The competition between licensees to attract good financial advisers amid continuing the continuing adviser exits is heating up with Centrepoint Alliance announcing a new fee structure aimed at attracting those who choose to work part-time.
Flagging the move as breaking new ground, Centrepoint group executive advice, Paul Cullen, pointed to recent Roy Morgan research showing part-time work is a growing trend notwithstanding the fact that financial advice has not traditionally been viewed as a part-time profession.
He said financial advice was no different to any other occupation and that advisers should be entitled to be supported by their licensee if they required flexible work arrangement to balance work and family commitments.
Cullen said he had noted increased demand for part-time opportunities within the advice sector in recent years, particularly with respect to working parents and those with carer responsibilities.
The new Centrepoint fee model is available to financial advice firms with more than one authorised representative with variable costs including governance and research queries along with technical and compliance support being pro-rated according to the number of days worked.
As well, the planning group is offering advisers taking maternity or paternity leave the ability to suspend fees for up to 12 months or pay a reduced fee if they wish to retain access to masterclasses and webinars and to complete their continuing professional development requirements.
Comments
Most advisers will be working part-time soon, as they will be losing several month a year in study time, simply to pass their 8 university units. Tough luck if their clients want to see them.
I'll second THAT! Especially for risk-only planners - the 8 unit degree is completely inappropriate, in the extreme, for a simple riskie and THIS is is what is pushing good experienced risk advisers OUT! I'm 60, love looking after my clients but after 36 years in the industry I certainly will NOT be doing this ludicrous exam/degree of 8 units. I'll exit 5 -10 years earlier than I had planned. Where on earth is the separate qualification for riskies? - it is a totally different discipline to financial planning - just ridiculous and unfair!
ASIC should also have reduced fees for advisers working less than 20 hours a week. Experienced planners need to be retained.
That's a really good point Birmie!! The ASIC Supervisory Levy should be pro-rated accordingly for part timers.
With all the as*holes in ASIC, I think if one of them take a break, they should be prolapsed!
Bravo Centrepoint! As a part-time Financial Planner (4 days per week) I applaud your efforts to be more inclusive of the realities of work and life.
I'm a parent to young children, studying my Masters and 4 days per week means that I actually have time to see my children and get study done (although it is still very hectic). My work and home life would be significantly more strained if I was working a full 5 days.
More licensees should follow suit, and I agree with Birmie that ASIC fees should be reduced as well.
This sort of change will also lead to more women getting into the advice world (or not stepping out of the advice world), which we desperately need.
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