Futuro Financial Services Pty Ltd announced today it had developed a new strategy for its national network of financial planners by re-engineering and streamlining its systems and services to offer the best available outcomes for its planners and their clients.
The large, independently-owned AFSL has revamped its fee structure to offer planners significant financial incentives if they operate more efficiently; launched a virtual office support service; refocussed its national management team; and developed initiatives to bolster engagement between planners and also between planners and their clients.
The changes come after Futuro announced late last month that it had reached mutual agreement with AMP to end a five-year managed buyout by AMP. Futuro still uses AMP’s Jigsaw Support Services functions to assist its planners.
“Our major point of difference is that we are aiming to have a champion team, not a team of champions,” Futuro’s Managing Director Mr Dennis Bashford said. “That means that we are placing people at the centre of our business strategy. It is the quality of the individual planners, and our ability to focus on team engagement that will make our business successful in the years ahead.
“We have developed a culture of personal belonging within a close-knit planning community that is built around commitment, trust and companionship. We believe that environment is unique.”
While growth of the network is important, Futuro will only select those planners who it determines will fit and work successfully within its team-orientated culture.
The re-engineering of the business has resulted in a number of changes. One of the most important elements is the new fee structure being applied to all of Futuro’s authorised representatives aimed at boosting efficiency and managing risk. It works by offering dealer fee rebates for planners who adopt proper operating practices, including achieving high compliance ratings.
Another element is the introduction of a virtual office. This has been trialled during the past nine months and has achieved extraordinary results. A virtual personal assistant handles many administrative duties, freeing up adviser’s to spend more time in front of their clients and to develop their businesses.
In support of these changes, Futuro has restructured its senior management team, with long- serving executives Matt Haggarty taking charge of the eastern States and Manoj Pillai taking responsibility for Western Australia and South Australia. While they will be responsible for recruiting, their first responsibility will be development of our advisers’ practices, as well as marketing and process.
Greater support is also being given to planners to engage more effectively with clients. There has always been great co-operation between practices in geographic areas, and our focus now is on an increased number of client events – as an example, Futuro sponsors a race day at Newcastle – where clients and planners can engage socially.
Within Futuro, there will also be an emphasis on networking so that planners can interact and socialise more with each other to discuss their businesses, their successes and industry challenges.
Bashford contemplates life after AMP and says the Futuro is bright
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