Macquarie Group, a Sydney-based global investment banking company, has decided to close its wholly-owned financial planning subsidiary Risk Advice Specialists (RAS).
A spokesperson said: "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.
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"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."
RAS authorised representative Jordan Vaka of Tangram Financial Services told Independent Financial Adviser: "The decision seems to have been made very suddenly, but it wasn’t entirely surprising.
"They hadn’t achieved the scale I think a dealer group needs to in this day and age, so I don’t think it got the number of advisers it needed."
Risk Advice Specialists, which was launched in 2012 with six advisers recruited from Patronus Risk Specialists, the unit focused on life, trauma and disablement cover and estate planning advice.
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