TNP looks to corporatised advice model

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Dealer group TNP is to offer a more corporatised model, its managing director Jeff Page says.

Friday, April 19th 2013, 10:15AM 3 Comments

by Susan Edmunds

It announced it made a net profit before tax in 2012 of $800,000, which Page said was about 20% up on the year before.

He said about 40 new advice practices joined TNP during the year, taking membership to 500 – and another 30 had joined in the first quarter of 2013.

TNP said it would be making a share offer to its members for the 2012 year by the end of May.  Over 2009, 2010 and 2011, TNP paid out more than $200,000 in gross dividends.

TNP offers its members the option of an equity share offer, based on the amount of business they write each year.

Advisers who opt in receive shares in the National Adviser Group, which then owns TNP home loans, TNP Services and TNP Wealth Management.

Page said a lot of time had been put into mentoring and working with advisers, which had translated into an increase in sales.

But he said advisers were still struggling with an economic climate that was tough on small-to-medium enterprises.

TNP is also tackling succession issues – liaising with older advisers on a plan for their businesses and working to bring young advisers into the industry.

The option of a corporatised model, where advisers will be encouraged to offer all financial services to their clients and ring-fence them to guard against poaching, had prompted a restructure.

It is believed up to five head office staff have gone. Page said the company had made changes to a couple of positions.

TNP’s South Island regional sales manager Hank van Keulen had opted to become an adviser instead and Page said TNP was looking to replace him.

Page said Van Keulen was not the only person who had left but he did not want to get into details. “There will be advisers who are dealing with new people.”
TNP’s training director’s contract had come to an end.

Van Keulen said he was starting up an advisory practice in Christchurch. He said, having worked with advisers for four years, he could identify some good opportunities available and wanted to be able to work for himself.

EARLIER STORY: TNP launches share scheme for advisers

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