 3000 advisers have left the industry since the end of last year – 12% of the total adviser market.

Challenger has also placed its annuities on the major super and investment platforms BT Panorama, Hub24 and Netwealth.

“This has been particularly important as advisers move around within the industry, away from the key advice hubs to independent advice groups,” Mr Howes said. “Our strategy to establish relationships with a range of platforms has allowed our products to reach a broader range of advisers.

“We have focused on supporting and nurturing groups of advisers that have been less impacted by disruption and on making it easier for advisers to write annuities.”