Fin Wiz to change BOLR arrangements
Dealer group Financial Wisdom is preparing to change its buyer of last resort arrangements.
The Commonwealth Bank-owned dealer, which has 383 planners around the country, will over the next few weeks introduce additional criteria to its process for buying out a licensee, according to general manager Paul Barrett.
“Most BOLR arrangements are based only on the revenue of practices,” Barrett said.
“Financial Wisdom is going to introduce a system that recognises the quality of a practice, its profitability as well as its revenue, and pay for it on that basis.”
Barrett said further details of a wider new service model for licensees would be revealed in the coming weeks.
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