Industry Comment
Opinions matter
The financial advice industry is changing
I’ve been working either as a financial planner or with financial planners for over 20 years and I’ve seen a lot of changes over that time.
It seems like every few years here in Australia there’s a new enquiry or scandal or, most recently a Royal Commission that leads to further changes being rushed into place.
Some of these changes have been good, but not all.
And financial planners have had to deal with these additional changes as well as helping their clients deal with the changes going on in their lives.
Change can be a good thing, but it can also feel overwhelming.
And sometimes it can be hard to see the big picture and get an idea of what needs to be done.
I have opinions, do you?
I believe that now, more than ever there’s increased pressure on financial planners to demonstrate the value of their ongoing service. An annual portfolio review isn’t enough.
The cost of providing advice is too high, compared to what the average consumer wants to pay. But it’s high because we don’t use technology well and it’s hard to deliver compliant financial advice quickly.
Every few years someone reinvents the concept of ‘goals-based financial planning’ and people like me ask “isn’t that what financial planning should be about?”
More clients are looking for one-off advice at various times throughout their lives. Will your financial planning business be able to cater to these people?
As an industry, we talk about the long term value of advice, yet we focus on quarterly performance tables.
How We Can help
One On One
I can consult with financial planning businesses to help them see the big picture – what’s going on outside their licensee and how it’s going to impact them.
Articles
I can write articles for industry publications or licensees to use with their planners to help them understand what’s going on and how to navigate change.
Speaking
We love the opportunity to speak in front of crowds to help them learn about industry change.
Get in touch with us to find out how we can help.
Do you have kids?
I have two teenagers and I’ve come to the conclusion that sometimes they don’t listen to their dad, no matter how intelligent he is (I may be biased here).
But then another adult comes along and suggests the same thing that I’ve suggested to them, and they think it’s a great idea!
As a parent, you can get frustrated at this, or just be happy that the message has been received.
Having worked in a licensee for many years, I can say the same thing applies to your planners.
Sometimes you have messages you want to get across and it’s better coming from a third party (like me).
Let me be the responsible adult that helps bring change.
I’m ready when you are! Get in touch and let’s start working on your business.