Engaging with the next generation of your current clients is a challenge faced by the whole financial advice industry.
To curb this challenge, a key part of our strategy this year has been to help our advisers widen their value proposition through estate planning.
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.
Very few Australians fail to insure their car, their house or their home contents. Why then do so few of us adequately insure our lives and our incomes?
While those of us who work in the industry will most likely find it more than interesting, we have all experienced the glazing of the eyes or the lack of interest when you tell someone you work in financial services, let alone tell them you are an adviser or accountant.
Money-savvy young professionals who are in the wealth accumulation phase pose an interesting challenge to banks and advisers. For the typical wealth accumulation client, borrowing facilities are often more relevant than complex superannuation investment strategies. So how can we add value to a client who has long-term borrowing commitments?
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Being prepared at review time can mean happier, better engaged clients, writes FYG Planners’, CEO, Peter Mancell.
Having the right accounting business model not only means having the right structure but also the right business partners, writes Count Financial CEO David Lane.
With the needs of various segments within the SMSF trustee market becoming better defined, advisers should take the opportunity to re-evaluate their offer and ensure it aligns with the client segments they’re trying to attract, writes Aaron Dunn from The SMSF Academy.
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