Having spent the last 23 years in financial services, I have met, as you can imagine, thousands of financial advisers. I also get the opportunity on a frequent basis to hear the views of the No More Practice community, more than 26,000 of you, a large portion of who are advisers.
These relationships have been invaluable in helping me to understand just how vital great advisers are for Australians, and in becoming more determined than ever to help raise both awareness and action towards getting good financial advice.
However, this time has also given me the opportunity to see the same mistakes repeated again and again. And the biggest by far, I believe is the adviser who accepts the status quo in their practice.
This is the adviser that is not searching for new ways to talk to their clients; to add value to their lives by a more meaningful and regular relationship – in a new media format. Because the biggest thing we all have to accept is that the world has changed forever and there’s no going back. People are time poor, stressed out, online 24/7 looking for quick answers, and often don’t have the capacity to think deeply into the future.
This is where great advisers come in. Great advisers can make people feel confident, that they have a plan, and that someone has their back if the worst happens.
Great advisers are so much more than a transaction. They are a source of comfort, strength and vision for someone’s future.
Figuring out how to do this while still running, not just a viable, but an intensely profitable practice, is a real challenge. I see advisers running webinars, sending client videos, taking on conversations in social media and hosting events. These advisers know they need to do more than what’s mandated to get through to people and take a meaningful place in their lives. There are also many advisers writing for the media, running email newsletters with great content and blogging about issues that matter.
There is never one answer or a silver bullet. But the best advisers are always pushing the envelope and thinking of even better ways to create connection with their clients while growing a successful practice.
Advisers who accept the status quo, however, are not. It’s becoming clear many practices are thriving post-FOFA and continue to grow both share of voice, and clients.
For those practices that are not, maybe it’s time to think outside the box – and begin the never-ending process of evolution to make stronger, faster and more frequent client connections. Because if you don’t, someone else will.
The opinions expressed in this content are those of the author shown, and do not necessarily represent those of No More Practice 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.
