BT Financial Group (BTFG) has experienced a jump in the number of enquiries from third party financial planning groups looking to join its advice network, according to the group’s advice manager.
BTFG general manager advice Mark Spiers did not provide exact numbers of enquiries though said outside interest has been received across the Westpac, St George, Magnitude and Securitor networks.
Spiers attributes the interest to the group’s early action in moving with potential regulatory change, in particular the Future of Financial Advice (FOFA) reforms.
“We’ve been fortunate that right from the start of this we’ve been able through our participation with the FPA, with the FSC (Financial Services Council), with government and with Treasury and other bodies to be able to be absolutely close to this [regulatory change],” Spiers said.
“As it has evolved, apart from one or two surprises, the reality is that as it has unfolded over the last two (to) three years we’ve been able to start our journey early and be ahead of a lot of the change. We feel we are very well placed and clear where our position is. We have gotten out into the market, and that’s driven an increased level of enquiries about joining our Westpac, St George, Magnitude and Securitor channels.”
Spiers said despite the increased level of interest, BTFG remains strict on its entry criteria for new advisers and practices.
“We’ve got a very high bar to get in. In fact that makes it an aspiration environment,” he said.
“The fact that it is hard to get into our businesses works, because our bar around professional standards, around experience, around behaviours and values is so high, that also attracts people,” Spiers said.
Late last week, the federal government made a number of key changes to its FOFA reforms including extending opt-in, banning all commissions on risk insurance inside super and a broad ban on volume-based payments.
