Dealer group Professional Investment Services (PIS) is in the final stages of its proposal to move a select number of its large advice practices under a new entity.
The decision to shift the advice firms under a new entity is in line with the dealer group's company review and planned segmentation of its existing advice model, PIS managing director Grahame Evans said.
"Some of our practices are quite big practices and we're trying to give them a whole different value proposition from PIS, which is what we're working on at the moment," Evans said.
"We've been talking, for a number of months now, about changing the value proposition to our top end advisers because of the fact they have grown over time and grown into real businesses and they need a different range of services."
The advice segmentation will be completed this year, with PIS intending to name the groups and name the new entity in March, he said.
"We've tossed up whether we would use one of our other licences and put them into that. Our view at this stage is that we can provide the viable value proposition inside our current licence," Evans said.
"We'll classify them with a different name, which will be similar to ours, so they will still be a licensee, an authorised representative of PIS but their group will be called a special name."
Late last year, PIS announced it would conduct a company-wide review of its business units following a 30 per cent reduction in net revenue. The company review has not yet been completed, according to Evans.
"We had our three new group general managers come in, and they have done a substantial amount of restructure already and that is working very well from our perspective," he said.
