Macquarie-owned licensee Risk Advice Specialists will be closed, with advisers now scrambling to find a new dealer group.
A Macquarie spokesperson has confirmed to Risk Adviser that the company has made the decision to close the dealer group after setting up the business in December 2011.
"Following a careful review of the market opportunity, a decision was made to close the Risk Advice Specialists offering and assist the small number of advisers to transition to another licensee," the spokesperson said.
"This does not impact any other Macquarie businesses and is not a core offering for Macquarie’s retail operations. Macquarie continues to offer life insurance to clients through our financial advice business and life insurance business."
More to come.