The Futuro Business Directions Forum is an event where owners come together to learn how to improve their businesses.
This year’s event was held over two days with strong agenda of business specialists covering a wide range of issues to help & challenge us in this current world of chaos in Financial Services.
Steve Prendeville, Managing Director Forte Asset Solutions explained what the advice business of the future might look like. He approached this with a review of several recent business sales he had been involved with and shared his thoughts around valuations. Steve addressed the key points of weakness that can be a drag on business valuations.
This provides us with great insight to around key issues all Practice Owners should be looking at:
- Mature age of client base
- Fees are not fixed and are linked to underlying assets
- No targeted marketing currently
- No marketing plan
- No external advisers/consultants being accessed
- Significant key person risk
- High level of staff rotation experience may point to cultural issues
- Many staff are inexperienced
- Single Centre of Influence referral relationship
In my view this is a checklist for business owners to apply across their own business.
If you tick several of these issues I think you should be working more on your business, to bring about required change. The point is not about looking at these through the spectrum of a sale. You should start sorting this out now and get on with building a better business.
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.
To speak to one of us please call our office on 07 3018 0400 or email email@example.com