Wealth manager Ord Minnett has implemented an upgraded training program to encourage new and existing financial planners and stockbrokers to coalesce into teams of ‘client advisers’.
The first three teams of client advisers, each comprising a random mix of new and existing planners and brokers, were officially formed under the upgraded training program in the Melbourne office on July 1.
Its recent launch coincides with the departure last month of three senior long-serving Ord Minnett financial planners — John Short, Carol Hay and Vince Novelli.
The trio, whose replacements at Ord Minnett have yet to be announced, were poached by Sydney stockbroker Austock to form the foundation planners for a new financial planning division it has created.
Ord Minnett’s program’ is initially aimed at encouraging the 44 planners and brokers in the Melbourne office into teams that will be serviced by a central paraplanning desk.
Covering all aspects of team formation, including advice on commission splits, the pilot program will thereafter be implemented at Ord Minnett’s offices around the country.
There are currently 12 newly recruited client advisers undergoing the upgraded 12 month training program and another one is due to begin in August, also for 12 client advisers.
The pilot program is being complemented by a recruitment program that has seen around 10 client advisers join the firm’s Melbourne office since January 2008.
Ord Minnett Victoria branch manager Neale Wright said the training program upgrade has been driven by a “growing demand by our increasingly strategically-thinking stockbroking clients for holistic wealth management advice”.
“Accordingly, we envisage all our client advisers being trained to provide this holistic advice to their clients, and that is obviously where we are positioning our firm.
“It’s a team-based approach, where — as the most basic combination — you will have a planner looking after structure and strategy on behalf of a client and a broker looking after companies and markets.
“However, client advisers can team up into a number of combinations of planners and brokers to provide that advice solution to clients, which in the main we believe one person cannot do,” he said.
