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Q&A with Karen Machovsky, Head of Advice Services at Centrepoint Alliance

Centrepoint Alliance has developed a new online application portal to improve and streamline the transition process for new advisers applying to join the Centrepoint Alliance community.

Karen Machovsky talks about the new improved application process and its benefits for transitioning advisers.

How easy is it for advisers to move dealer groups?

Moving from one dealer group to another is a really arduous process for advisers and quite a big step.

There are all sorts of regulatory issues to be considered, as well as lots of paperwork. We thought long and hard about what we could do to reduce the burden on the transitioning adviser, as it can be a real barrier to exit for those considering a dealer group move.

What changes have been made to the application process to make it easier for advisers?

The new application process enables advisers to transition more quickly and easily than previously possible.

The first thing we did was to replace the laborious paper-based process and move the process online. We have created a user-friendly online portal which hosts all the relevant information and forms required in one centralised location. All the information required through data input only needs to be entered once, as it is repopulated into any subsequent forms if the adviser is successful in their initial application. This streamlines the process, ensures data is consistent, and reduces the possibility of error.

The process is now more logical and systematic. Advisers now have the option of starting, stopping and resuming each module at their own pace. And now keeping track of their application is so much easier with the progress meter at the bottom of each page. Once complete, each section can be submitted for preliminary assessment, which speeds up the application process.

When an adviser moves to a new dealer group, their existing clients need to transition across as well. So this means every product provider needs to be contacted to let them know of the change. We understand this process is very time consuming so Centrepoint Alliance now contacts all product providers on behalf of the transitioning adviser to let them know of this change, and we follow up to ensure completion. This means revenue is transferred smoothly and securely.

Every transitioning adviser will get a dedicated practice transition coordinator assigned to them to assist them and their firm through the process.

The new application process enables advisers to transition more quickly and easily than previously possible.

How does this benefit the transitioning adviser?

It means we can offer advisers who are thinking about leaving their current dealer group, an easy streamlined process and a dedicated resource to help them through the whole process. This means the transition is quicker, with minimal loss of income and minimal disruption to their business.

How does this benefit Centrepoint Alliance?

From an internal perspective, this streamlined process means we can speed up our assessment time and resourcing, while still retaining the quality of due diligence we require. We are passionate about working out smarter ways to do things so we can benefit advisers and allow them to focus their attention on servicing their clients.

 

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