Russell program to help advisers through FOFA
Russell Investments has launched Russell Practice Management (RPM), which aims to help Australian advisers enhance their advice model and increase practice revenue.
The program provides tailored front and back-office support in the areas of business management, operations, human resources and client servicing, covering topics such as client engagement, fees and pricing, client value propositions, leadership, change management and business structuring, Russell stated.
The company has also appointed John Nolan as practice development manager, intermediaries, to help roll out the new service locally.
Nolan’s 18 years of financial services experience includes roles as head of advice capability at ipac Securities and senior positions with AMP Financial Planning and Asgard Wealth Solutions.
“As the FOFA reforms are implemented, it's more important than ever for advisers to future-proof their businesses to ensure they evolve and grow, rather than simply survive the raft of changes approaching,” said Russell’s managing director for retail investment services, Patricia Curtin (pictured).
The program will help advisers articulate the value they bring to clients as they move away from portfolio construction to focus on quality advice while ensuring the potential impacts of FOFA are factored in to pricing models, Russell stated.
The program has already been used in North America and the United Kingdom, and advisers who complete the 12 month program have seen revenues rise by 30 to 100 per cent over three years, Russell stated.
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