Infocus Money Management has launched a nationwide program of workshops designed to ensure its practices complete the transition to the dealer group's professional fee-based business model before July 2012.
The program would take participants through a process to re-engineer their business profitability and efficiently around a defined client value proposition, Infocus managing director Darren Steinhardt said.
"The expectation is that with a clear focus on customer requirements, customers will willingly pay for the Infocus service model," Steinhardt said.
"We are the only licensee to internally offer an end-to-end process to move every single business in the network to a professional fee basis in a coordinated way.
"We are not charging our members extra for this because we see it as an integral part of the value we add for them."
The first workshop in the program involved an audit of each office to establish its state of readiness for the banning of commissions on investments and sessions had already been held once in Brisbane, Perth, Adelaide, Melbourne and north Queensland, he said.
A second round of workshops will commence in Perth in February and then continue around the country.
Steinhardt said it was important to start now because it would take a full year for any office to transition all its clients to a professional fee-based business model.
During the workshops, each business will work through a five-step process of developing its client value proposition, starting with identifying the proposition, then pricing its services, segmenting the client base, client engagement and service delivery.
Steinhardt said the concepts were not radical but were often difficult to execute effectively without appropriate support.
"This isn't rocket science but effectively engaging staff and building a culture of delivery is the challenging part," he said.
Infocus has 75 offices around Australia.
