Financial adviser match-making service launched
Financial advice and licensee match-making service My Dealer Group launched in Brisbane today, with a view to marrying advice practices and licensee groups.
The match-making service launched by Pinnacle Practice director Anne Fuchs aims to deliver independent, unbiased licensee/adviser compatibility assessments and facilitate these new partnerships.
Fuchs believes financial advisers need a way to test compatibility and assess a partnership's chance of long-term success in an environment where advisers are "spoilt for choice".
Licensees who seek to partner with a financial adviser group can pay a fee for the My Dealer Group service which involves determining the company's value proposition and promoting their offering to suitable advisers.
"We believe that what doesn't suit one adviser will suit another, so we are confident we can help make the right matches," Fuchs said.
The compatibility of financial advisers and licensee groups is assessed through a confidential 'fact-find' which ranks priorities such as commercial terms, culture, systems and processes, and lead generation.
"The fact-find also gathers information around where the financial adviser's revenue comes from, what kind of business they specialise in, the markets they are targeting, the product manufacturers they use to implement their advice, and so on," Fuchs said.
As regulatory requirements force more businesses to seek external sources for expensive services and resources, My Dealer Group says it provides a service for financial advisers and licensees wanting to make an informed decision about the partnerships they enter into.
"What we ultimately deliver to licensees are qualified leads for their business development managers, or, if they prefer, actual introductions to advisers - just like a dating agency," Fuchs said.
AUTHOR
Staff Writer
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
