Speaking recently at FPA Congress in Melbourne, Elixir Consulting founder Sue Viskovic discussed the characteristics of a successful advice business.
Viskovic noted that despite the work involved in meeting the new FASEA standards, “not one of the things you have to do with FASEA involve the skills and art of running a business, and they’re some of the most important skills you need.”
“Your first step,” she said, “is thinking about how you’re running your business and taking stock of where you are today. Unpack where your business is at today, then you can work on moving it forward. If you had the chance you’d be able to rattle off a few things that are issues you need to work on – sometimes those two or three things will become nine or 10.”
One of those issues, she suggested, was the nagging desire to “say yes to everyone.”
“Those days are in the past,” she continued. “I know how difficult this is because you’re here to serve – you want to help people, so if someone is asking for your help, it’s difficult to turn them away. But as with letting go of underperforming team members, there may be clients who’d be better served by another adviser who’s able to serve them.”
“After that,” she said, “you have to work on your value proposition – you’re about helping people live their best lives; it’s so much more than super and income protection.
“We know we’re moving into a world where recurring revenue is only going to come in the form of 12-month agreements; onboarding your new client experience is really critical.”
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