After listening to hundreds of advisers and what you think, I can say unreservedly that the biggest challenge most advisers face is rising costs. The ability to make money is a pretty integral part of any business, big or small.
We're seeing that you are most worried about rising costs, and it will be the challenge of us and other service providers in the industry to provide information and education on the most cost effective ways advisers can build their business.
It would seem some of the biggest challenges for advisers moving forward will be how to service and grow the clients that are profitable and fit with your niche, and how to deal with the rest of the client base – there is an obvious duty of care that flies directly in the face of running a profitable business. Which is where the dilemma lies.
Without subsidies from our government, it is difficult to ask planners as small business owners, to take on unprofitable work. Ultimately a business needs to create profit to stay alive. So how will the rest of Australia, who don’t fit into the model of profitability, access advice?
In many ways, there are more questions than answers at the moment. Technology will surely play a big part of the transformation of the industry, but everyone knows that the job of coaching people on their money plan is intrinsically a human one – as we will demonstrate more than ever in our latest Secrets of the Money Masters, being released in May this year.
More and more it seems that super funds will be picking up the rest of Australia for advice - and many of you may be thinking about how you work for a super fund, or with them. Because they are the only businesses in Australia outside of banks who have the scale, to make the cost of advice available to the masses.
I’m sure I am telling you nothing new – but it must be good to know that so many of your peers are thinking the same thing you are.
As always, we appreciate your support and your feedback – and I hope the people that answered first and receive my book enjoy the read. I know you will see yourselves in the planner character. They are definitely the hero.
The opinions expressed in this content are those of the author shown, and do not necessarily represent those of No More Practice Education Pty Ltd or its related entities. All content is intended for a professional financial adviser audience only and does not constitute financial advice. To view our full terms and conditions, click here
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