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
Multiple industry organisations have shared their thoughts on AFCA’s proposed rules amendment, supporting the idea of firms being named publicly when they fail to comply with determinations.
Channel Capital has appointed a head of investment oversight who joins from 14 years at asset consulting firm JANA Investment Advisers.
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
