Experience counts in the financial advice and accounting industries, and there is much that viewers can learn from Barry Lambert and Robbie Bennetts
While the advice industry is undergoing the most significant legislative change in many years and the roles of accountant and adviser continue to merge closer together, one aspect remains the same – experience – and there is much we can learn from those who have gone before us in our industry.
Adding mentors to the No More Practice experience for our players has been a valuable exercise. Not only can they act as a sounding board for ideas, but they are not backward in coming forward with what they see as things to avoid and situations to rectify.
This season Barry Lambert returns to advise Sam Henderson, whose thriving SMSF practice is at a point where Sam has major decisions to make. For Barry to suggest to Sam that he could successfully franchise his business is more than encouraging for Sam. Barry, of course, has gone through one of the most successful franchising exercises in our industry, and he does not advise for anyone else to go down that track lightly.
His view that Sam had a real differentiator in his media profile is an interesting one. Can Sam ramp up his media presence and gather like-minded businesses into a franchise, driving new clients via the media? The challenge for Sam is to drive the right sort of client with a high balance suitable for SMSF advice.
In the upcoming episodes of No More Practice, Barry sends Sam to a number of experts to make sure he scopes out his options carefully – it will be fascinating to see what Sam decides to do; check out SKY Business every Saturday at 9am.
Robbie Bennetts also shares invaluable insights with Jim Taggart, about the sale and extraction of him out of the business over his earn out period. Robbie was very helpful to Jim in advising him about what it takes to walk away from a business that has been built over more than 20 years. He also points out to Jim that having a personal plan for “life after sale” is very important – as many people are defined by being an adviser – and what comes next can be more daunting than expected.
One of the biggest factors Jim is coming to realise is that his staff are vital for his business legacy to continue, and for Jim to access the remaining 30 per cent of his “rise and fall” earn out clause. He is seeing that formal training and handover are crucial, and it will be interesting to see what he puts in place after his meetings with the experts Robbie is sending him to.
As Sam and Jim continue their individual journeys, one thing is clear – experience counts. Barry and Robbie have been more than generous with their wisdom and advice. I also encourage other experienced advisers and accountants to share their wisdom with the No More Practice community – to help move our industry forward, without forgetting the lessons of the past.
