Boutique branches out with dealer services model
Melbourne based financial planning practice Rising Tide Financial Services has extended its offering to small planning groups with a range of dealer services, including business mentoring and a serviced office.
Rising Tide managing director Chris Browne said his business would offer a range of services - including a financial planning license under its corporate authorised representative status with Apogee Financial Planning
Browne stated the provision of the business services offering, dubbed Club RT, was not primarily aimed at recruiting more planners but Rising Tide would consider adding those who fit the culture and are already competent advisers, but are looking to take their career to the next level.
"We are happy to attract new advisers but we don't want to put our own brand at risk and we cannot afford to get the wrong people. However this is not a distribution play but a training, mentoring and business development offering that we are making available," Browne said.
Browne said this direction was emphasised in the Club RT offering which would allow planners using the service to retain full ownership of their client lists and not be subject to any revenue splits.
He also stated Club RT would offer a range of education and training components designed to support small planning groups and self-employed planners.
"There are too many barriers to being a self-employed planner and one of these is accessing a training channel that falls outside the banks or institutional owned planning academies while the other is accessing business mentoring that suits the small or self-employed adviser at an affordable price," Browne said.
Planners accessing Club RT services will pay $1500 per month which Browne said would provide access to financial planning and fee reconciliation software, online education and professional development training, compliance coaching and a serviced office, as well as assistance in sourcing professional indemnity insurance and funds for acquisitions.
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