Dealer groups on the hunt for financial planning practices
Up to 70 per cent of planners report approaches by a rival dealer group to switch licensees in the past 12 months, according to a Midwinter survey.
Although 67 per cent said they were not looking to switch licensees there were plenty of approaches being made. More than half said they had been approached twice or more in the past 12 months - and almost a quarter reported three or more approaches, the survey of more than 450 advisers from over 70 licensees found.
Less than a quarter of respondents said they were not comfortable with their dealer group's reaction to Future of Financial Advice reforms, while 70 per cent were comfortable with their group's response.
The most important dealer group qualities or services reported were: being easy to do business with; planner autonomy to run their own business; being able to adjust to change; compliance and support and the approved product list.
Planners rated credit and loan services, dealer group financing and buyer of last resort policies as relatively unimportant.
Planners identified technology and software support, technology and software offering and quality of statement of advice as areas of high importance but low satisfaction in terms of dealer group delivery. Two thirds of respondents wanted to be able to choose their own planning technology rather than their dealer groups mandating planning software, the survey found.
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