Dealer groups touting for departing bank planners

Mid-sized financial planning dealer group, Infocus has been actively canvassing to attract bank-employed financial planners under its masthead.

Infocus general manager of partnerships and distribution, Richard Herbst, has used an article published on social media to directly address bank-employed financial planners who describes as being in the “Advice departure lounge”.

In doing so, he has suggested that Infocus has space available in its Sydney, Melbourne and Sunshine Coast offices to accommodate planners who want to start their own advice businesses within a dealer group.

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In doing so, Herbst has cited the experience of a number of ex-Westpac planners who had taken the decision to become self-employed by starting their own advice businesses and who had taken their loyal clients with them.

“Unfortunately for some, the future of the other Big Four advice business is not so clear, with some financial planners being made redundant, others still employed (but for how long), client service agreements being terminated, fees switched off and a lot of angst and uncertainty,” Herbst wrote.

He said financial planners were facing difficult decisions noting that he had spoken to a number of bank-employed financial planners in recent months.

“For those looking to start their own business, one of, if not the biggest decision is the choice of a Dealer Group,” he wrote. “Many bank-employed financial planners have not been exposed to the world of Dealer Groups and have found it difficult to know where to start and what to look for in a Dealer Group.

“My advice is to choose slowly and choose wisely. If something looks very cheap compared to others, do your research to ensure they have the appropriate resources, compliance framework, support services and are going to be sustainable in the future.”




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