Professional Investment Services (PIS) has once again secured top spot in the IFA dealer group survey with 1379 advisers. This figure, for the six months to December 31, 2006, was up from 1354 at June 30, 2006. A year ago, PIS had 1297 planners.
PIS managing director Grahame Evans says the group has since grown to more than 1400 advisers thanks to an active marketing program, particularly on the accountancy side.
“As we get new accountants on board, our process is to ask accountants if they have someone they deal with on the financial planning perspective,” Evans says. “Most do so we contact them, then tell them about PIS and say do they want to come on board with the accountant to PIS. That has been quite successful for us. Most of our business comes from referrals as we don’t advertise for planners.”
PIS has also stepped up its introductory days, which have an impressive 80 per cent success rate. Run several times a month by ex-Australian rugby union international Tom Lawton, the aim is take prospective accountants and planners through the PIS story. “We have the head of compliance, legal and commissions all explaining how their business operates. Then we get a number of existing planners and accountants to tell their stories about how they have made it successful,” Evans says.
PIS’ distribution team of business development managers and business support officers, which is behind accountancy and planning growth, has grown by 10 per cent. “They very much drive the planners and accountants to do activity with clients, such as client updates and seminars and a variety of other events. They allow clients to self-select whether they want some advice or not,” Evans says. A boutique dealer conference in Fiji in May 2006 provided another recruitment opportunity. The message was that without giving up the importance of their own licence, boutiques could tap into PIS services.
“Our view is we have been able to make many of the planners associated with PIS double or triple their income or even do better than that, and we felt for the boutique who is quite lonely and does need some assistance from a range of different areas, particularly driving new marketing activity, that we had something to offer them,” Evans says. PIS aims to add a further 500 accountancy practices in the next two years. Called Project 500, PIS has already achieved 20 per cent of this target. More accountancy practices usually results in more planners.
