Independent dealer group Matrix Planning Solutions (Matrix) has announced it will reduce the dealer fees paid by existing members and new recruits.
“We have informed our member firms that effective 1 July 2010 all of them will have their fees reduced, with the specific discount dependent on the level of income each receives,” Matrix managing director Rick Di Cristoforo said.
“A large number of practices will be positively affected by the move and particularly larger practices will experience a significant reduction in fees.”
The overall success of Matrix’s individual member firms together with the dealer group’s strong financial results had enabled Matrix to decrease top line splits for its adviser base, Di Cristoforo said.
The decision was also prompted by the dealer group wanting to support its member firms in terms of growth and servicing clients.
“I’m sure the offer will encourage those advisers who are currently thinking of leaving their current arrangements to consider Matrix as a dealer group too,” Di Cristoforo said.
The latest number count of the Matrix network comprised 40 practices and 93 authorised representatives, he said.
Last week, ING-owned dealer group Financial Services Partners (FSP) also announced new financial benefits for its adviser network.
Subject to conditions, FSP guaranteed new firms a 50 per cent increase in revenue within the first two years of them joining or their fees would be reimbursed.
