tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Tuesday, March 19th, 6:25PM

Insurance

rss
Latest Headlines

Dealer groups as part of your plan

A couple of weeks ago, when I wrote about the importance and knowing your own mind when considering the future, a couple of dealer group leaders thought my article was 'anti-group'.

Tuesday, October 24th 2017, 10:11AM 1 Comment

by Russell Hutchinson

In fact, that’s not true. I am a supporter of dealer groups, and I still think that advisers should think about what they want. These two ideas are compatible - I think they go hand-in-hand.

Clearly lots of advisers have found value in groups; only yesterday, the first thing an adviser said they would recommend to someone new to the industry was to "join a group", and I agree - the multi-dimensional support, training, inspiration and help are all essential.

But, for the more experienced, imagine choosing a dealer group without thinking about what you want first:

Choosing a dealer group that you don’t like, either at random, or because you have no other choices, could be a catastrophe - one which would cause you to resent the relationship and likely manufacture disagreement.

That would be destructive to both businesses, with you feeling constrained and the dealer/licence-holder wasting time trying to ‘save’ a bad situation.

Choosing a dealer group as your new licence-holder in the new regime because they share your values, provide services that you need, and your advice model and theirs are a good fit - that is the ideal basis for a long-term relationship that will likely create positive feedback, each business helping the other to grow. Yours thriving with better support, theirs growing with yours.

The essential foundation for that choice is knowing what you want from your business. The next step is knowing the dealer group offer. How they will help you; what their culture is like; whether they can add value through collegial support, leadership, role modelling, compliance services, and systems.

Those things are on offer in varying degrees from a number of different places.

Offers vary, and although the differences are sometime small, they can be significant. One area that deserves particular attention is sales leadership. Being good at what you do can be built on many things, and systems are vital, but even more important than the ‘how to’ is often the ‘why’ and the ‘want to’.

If you find a group of people who can help conjure up strong, motivating, answers to those questions, that’s great. And you need to know what you want in order to find it.

Tags: Dealer Groups financial advisers

« Are you part of someone else’s plan?Fear and the financial plan »

Special Offers

Comments from our readers

On 25 October 2017 at 1:36 pm Jeff Page said:
Excellent comments Russell, we agree 100%.
We also agree that its important for advisers to have a choice. They need to have a choice as to joining in under someone's license, or getting their own.
It is vitally important that if an adviser is joining a group, they can access the systems, support and development that will enable them to grow their business.

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
Insurance Briefs

AIA adds cover for prophylactic surgery following cancer
AIA makes changes to policies and adds preventative surgery for several types of cancer.

Chubb appoints David Morrow as Country President for New Zealand
Chubb has appointed David Morrow as Country President for New Zealand.

nib adds specialist skills to its board
Two new board appointments at health insurer nib add new perspectives, chairman says.

nib gets new CFO
Alvin Soh has joined nib New Zealand as its chief financial officer. Heh is a chartered accountant with more than 20 years of commercial experience in leadership roles.

News Bites
Latest Comments
Subscribe Now

Mortgage Rates Newsletter

Daily Weekly

Previous News
Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com