ow that the dust seems to be settling on FOFA, and markets look they are moving for the better, it is the right time for many advisers and accountants to be thinking – what next?
What is the one thing you could implement in your practice that could grow both revenue and client base?
The two big service lines that most practices are considering are SMSF and mortgage broking. With super balances reaching the mark where more Australians are considering SMSF, it is obvious that SMSF is going to play a big part in the future of wealth advice businesses.
Mortgage broking however, has always been there – but now more than ever represents the opportunity to offer clients the complete financial service – wealth advice, accounting and property and loans under one roof.
So, if you are considering expanding your service line, which one is right for you? Many of you are already making investigations via our education section, pre-registering for our SMSF course we are set to release with SPAA – which give both advisers and accountants the SMSF overview of what you will need to consider taking on SMSF advice in your practice.
Others are making alliances with mortgage brokers or looking into bringing a specialist into your practice. Figuring out whether to make it the lead in a new client relationship or an add-on to existing clients, is part of the overall challenge in incorporating this service into your offering.
Either way, offering clients more than you have in the past, or attracting new clients by giving them more services under one roof, are both smart strategies that will ensure you reach your practice potential.
If you believe that your future will include SMSF or mortgage broking, we would love to hear from you – we will be filming our new show around this theme, and it will also be the topic of our annual event this August.
We will also be bringing some of the best and brightest experts to the fore to help you with the top tips and avoid the pitfalls in growing your business via these two very different services.
Interesting times ahead, and remember, fortune favours the bold.
