Australia-based independent dealer group Life Plan FP has expanded its offer for risk-focussed advisers seeking alternative pathways for the future of their business.
A new ‘Partnership Program’ is now on the table for interested risk specialist advisers, which sits alongside the general advice proposition the Tasmanian licensee firm has previously articulated (see: Alternative General Advice Proposition for Risk Specialists).
Whereas the initial general advice offer, which the firm calls ‘Door Number One’, involves advisers delivering only general advice services to their existing client base, the new Partnership Program offer behind the firm’s ‘Door Number Two’ involves the adviser adopting the role of what Life Plan terms the client’s private manager.
According to the firm, which has a satellite office in Sydney, this option allows the adviser to retain a relationship with their existing clients, maintain their trail income, and have full access to the licensee’s supporting financial planning services:
“Our partnership program allows you to continue the strong relationships you have already built with your clients over the years, without you having to deal with any of the new educational and compliance requirements,” notes a Life Plan statement.
The new Partnership Program offer from Life Plan appears similar to another proposition recently promoted by Queensland-based firm – Australian Financial Advisory Network – also designed for risk specialist advisers who are either unable to, or elect not to, successfully complete the FASEA adviser exam by the end of 2021 (see: ‘Plan B’ Offer for Risk Specialists).
…the dealer group will be providing a payment solution that will be tailored specifically for each adviser’s needs
In terms of remuneration, a Life Plan statement notes the dealer group will be providing a payment solution that will be tailored specifically for each adviser’s needs: “We have options with payments upfront, trail commission and payments with trail,” says the statement, which adds that as soon as an adviser contact, “…we will get an understanding of his/her situation and tailor an offer that suits their circumstances best.”
Life Plan FP Director, Mark Dorling, believes in making the financial advice sector a commercially viable industry for advisers, irrespective of whether they wish to continue giving advice.
“This model is suitable for all advisers who don’t want to be ‘pushed out’ of the industry because of increased education standards and regulatory requirements,” says Dorling.
In noting these options are more viable than people think, Dorling says many veteran advisers have spent years building their businesses through creating valuable opportunities for their clients, and that “…now should be the time for advisers to have opportunities of their own”.
Life Plan also notes it offers a ‘Door Number Three’ option, in which it will commit to offering a competitive price to purchase the risk adviser’s existing book of business.