BT Financial Group will be looking for life insurance advisers for its new business unit to be headed up by former DKN dealer group CEO Phil Butterworth.

The new business unit will incorporate BT’s Magnitude dealer group of aligned advisers.

BT GM Advice Mark Spiers told insuranceNEWS.com.au life insurance would be playing an important role in the new business.

“We believe every planner has a duty to identify and fulfil the life insurance needs of clients,” he said. “That can be done either by the planner developing and fulfilling the life insurance strategies or by an associate of the planner who specialises in this protection.

“We certainly have a need for the latter and will seek to grow this specialist category of adviser.”

Mr Butterworth was at DKN for eight years until IOOF acquired the dealer group last month.

Also joining the management team of the new unnamed BT business is Mario Modica, Kon Costas and Andrew Rutter.

Mr Modica was previously CEO of Lonsdale Financial Group. Mr Costas has also joined from Lonsdale, while Mr Rutter was ED for Distribution at DKN. Lonsdale was acquired by DKN in 2007.

Mr Spiers says the uncertainty due to the current government legislation is driving many advisers to reconsider their future.

“Advisers who want highly successful and sustainable businesses are now looking at who they should partner with for the next decade and beyond,” he said. 

The new business will start operating in February when Mr Costas and Mr Rutter join BT. Mr Butterworth will join the company in March and Mr Modica in May.