Fidelity Life has launched a new value-add service for advisers to help them improve their businesses and succeed in the transition to the new financial advice regime.
The insurer said that most adviser businesses have no written business plans or documented operational processes in place and so Building Better Businesses was created.
Part of Fidelity’s BLACK by Fidelity Life platform, the initiative helps advisers identify gaps in their current business operations by completing specified modules, and then provides a tailored plan to address them.
Chief Distribution Officer, Adrian Riminton, says the initiative goes to the heart of what they are about as an organisation and their commitment to the independent advice model.
“We looked at how we can support that independent adviser model and make sure those businesses get through the regulatory piece but also grow bigger, better, stronger through that process,” he said.
He added they also recognised that the “traditional BDM type model wasn’t best suited to achieving that therefore we needed different capabilities and different structures in order to achieve that”.
“The regulatory change and the extent of change that we’re going through really needs that level of support to achieve because a lot of advisers still haven’t made the calls about what they need to do in their businesses to survive,” Riminton said.
Building Better Businesses is set to launch at Fidelity Life’s invitation-only conference ENGAGE 2019 on 27-29 March, themed ‘Our future, together’.
The development has been led by Head of Professional Development, Trecia Brown, and will be delivered to advisers by Fidelity’s Business Managers and industry experts.
Fidelity also recently appointed Mike Whitehead as a new Business Manager for Auckland/Northland and Kenny Kaushish as a new Business Account Manager.
This follows new appointments announced by the insurer last week (see: Fidelity Life Appoints More Business Managers).