RI Advice backs in-house review; targets growth
RI Advice Group's (RI) in-house proprietors advisory council (PAC) has endorsed the outcomes of the group's recent business review, which included the restructuring of practice agreements to remove conflicted remuneration structures.
Outcomes of the review, which commenced in the middle of last year, included new adviser agreements, pricing and fee structures and an updated administration platform solution, according to RI chief executive Paul Campbell.
The PAC, which is a representative body of all RI practices across Australia, consulted with group management throughout the review.
PAC chairman Brett Schatto stated the work of the PAC led to greater support from RI management for practices.
"RI management has listened to our concerns and worked with us on solutions. We now see ourselves as a cooperative of small business people in a joint venture for the benefit of our clients," he said.
RI Advice head of practice management Peter Ornsby said a key consideration was getting the group ready for Future of Financial Advice changes.
Practices now operate on a fee-for-service basis not only in terms of clients but also the fee paid to the licensee, which is now a flat fee rather than a percentage of revenue.
The group had seen a new business join or be acquired at the rate of one per month since 1 October last year, with three more set to join in the next eight weeks, meeting the one-per-month target the group had set for the year up to September, Ornsby said.
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