AFS Group developing discretionary income bands for clients
AFS Group is developing a new form of segmentation for its clients based on discretionary income.
The financial services group is encouraging its clients to set up a cash flow management account to better control their finances and, ultimately, increase discretionary income. The program is currently being piloted in Victoria with approximately six financial planning practices, and the company plans to roll out the initiative across the whole AFS Group in the near future.
AFS chief executive Peter Daly said if the group could figure out the amount of income clients have, it could influence and increase the building of their nest eggs.
Putting financial discipline in place for clients will help them achieve financial independence faster, Daly said.
AFS is also developing a two-pronged program to build client numbers.
It is encouraging its financial advisers to look for a niche market to develop among its clients, or to develop “centres of influence” by building relationships with practices such as accounting or legal practices. The program will be launched in July.
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