Kiwi Adviser Network reaches 100 adviser mark

KAN has attracted more than 50 adviser businesses across the country, comprising more than 100 individual advisers.

The group, created by Chuck Slogrove, the founder of CRM provider Trail, believes it will attract more brokers who want control over their regulatory licence. 

Slogrove told TMM Online: "At KAN we have found that financial advice businesses are usually better off operating under their own FAP licences, as this reflects their operating model well and is easy for their clients to understand. About 80% of our member businesses are set up as licensed FAPs."

The group also allows advisers to work under the KAN FAP, "either permanently or short-term, while we help them through the process of applying for their own full FAP licence. This flexibility ensures they end up licensed in a manner that’s right for their business."

Some experienced advisers have been won over by the strategy, including iLender's Jeff Royle and Hamish Patel of Mortgages Online. 

The tech-driven aggregator believes its CRM has proven attractive as it saves advisers time.

"The one thing experienced financial advisers all have in common is that they’re really busy," Slogrove said. "There are so many distractions pulling them away from what’s really important. Spending less time on admin and having more time for the things that are important to them is the real drawcard."

KAN has updated its CRM this year, with improved disclosure processes for mortgage and personal risk advice, and additional compliance functionality, Slogrove said.

Slogrove believes the firm's compliance offering can help it prise more members from the large groups.

He says training, compliance resources, arm's-length monitoring, and effective feedback will be key tools under the new regime.

"In order for FAPs to stay on the right side of the track, they’re going to need to have a strong compliance assurance programme," Slogrove added.

"Every single FAP and financial adviser who joins our business goes through a thorough due diligence process, which identifies gaps for improvement.

"They’ll then work with our compliance team to close these gaps. Once onboarded, all of our advisers fall under our compliance assurance plan and have access to holistic support, regardless of their licensing structure," he added.