A number of insurance-focused dealer groups have been successful in picking up authorised reps of Macquarie’s soon-to-be-defunct Risk Advice Specialists (RAS) licensee.
Following Macquarie’s decision to shut down the dealer group - a decision one authorised rep described as "disappointing" - a number of its advisers have completed negotiations with new licensees while others remain in discussions.
Former RAS adviser and chief executive of Rate Detective, Damon Rasheed, told Risk Adviser he had joined TAL-aligned Affinia Financial Advisers, following discussions with a number of groups but having officially joined his new licensee on 27 March.
“I canvassed various dealer groups and Affinia seemed like the best fit,” Mr Rasheed said. “I know the guys at Affinia pretty well, so it was a combination of them reaching out and also I approached them as well.”
Listing Suncorp-owned Guardian FP as one dealer group he considered, Mr Rasheed said Affinia was the most amenable to Rate Detective’s phone-based client servicing model.
Meanwhile, fellow former RAS authorised rep Jordan Vaka of Tangram Financial has joined non-aligned risk specialist group Synchron.
“I’m not too clear on where a lot of the [other authorised representatives] are going … but I am heading to Synchron [and] I am happy with that,” Mr Vaka said.
The remaining authorised representatives have told Risk Adviser they are currently still in the process of locking in a new licensee, with some currently finalising terms.
Macquarie confirmed its decision to close the RAS business in March, following a “careful review of the market opportunity”.