RetireInvest offers better deal to financial planners
ING-owned RetireInvest has created a more equitable dealer split model for its advisers by abandoning its incremental revenue sharing structure in place of an arrangement that allows planners to receive a flat percentage for the income they generate.
The move is part of the group’s new franchise and commercial arrangement package scheduled to be issued to advisers at the end of the month after final sign-off from the group’s planner representation arm, the Proprietors Advisory Council (PAC).
According to RetireInvest general manager George Haramis, the group has restructured its revenue sharing arrangements by rescaling them from “dollar one”.
“The revenue parameters have been changed to benefit everybody, with the amendments increasing the share that advisers or the proprietors get,” Haramis says.
Previously, as advisers moved into a higher scale in terms of revenue generation, they would only receive the higher rate on the additional business. However, Haramis — without revealing what the scale thresholds are — says advisers will now be much better placed with the dealer group taking a cut in what it receives.
Haramis won’t reveal whether the new structure will include a franchise fee, but says the group had spent a lot of time ensuring operational issues became better bound.
“This is a package to ensure RetireInvest is structured properly going forward in terms of both commercial rewards and offering business support.”
In terms of dealer services, Haramis says the group will be offering a range of initiatives in the new franchise agreement when it is released at the end of the month.
RetireInvest concluded its roadshow to advisers in Adelaide two weeks ago, although the presentations did not reveal specific detail about the new franchise agreement.
The group is also set to kick-off a new roadshow, starting in Brisbane this month, to promote its revamped and rebranded PortfolioOne wrap.
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