Passport to profit
Friday, 21 November 2008 11:25am
Securitor is taking the profitability of its 462 planners' business seriously - the dealer group has launched a new "Passport to Profit" program to fine-tune four areas of its members' business structures to improve their bottom lines.
Neil Younger, head of Securitor, yesterday said the new program is based on four key principles - being prepared to respond to clients' changing needs, improving the business' profitability, optimising existing client relationships and strategies to attract new clients in a difficult market.
"[Today's market downturn] is unprecedented because of the challenge it brings to financial planning practices and their revenue profiles, particularly those linked to asset fees, have been … dramatically impacted by the market as it appears today.
"And in these times, small businesses can make decisions that are not necessarily in the best interests of their businesses in the longer term," he said.
The Passport to Profit program is part of Securitor's endeavours to arm their financial advisers with tools and strategies to develop their businesses - in good times and bad.
The program includes techniques on diversifying the adviser's revenue base, finding new sources of income and improving administration and the overall efficiency of the business.
Younger said the concept of the program has been well received so far by Securitor planners.
"[Planners] are looking for all the help they can get today - that's the reality.
"[They've] responded very positively, we've been testing the concept right across our business for the past couple of months. Overwhelmingly they recognise that if they don't rethink their strategy for growth, they might find their business compromised," he said.
The program will be rolled out in January next year and is fully funded by Securitor. It is open to all of its members across Australia.
Ruth Liew
