As we come to the final edition of No More Practice for 2014, I thought it worthwhile reflecting on the year that has been. It has been a mixed bag for our industry really. All the talk of education and lifting standards has been, overall, a positive thing long term.
However, the ongoing political debate and uncertainty surrounding FOFA has left most advisers feeling exhausted, apprehensive and tense for what’s to come.
Having worked in the industry for more than 20 years now, I can honestly say things have changed, probably forever. Money is tougher to make, margins are squeezed and everyone is looking for ROI for every dollar they spend instantly. And they have to because Australia finally seems to be catching up to the rest of the world with the effects of the GFC.
While I am certainly no economist, I do see everyday people doing it a lot tougher. And that means everyone from the lady that sells lollies in the shopping centre near our office to the fund managers and dealer groups who are every day having to cut discretionary spend.
I truly believe that our biggest challenge in this new environment is changing the way people of this industry think. The old way of doing things is no longer going to work. The thinking and attitudes that got us this far is not going to take us far into the future.
We have really enjoyed looking at the results of the advisers who have gone through our 30 Day Business Challenge. They have gone through the necessary process of really looking at themselves, and their businesses, in the mirror. It is not often we put ourselves through that kind of self-reflection and scrutiny but when we do change happens. For those in our industry who are willing to look into the mirror and see what needs to be improved, they will surely succeed. Conversely, those who don’t are most likely destined to fade out.
I encourage all of the No More Practice community to look at what new innovations taking place in this industry. If we don’t search for new ways of doing things we are not going to thrive. And our industry has been quite resistant to change for many reasons. There are those that still profit from the old way of doing things. But as Bob Dylan once famously said, the times, they are a changing. Those who profit now are most likely going to see it be eroded away in the new economy.
These holidays, I hope you take the time to rest, recharge, and enjoy time with your family and friends.
Thanks for your support of No More Practice – whether you are part of our newsletter community, a participant in our education, a star of our show or part of our live event – without you, we could not do what we do. So thank you.
All the best for the Holiday Season
Vanessa
Vanessa Stoykov is the founder of No More Practice, and creator of the 30 Day Business Challenge. If you are interested in finding out more information, please visit the 30 Day Business Challenge.
