Licensees can no longer be distribution businesses: Fortnum


Cut+Paste

By

March 20, 2017

Traditional licensee models predicated around a distribution mind-set are unlikely to survive the industry shift towards a professional services orientation.
To be a partner of choice and relevance for self-employed financial planning practices, the industry must move away from the typical AFSL licensee construct and evolve around two clear foundations: advice services and business services.
Fortnum Financial Group Ltd’s, Group CEO, Neil Younger said it was critically important for both licensees and advice practices to future-proof their business. He signalled a new era in Fortnum’s development and progress, citing the group’s newly-created Professional Advice Framework as an example of an innovative advice service, designed to propel Fortnum and its underlying advice practices forward.
“In a world of change, it is important to have a Professional Advice Framework to provide the basis of business and advice solutions”, says Mr Younger. “Well-resourced, innovative and advice focused licensees are ideally positioned to help advisers prepare for, and capture opportunities to enhance the client experience.”
The Fortnum Professional Advice Framework has been designed to ensure that advisers have a guide to help them deliver quality, professional, client-centric advice, which will lead to greater business efficiency; profitability; productivity; client satisfaction; referrals; and sustainable growth.
Mr Younger said, “We have established the foundation to call ourselves a Professional Advice Services Business and we will continue to focus on the outcome and the standard of advice.”
Managing Director at Fortnum Financial Advisers and co-author of the Whitepaper, Joel Taylor said Fortnum was focused on ensuring advisers had a robust, proven Professional Advice Framework to guide and protect them.
Mr Taylor said, “Fortnum’s advice framework forms the basis upon which advice is given by advisers.” “It is a way to ensure consumers have access to quality advice so that businesses can access the things they need to help them grow and succeed.”
Titled, ‘Building a Professional Advice Framework’, the Whitepaper was written in conjunction with independent consultancy group, Good Advice. It was launched this month in line with the company’s new website which showcases Fortnum Financial Advisers with the hopes to engage with new advisers.

SOURCE: Fortnum Financial Advisers


Cut & Paste conveys information received directly from the organisations concerned. Statements and releases published here have been selected for their relevance to the financial planning profession. They are generally unedited, and the views expressed do not necessarily reflect those of Professional Planner.


Comment

Please sign up or log in to post a comment

Benefits of becoming a member:
– Be informed on what matters in your industry
– Stay current on important industry events
– Build your own personal news list

Sign Up

Subscribe for more features

Subscribing to Professional Planner gives you more features, etc.

No Thanks Subscribe!

Cut+Paste

About The Author /

What is Cut + Paste? Cut + Paste contains news releases, statements and other information from organisations active in financial planning and related areas. Its aim is to convey that information to you directly from those organisations. Everything published in Cut + Paste has been curated for its relevance and topicality; otherwise, it is predominantly unedited. The views expressed in Cut + Paste do not necessarily reflect those of Professional Planner. To learn more, please click here.

Have your say

Do your recruitment plans in 2017 include hiring a graduate?

Have your say

Do fund managers have a legitimate role to play in helping advisers explain investment concepts and strategies?