TOWER launches new adviser programme

Tower has joined the ranks of fund managers offering business support to advisers, but has taken a different tack on the subject.

Monday, February 9th 2004, 9:06PM

Its new P3 partnering programme, which was launched during a nationwide series of roadshows last month, is different to others; advisers can pick and choose what level of support they get, they are not bound to give a specified percentage of their business to TOWER, and they can match the support to the service they provide their customers.

TOWER's National Manager Distribution Development Peter Conroy, says P3 is a reflection of the changing relationship between fund managers and life companies and advisers.

"There's a drift away from product-based remuneration to a different dynamic based on where the financial adviser is going," he says.

TOWER's focus is on strengthening its relationship building capacity with advisers.

Under P3 advisers aren't restricted to one type of product offering. Conroy says it applies to advisers selling investment products - they can choose how they want to deal with TOWER, whether they want a master trust (Portfolio One), wrap account (Leaders) or retail funds.

One of the points that has received positive benefit from advisers is that they can select their benefits, rather than having them prescribed by TOWER.

"The nature and level of support provided will be agreed individually with each broker," Conroy says.

"Advisers are appreciating the ability to tailor the support they need."

Conroy says this approach is more professional than the prescriptive models, and it is more in keeping with the concept of building a partnership.

While TOWER isn't specifying how much business an adviser gives them it is asking for the orders.

Conroy says TOWER is asking advisers to consider using one of its products, if it offers one that fits the clients' needs.

He reckons with company's current product suites most needs should be covered.

"If there is a gap we want to know about it."

Another aspect of P3 rollout that has appealed to advisers is its technology package.

Under this arrangement TOWER has teamed up with a number of suppliers to provide advisers with discounts on computer gear, plus pre-configured packages which include things like wireless Internet access, tablet technology and online best practice forms.

Conroy describes P3 as "an evolutionary process".

"This is definitely not the end of the journey, " he says.

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