In my enlightening conversation with Sam Hallinan, managing director of Nikko Asset Management Australia, we talked at length about what the future of the financial advice industry might look like.
It’s an interesting conversation, because the way to create the future is to first create a vision and work towards it.
I am happy to say, after 23 years in the industry, I am seeing signs of the future every day: advisers who are seeking new ways to learn, better ways to communicate, and fresh ways to reach clients with a message of hope.
The more I meet this future breed of adviser, the more excited I become. Because this is the one industry that truly has the power to change lives – something which is yet to be fully recognised for its capability and importance.
I am now embarking on a series of conversations, which focus on these future advisers: how they go about serving their clients, what challenges they face, and how they see their futures unfolding.
So far it’s been fascinating. One thing I have realised in this process is the sheer amount of time great advisers spend with their clients. One adviser told me that realistically he could only see two clients per day, as for him it was a four hour time commitment to review, assess and formulate an initial strategy. This got me thinking: ‘how can an adviser scale these relationships with this type of time commitment?’
So how can we at No More Practice assist in communicating to Australians the real value of this dedicated time which advisers spend to help them achieve their financial dreams? Let’s face it, we are not there yet. Most Australians still don’t seek financial advice early enough. The advice industry should be bursting at the seams with demand – and with the biggest wealth transfer in Australian history expected to occur over the next 15-20 years, it will be.
So the question is twofold: how can great advisers continue to evolve to serve clients of all ages and stages meaningfully, while growing a profitable and sustainable advice practice?
And, how can we raise awareness amongst Australians about the life-changing nature of engaging a highly educated, quality financial planner, to help them both identify and achieve their goals.
It’s an exciting time for our industry. Change has happened and so many great advisers have their eyes fixed firmly on the future. I’ll be sharing my podcast interviews with many advisers later this year. We are also working on our latest TV show which will demonstrate like never before the transformational ability of great financial planning.
If you want to help your clients boost their engagement with their finances, share with them this short client resources video from Nikko Asset Management about the dangers of disengagement and what action they need to take to avoid this trap.
We’ll be adding new consumer resources every week in our client tools section for you to access and share with your clients. It’s free, and has plenty of videos and articles that are easy to share, and is a great way to remind a client you are thinking of them via a tailored message just for them.
We will have other tools for you to access as the year goes on.
As always, it’s an honour to serve you. You are truly game-changers.
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.
