Tougher times lead to innovation, and advisers and accountants should embrace the future and all it potentially holds, writes Vanessa Stoykov
In attending a recent luncheon hosted by the FSC, Former Prime Ministers Bob Hawke and John Howard talked about key achievements in their terms as Prime Minister.
There was the obvious old political rivalry and witty banter, along with some insight into how the political landscape can change on a dime. It was a charming exchange and I have to say I was not alone in the 900-strong room getting nostalgic about the ‘good old days’.
At 39, I have yet to curse my staff or children with anecdotes starting with “in my day”. However, in reliving those key political achievements of those two iconic Australian men, I started to think about how the world has changed since their time.
Not only is there a very different political landscape, the business one has changed significantly. The days of the long lunch and the handshake deal are long gone. Is this a bad thing? Sometimes, when the speed of everything becomes overwhelming, I tend to think so. But then I reflect on the innovation that necessity brings.
Financial services is one of the few industries that has been accused of being afraid to change – from revenue models to product distribution, things have been shaken up in the past few years for good reason.
And from that shakeup, some excellent businesses have emerged. In the advice and accounting space we are seeing some incredible businesses that are using technology to communicate with their clients on a weekly basis, scaled advice offerings being developed that will reach more Australians than ever before and customised practices serving niche markets and professions.
In the SMSF arena we are seeing unprecedented growth, with a world-class regulatory system backing this industry. The opportunities for accountants, advisers, lawyers and property brokers are only just starting to become clear. You will see more of this when we release our next series of No More Practice in February next year.
While we are in the crux of change, and opportunities are still emerging, I do believe that tougher times lead to innovation, and ultimately a better deal for all Australians. After all, if I would have said five years ago that more than 16,000 advisers and accountants would be part of a reality TV show for the advice industry, would you have believed me?
So while I salute the past and those great leaders who saw us through it, I embrace the future and all it holds – for surely the best days are yet to come.
