BDMs strategically placed to drive planning firm 'accountability'
|
Dealer groups can play a key role in ensuring better practice in governance and accountability of member firms though their BDMs, according to Graham Peatey, managing director of practice management services provider Encore group.
Peatey said that BDMs were strategically placed to play this role on behalf of their dealer groups through their representation on the boards of advice of member firms.
“Boards of advice are not just relationship meetings, but rather about driving change to ensure governance and accountability levels in member firms, and to ensure the firm’s business plan is being implemented and on track.”
The role of the BDM as the representative of a dealer group on a board of advice is about making the adviser as the owner accountable for that change.
Speaking at a recent AFA conference, Peatey said that this is “one example of where dealer groups can actively invest in their practices to raise the accountability bar, especially in the looming era of greater regulation in the area of the value of advice and fee transitioning.
“It will take some skills on the part of the BDMs, however, and I think therefore that education will be the key to getting the best out of them in the transition process.’
Recommended for you
With Fortnum Private Wealth and Professional Financial Services now unified under the Entireti umbrella company, CEO Neil Younger has detailed to Money Management the firm’s new direction and future expansion.
The FAAA has suggested looking offshore for overseas financial advisers to ease the adviser shortage, but are employers willing to take on the burden of workplace visas?
There may be a huge influx of alternatives coming to the market, but timing and access difficulties mean advisers can easily end up disappointed with their selection, according to Morningstar global CIO Dan Kemp.
An NSW individual has pleaded guilty to one criminal charge of providing unlicensed financial services after promoting crypto investments at national seminars.