RetireInvest to track practice performance

Financial advisers attached to the ING-owned RetireInvest dealer group will be able to benchmark their practise against that of their colleagues, following the release of a new services which tracks the performance of planning business.

The move is part of a push to reinvigorate the RetireInvest network, now that arduous negotiations between the dealer group’s franchisees and management over a new contract have been completed.

All of the dealer group’s 89 remaining franchisees have signed the new contract, but not before almost 12 months of negotiations, which resulted in eight Victorian practices breaking away to form their own dealer group.

The new services, called the RetireInvest Dashboard, is an online tool that allows each franchise to measure its performance against a series of key indicators.

It also allows practices to compare themselves against others in the RetireInvest network.

The information will then be collated by the dealer group so that it can identify best practice processes across the network.

RetireInvest general manager George Haramis, who played a central role in negotiations with franchisees over the new contract, was unavailable for comment today.

But last month he told Money Management the dealer group would aim to introduce a range of new initiatives to help franchises improve their business, as well as to attract new franchisees and individual advisers to the group.

“The business went though a major period of change last year and we had to get the fundamentals right,” he said.

“Now we are getting on with the business of actually growing the business and I believe it has enormous potential.”