Securitor to boost planner pay
By Zoe Fielding
Securitor will introduce several initiatives as part of its ongoing Tropicana project and overhaul its pricing methods, including introducing a system to reward planners based on their overall contribution to the group’s performance.
Head of advice business solutions Sean West said Securitor will introduce the new pricing in the second half of 2006, which would comply with the Financial Planning Association’s (FPA) Principles on Conflicts of Interest well before the deadline for their implementation on July 1 next year.
Speaking last week at the dealer group’s annual convention in Perth, West explained that under the new model, advisers would be charged a flat fee per planner and a revenue split that would be capped on total turnover. The pricing of services has also been unbundled.
He said another initiative as part of the new pricing would include what he describes as a “quasi equity” arrangement called ‘contribution to Securitor’ or CTS, in which practices would be rewarded based on their contribution to the overall performance of the group.
The scheme is similar to a program introduced last year by dealer group Count Wealth Accountants, called ‘contributions to Count’ or CTCs.
West also said the St GeorgeBank-owned dealer group would introduce updated customer relationship management, portfolio management and workflow systems, and provide connectivity between its Advisernet software and Assirt software.
West said other areas of continued focus for the group would be offering clients insurance and debt products, to be delivered through the Asgard platforms.
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
