More planners for NSP Buck
NSP Buck’s personal financial services division hopes to double its planner numbers by December in an aggressive move on the retail financial planning market.
Managing director Ian Kent says the only way this target won't be met is if they can't recruit the numbers.
"Our demand at the moment is such that we're having trouble meeting it," he says.
At the moment the division has 30 staff, including 19 financial planners and offers both educational advice to superannuation clients of NSP Buck as well as what Kent describes as "complete financial management".
Kent says a foray into offering virtual banking services to clients is a "logical extension" of these services. Furthermore, the group is also looking to adopt a wrap service by the end of this month.
Current business volume is about $3 million and growing, something Kent attributes to the educational part of the business.
However, while he acknowledges that the group has a ready market to exploit due to the administration services offered by NSP Buck, he says that in the end it is the quality of the service that wins clients.
"We do have a natural introduction to clients through the educational services we provide fund members, but lots of other people also have that. However, it is true that we've already got a relationship with them, and it's always easier to extend that relationship rather than having to go out and initiate it," he says.
NSP Buck (then Allied Buck) began offering planning services three years ago in order to better meet the needs of superannuation fund members needing planning advice and education.
Recommended for you
As the industry navigates the fallout from recent product failures, two major AFSLs have detailed their APL selection process and relationship with research houses, warning a selection error could “destroy” a licensee.
The impending retirement of financial advisers in their 50s could see the profession face significant succession challenges over the coming decade and younger advisers may not be the answer.
With a third of AFSLs being solo advisers, how can they navigate key person risk and ensure they are still attractive propositions for buyers when it comes to their succession planning?
A quarter of advisers who commenced on the FAR within the last two years have already switched licensees or practices, adding validity to practice owners’ professional year (PY) concerns.
