As my business has grown in size and scale over the years, I have realised a strange phenomenon. When you start, saying yes is what you need to do to get ahead. Any opportunity that you identify, you jump on it and make something of it.
There has been (and I’m sure will continue to be) a lot of conversation around the structure of life insurance commissions and the sustainability of the industry, in particular the debate over upfront versus hybrid/level. The conversation is valid, and as professionals of this industry we should try to understand why the argument for hybrid and level over upfront isn’t going away.
Traditionally, accounting firms have benefited from a longstanding and loyal client base that has provided a strong pipeline of regular tax and compliance work, together with a steady stream of new clients through ‘word of mouth’ referrals from existing clients. While this trend is likely to continue in the short term, the advent of new technology and advanced data analytics result in a growing risk of these clients being targeted to have their financial needs serviced outside the accounting firm.
Many professionals recognise the growing opportunity that the self-managed super fund sector presents for their business. While many have flourished, an equal number (or more) struggle with the growing number of challenges.
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