Promina package not for everyone
Promina-owned dealer groups Cameron Walshe and Guardian Financial Planning are bracing themselves for possible adviser departures after the introduction of a new terms of agreement package to their 160-plus advisers.
“We’ll probably lose some advisers as a result of the package, but that’s because it’s aimed at looking after the right kind of advisers,” Guardian Financial Planning head Paul Forbes said.
He said the new agreement would provide a more attractive package to advisers who stayed with the group and help attract new advisers.
The package includes new revenue splits and a capped fee structure, which has been kept confidential. The deal spans both the Guardian and Cameron Walshe networks that both operate under the Asteron-owned Guardian licence.
According to Forbes, the new agreements are also designed to provide higher levels of support to advisers within the context of Financial Services Reform (FSR).
Forbes said the enhanced service features of the package reflect the “growing reliance by advisers on their advice network to provide them with compliance support”.
These features include day-to-day assistance in running adviser businesses, ongoing professional development, and include specialised training courses, professional indemnity, and subsidised paraplanning.
Forbes said although the package was intended to grow adviser numbers, Guardian would not forsake quality for growth.
“We have no intention of pursuing size for size’s sake or trying to be all things to all people,” Forbes said.
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