Traditionally the advice profession has been met by very different professionals –advice on investments, tax, insurance and mortgages could be provided by at least three different professionals to the end consumer.
However, just because this is how it was always done, do you believe it is how it will be in the future? Already we are seeing fast growing practices take a different path, where a merger of tax, investment, insurance and mortgage advice are all under one roof. These new hybrid advice firms are able to cross service their clients with an end-to-end solution that is ‘whole of life’.
While this ‘whole of life’ model may seem inappropriate for many of you practice owners out there who pride yourselves as on being specialists, you may find that your existing and prospective clients are attracted to this model for convenience and efficiency – especially when generation X start to look at their increasingly higher super balances and wonder if an SMSF is right for them, particularly to buy property through.
I believe the time is right for advice professionals to start exploring their options – just how can the evolution of advice benefit your practice?
If you are not sure, or have been thinking about this for a while, I invite you to join me at our No More Practice Live Event conference in Sydney on Friday August 23rd. It is here we will hear from leaders from each of these advice professions, as well as CEO’s of some of the leading businesses in their field, including your peers, to explore the future of advice.
Without conversation, debate, challenges and risk taking, the advice industry will not move forward into the new world order – and we have designed this day to be all about the future – a place where the only agenda is that of a prosperous advice industry.
No matter what stage your practice is at, whether you are a broker, adviser or accountant, I look forward to exploring with you what the future can hold for your business potential – see you there!