Matrix plans cut in dealer group fees
|
|
Matrix Planning Solutions is planning to cut its dealer group fees, in some places by half, in a bid to boost the development of it planning practices.
The move comes on the back of strong results for the 2008-09 financial year, which saw a profit on par with Matrix's previous financial year result, and a dividend payout of 34 cents per share.
Managing director Rick Di Cristoforo said the aim of the move was to support Matrix's advisers by cutting dealer group fees, as well as attracting new practices to the dealer group.
“Partially the move is in support of our practices [that] have been with us and supporting us over the 10 years [of our operation], and partly because our position is to support our advisers and to help them … offer the best possible advice services they can provide to the client,” he said.
The dealer group fee will be changed according to practice income streams, with one stream to be slashed by half, Di Cristoforo said.
While Matrix already offered a competitive dealer group fee compared to other dealer groups, this would help it become even more competitive, Cristoforo said.
The move was not purely a result of its strong results, as the dealer group has consistently generated good results for some time, he added.
The fee reductions will come into force in July next year.
Recommended for you
High-net-worth advisers seeking to grow their businesses are likely to find alternatives to be a key part of the puzzle amid investor demand, according to Praemium’s head of private wealth.
The financial advice profession has lifted back above the 15,500 mark this week thanks to a double-digit net rise in adviser numbers, according to Wealth Data.
A closer watch on licensees that fall short on cyber security protections is among a dozen new enforcement priorities announced by the corporate regulator for 2025.
Research house Morningstar has welcomed a new director for manager research to cover Australian and New Zealand fund managers.
