BT Select ramps up planning push
BT Select has signaled a further growth objective at the same time as announcing a strategy to better resource its member financial planning practices.
BT Select managing director Phil Butterworth has told Money Management the group is looking to build beyond its current level of 60 practices to 100 practices by 2015.
However he said the group's greater emphasis would be on providing improved resourcing and support for existing practices by, as necessary, embedding BT Direct personnel with high-level expertise in the back offices of aligned practices.
Butterworth said the company's research suggested that too often the ability of practices to implement change had been over-estimated by those who failed to understand just how tight resourcing really was, and this was something that could be addressed by the new strategy approach.
"There needs to be a recognition that bad implementation can give rise to bad habits," he said.
"BT was very good at implementing the changes with respect to the Future of Financial Advice requirements — and we want to deliver that expertise down to the practice level by having our people sit in the back offices to provide help," he said.
Butterworth said these embedded personnel would have particular expertise and might stay with practices for anything from two days to a number of weeks to deliver on outcomes.
He said BT Direct had recruited a number of personnel to be part of the delivery of the strategy and that these people would, in turn, be supported by BT's other specialist teams.
"Given the number of practices we are looking to support, we believe we have an appropriate ratio with respect to these support staff," Butterworth said
He said the strategy was all about helping the group deliver on implementation.
AUTHOR
Mike Taylor
Recommended for you
AZ NGA has entered into a strategic partnership with national advice firm MiQ Private Wealth, as a way to provide a succession solution, as well as career development opportunities for staff.
While the advice profession struggles under growing operating costs, Adviser Ratings has found more than half of practices – some 58 per cent – that generate less than $250,000 in revenue report no profit at all.
The Federal Court has ordered the freezing of assets and the appointment of receivers to two entities linked to Australian Fiduciaries, ASIC’s latest move in an ongoing investigation into the company’s managed investment schemes.
Off the back of the August adviser exam results, the profession has seen 17 new entrants hit the Financial Adviser Register (FAR) this week, helping numbers return to positive territory.
