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Financial Adviser Licensing and Culture

Financial Adviser Licensing and Culture

Financial Adviser Licensing and Culture

There were twelve issues raised in the Royal Commission Interim report that related to Financial Advice. Amongst these issues I would like to comment on two in particular:

  • Culture and incentives
  • Should all financial advisers (including those who now act as authorised representatives of an advice licensee) be licenced by ASIC?

ASIC has also referred to Financial Adviser culture and the improvement required in it’s submission to the Royal Commission.

Would individual licensing contribute positively to Financial Adviser culture? It would be very challenging. There is an enormous amount of research available on individual and organisational culture and how to change culture. Most of these articles, papers and books refer to several basic steps.

  • Understand and define the change
  • Align your business goals
  • Communicate
  • Provide effective training
  • Implement a support structure
  • Provide ongoing support

For me the important take away is that people achieve greater results with the input of their peers then they do in isolation. Will individual licensing support that? I believe that whenever we bring people together around a subject we all benefit and grow from the interaction with colleagues who are faced with the same opportunities and challenges.

Our view is that to improve culture we need to continue to bring Advisers together on a regular basis and be part of a group. Whilst Industry Associations cater to the collective spirit to some degree, we believe there are genuine benefits gained form peer to peer collaboration.

Our experience has been that we achieve very high levels of engagement in events, where we bring advisers together in a regular format specifically our monthly adviser network meetings, which allow us to keep our finger on the pulse in terms of the needs and challenges the network maybe facing.

Whilst the findings of the Royal Commission have been both alarming and confronting, we believe that it will create opportunities that are best deal with by a peer to peer approach.

If you feel you could benefit from a licensee that understands the current challenges advisers face why not book a chat with one of our Directors?

Our Directors, Paul Kelly, Dennis Bashford and Manoj Pillai have a total of more than 80 years of Industry experience.

We have never witnessed a time where financial planners and their businesses face many uncertainties that directly impact on their professional and personal lives.

Now is the time to ensure you have the right Licensee partner.

To speak to one of us please call our office on 07 3018 0400 or email info@futuro.com.au

Futuro is a community of advisors built on group commitment, trust and companionship. We are unique in many ways but this core belief and ability to bring our advisors together, often to work with each other and thrive is what sets us apart.