A new ‘matchmaking’ service has been launched to help advisers determine the most appropriate licensee for their business’ needs.
The My Dealer Group service is provided by Pinnacle Practice, and is designed to assist advisers to compare and contrast the offers of various dealer groups.
According to Pinnacle Practice, dealer groups pay a fee to become a member of the My Dealer Group program, where they are aided in the development of their unique value proposition. The dealer groups are then showcased to advisers, who can use the service for free. Matches are based on a confidential fact-find, completed by the adviser, which asks them to rank licensee services in order of importance.
Anne Fuchs, Pinnacle Practice Director, said that while advisers are used to being pursued by licensees, they often don’t know how to evaluate which licensee will be their best match.
Every licensee is a potential suitor and the grass often looks greener on the other side of the fence
“In many respects advisers are spoilt for choice. Every licensee is a potential suitor and the grass often looks greener on the other side of the fence,” Ms Fuchs said.
“But like any relationship, success depends on compatibility. And to date that’s been the hard part for both advisers and licensees – discovering whether they are compatible enough to build a successful long term relationship.”
Ms Fuchs said Pinnacle Practice was in the final stages of negotiation with a number of national licensees, but was quick to point out that the dealer groups were not necessarily in competition with each other.
“Some are institutionally owned, some are not; some are large, some are small; some are very product manufacturer-based in their models and others are very independent. We believe that what doesn’t suit one adviser will suit another, so we are confident we can help make the right matches,” she said.
