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Dealer groups need to offer their financial planning practices ownership and strategic involvement, according to the head of Premium Wealth Management Chris Saunders.
“Just as most dealer groups encourage practice principals to offer equity in their individual practices to potential future partners and/or owners, they too need to offer a similar structure to their practices as an incentive to contribute, agree and support the long-term growth and business objectives of the dealership,” he said.
He said the global financial crisis had placed dealer groups under growing scrutiny by their practices, which were reassessing the value of the existing relationships.
“In order to remain viable and relevant, dealer groups must consider alternatives to their ownership model and their remuneration models with their advisers,” Saunders said.
