Inscorp develops new initiative
Dealer groupInscorp has taken a hands on approach to delivering a practice management solution to its adviser base, introducing an independently devised and developed resource kit.
Called Practice Dynamics, the kit is a consultative tool designed by Inscorp general manager Peter Driscoll, along with the group’s practice managers and compliance manager.
It will be made available to the 52 proper authority holders from Inscorp’s broker dealership, who can choose to implement the resource with assistance from one of the group’s four practice managers.
“Practice management is the big issue. Our experience is that it is only really the top two per cent of advisers who are growing their practices and taking on board practice development technology, so our issue is what do we do for the other 98 per cent,” Driscoll says.
He says part of the problem with many advisers is the difficulty of engaging them in the practice management process, because financial planners have, by nature, been independent and self-sufficient.
But according to Driscoll, the Practice Dynamics tool creates a structure to the practice management process and takes out what some advisers view as the complexity of practice management.
“The way we are going on this is to take a holistic view of the broad categories and issues that the adviser may deal with and break these down into areas such as client services, people managing issues and technology, as well as financial management, equity structure and succession planning,” he says.
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