Dealer group Infocus Money Management plans to roll out a professional fee remuneration model across its practices by mid-year.
Infocus would implement the new fee model across all of its 65 practices by June 2010, Infocus managing director Darren Steinhardt said.
The model might differ slightly from the fee-for-service remuneration model the FPA had proposed its members implement from 2012, Steinhardt said.
“A fee-for-service standard to me implies a remuneration system dominated by hourly rates, direct invoices and the chasing up of overdue and unpaid accounts,” he said.
“A professional fee standard is a remuneration system that combines all of the various components of hourly rates, value rates, risk premium, and job rates. This system, I believe, is a more robust fee system that will allow clients and advisers to determine the fee that most appropriately suits the specific advice sought.”
Infocus had also built a self-managed superannuation fund administration system that it would also roll out to its advisers over 2010, he said.
Meanwhile, the dealer group is continuing to boost the number of authorised representatives it has outside of Queensland.
“While we continue to explore opportunities with advisers throughout Australia, our primary focus right now is on Victoria,” Steinhardt said.
“We recently added a Victorian business to bring the total number of practices in the state to 10, with another two set to join in the coming weeks.”
Infocus’s secondary focus was on Western Australia and South Australia where it had 12 and three practices respectively, he said.
“We are in talks to recruit Western Australia and South Australia-based practices,” he said.
Infocus has 65 practices overall with 139 financial planners. The dealer group is aiming to have 150 advisers by June and 175 by December.
