It was not a hard decision to support AGBA (the Association of Goals Based Advice) for their upcoming conference. In particular, it was not difficult to agree to celebrate the financial advisers who have excelled in the process of goals-based advice and who will be recognised on the night.
When I first heard of the concept, I thought, “of course, that makes sense”, but to be honest, I actually thought that this advice approach was already happening. However, what I have realised since is that our industry still has some way to go before client goals are placed at the centre of the advice process, rather than longevity, or risk profile.
Of course, these things still matter greatly, but what I love about the concept of goals-based advice is the acknowledgement of the fact that everyone is different. If there’s one thing you learn as you get older, it’s that the path you tread is your own. Your dreams, goals and the legacy you want to leave are all very different to the next person.
And it’s great to get people talking about their dreams, and about creating a solid plan that will actually see these dreams come true over time. That’s the magic of a good adviser, and the reason why looking at people’s individuals goals as part of their financial strategy is incredibly important.
I am very pleased that there will be official awards at this event. It gives us time to reflect and celebrate excellence, something the industry, and in fact Australia, should be doing more of. While there are always bad news stories, there are so many good ones that are never told. This is something we are actively trying to fix with our work at No More Practice Education.
I will be interviewing the winners on stage at the event the morning after the awards. I have asked my team to film this, so I can share it with you, and you can compare their approach to goals-based advice with your own. It’s important to hear from you peers and establish your own views on what works and what does not.
As always I am very happy to be part of the journey to have advice celebrated and acknowledged. I believe in advisers and the role you play.
You are critical to the future of Australia.
Until next time,
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