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Adviser firms need to evolve for the future: Page

Dealer group Kepa says now it is the right time for it to be developing a corporate model for some of its member firms.

Friday, July 10th 2015, 8:34AM

Kepa chief executive Jeff Page around 20 firms that are members of the group have been working on a plan to develop a corporate model.

He also says with changes in the industry, adviser firms and dealer groups need to evolve.

“We are actively working on building a corporatised business model,” he says.

Page says firms, including dealer groups “can’t keep doing the same thing. We would be on a hiding to nothing.”

While the Trowbridge report in Australia has been big news and suggests the remuneration models for life insurance advisers will change it does “present opportunities,” Page says.

“What are aggregators groups going to do when commissions collapse?” he asks. Also override commissions paid by some life companies to dealer groups will disappear.

Page says Kepa wants to “help our advises model for the future.”

One option some advisers already use is fee-for-service.

Page says there are a couple of drivers behind the corporate model that he calls “succession and progression.”

The main one is that firms want “dollars for growth”. This is access to funding which would allow them to grow their businesses, build books, improve systems and do marketing campaigns.

Another part of this group are looking for exit strategies.

Page says a corporatised model will help advisers increase the value of their businesses.

“We want to grow and develop what we call full advice businesses.” He said Kep was working “really work and targeting those who want to grow.”

Page accepts the model won’t suit all of the group’s 750 members and there is no obligation for any of them to go down this route.

“We’re not going to turn around and say if you want to be a member of Kepa you have to do this.”

Tags: Jeff Page Kepa

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