If I think about the advice profession of the future, at a dealer group to advice practice level I think it bears startling similarities to the relationship between the adviser and their client. You have to be very clear about what it is you do, who it is you’re looking to work with and the services you provide to those people.
You have to show clear leadership and understand that you need to evolve. These are the issues that dealer groups should be talking to their practices about as they face identical issues.
On the evolution of financial advice, we are very clear about the future of the profession. We think niche, specialised, very fully priced and large multi-disciplined, corporatised practices are the way of the future.
In sharing that story with our own business, the media and other businesses that we come across in the profession, we’re looking for people who will buy into that. We want to work with practices that have a similar philosophy and view. If you, a business owner have a very clear view of the future, demonstrate a leadership position and recognise that evolution is compulsory, you will set yourself up brilliantly.
The number one thing we look for in businesses is a client-centric approach to providing good quality advice. Practice principals need to have a very clear view of the need to appropriately serve their clients as part of a sustainable and commercially-focused business.
The second thing we look for is cultural alignment. It is important to belong to and be part of a community, so the way in which businesses choose to engage with each other and share among their peers is important because it benefits the whole of that community.
Thirdly, people need to know why they’re in business. It’s great that advisers are there to serve their clients and deliver advice. We look for people who can clearly articulate this in a way that demonstrates the value of good quality financial advice and running a good quality financial advice business.
In short, you have to be focused on delivering good quality advice with a client-centred purpose, you need to be part of a community and you need to know why you’re in business.
