AIOFP votes on member restructure
Ina strategy aimed at beefing up its market presence, the Association of Independently Owned Financial Planners (AIOFP) will seek to change parts of its membership structure, including more than doubling some fees and implementing profit sharing arrangements.
The changes relate to the association’s Australian Financial and Career Consortium (AFCC) division, which refers companies looking to provide financial planning advice to their employees on to AIOFP member dealer groups.
Members of AIOFP, a network of 25 independently-owned dealer groups, will debate the changes at the association’s conference in Bali, next month.
AIOFP chief executive officer Peter Johnston says that if endorsed, the AFCC’s membership structure would change from the existing categories of ‘member’ and ‘associate member’ to ‘commercial member’ and ‘general member’.
Under existing arrangements, all members pay $400 a month. Under the new proposals commercial members will pay $1,000 a month, while general members will have their fees reduced to $140 a month.
However, commercial members will gain substantial additional benefits, including client leads through the AFCC and inclusion in profit-sharing arrangements.
Johnston says he expects most members would opt for inclusion in the commercial category.
He says that as part of their participation as commercial members, organisations would be expected to promote the Personal Choice Master Plan, launched by the AIOFP in conjunction with IOOF Funds Management last year.
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
