RI Advice Group has received a positive response from its advice network following changes to the dealer group’s adviser agreements.
The agreements are designed to cater for regulatory change, such as the government’s Future of Financial Advice (FOFA) reforms, and are expected to give advisers a competitive advantage in the market.
RI Advice now offers its advisers a choice of two business models and commercial agreements – the standard or premium business model.
Most RI Advice advisers plan to opt for the standard business model. The premium model would cater for practices that needed more administrative flexibility, the company said.
“The cost of our services are now highly competitive relative to our peers, but importantly the services offered continue to be market leading, giving us a competitive advantage,” RI Advice chief executive Paul Campbell told InvestorDaily.
The new agreements ensured RI Advice advisers were ready to tackle FOFA and also ensured practices had a sustainable business going forward, Campbell said.
“[The feedback is] all very positive and we expect to have all advisers over to the new terms by the end of May,” he said.
“We are also getting positive response from prospective advisers and have a number of practices joining in coming weeks.”
The new agreements follow a 12-month review of the business end-to-end.
“We will continue to ensure we focus on great client outcomes by having quality advisers being backed up by a quality dealer group. A key focus going forward is to leverage this new operating model to allow practices to grow into the future,” Campbell said.
