AIOFP floats locum service for IFAs
The AIOFP is mulling over the idea of setting up a locum service, using recently-retired financial planners, to allow sole practitioners to take more time out of their practice.
The association is surveying its member base to determine whether there is interest in employing an experienced locum adviser in each state to manage practices on a fee-for-service basis when an adviser needs time away from the business.
AIOFP executive director Peter Johnston said the locum position would suit recently-retired advisers who were seeking short-term assignments that would allow them to maintain the skills and knowledge they have acquired over the years.
"We are very much aware of the close personal relationship you have with your clients and the need for you to protect this and the value of your practice," Mr Johnston wrote in a letter to members.
"Given this, it is proposed that any locum would have to be well qualified, experienced, but more importantly, a retired financial planner to ensure your peace of mind. Your feedback [is sought] on the proposed service together with an indication of what you would consider to be a fair and equitable daily rate".
Mr Johnston said the AIOFP has been in touch with ASIC and PI underwriters regarding licensing and PI cover.
The locum service would also provide the potential for retired members who are interested in 'babysitting' practices on a casual basis throughout the year to stay in touch with the industry.
"The objective is to establish a panel of retired members in each state who want some work at some stage throughout the year," Mr Johnston said.
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