Paul Melling Retirement Planning, based in Heidelberg in Melbourne, is the latest firm to join Alpha Group, the collective of Victoria-based independently owned financial planning practices.
Alpha Group, which was established in the late 1990s to support and facilitate the sharing of ideas between like-minded advisers, held its annual conference in early October. It was attended by the group’s 17 principal member firms and featured presentations by experts such as Seaview Consulting director Bob Neil and Strategic Consulting and Training’s Jim Stackpool.
Alpha Group chairman Neil Cox (pictured), who is also a principal of Financial Foundations, described the sentiment among member firms as “positive”, coinciding with the recent change in government.
“The interaction between principals is extremely valuable because there’s so much to learn,” he said.
“The change of government has been viewed by our members and the market in general as a good thing for financial planning.”
For the last 12 months, Alpha Group has focused on new initiatives relating to implementing the Future of Financial Advice (FoFA) reforms; improvements in the usage of CRM and portfolio administration; developing group compliance resources; and creating marketing materials to reinforce the value of advice.
The group had also been able to negotiate competitive professional indemnity insurance cover and front-end software rates for members.
“We don’t impose requirements on the group but rather act as a collegiate cooperative,” Cox said.
“Our main functions are professional development, sharing ideas and supporting each other because we don’t have the support of a big brother dealer group. A diverse range of businesses are part of the group.”
