I have been having some new year catch ups with some practice Principals.
Naturally a lot of our chat has centred around what is on their mind for the coming year in their businesses (apart from FASEA). On the lead up to the recent release of the recommendations of the Royal Commission into the Banking & Finance Industry it has been interesting to observe how some astute business owners have sized up what is important for them this year.
Some common themes:
How can we obtain more from our financial planning software/CRM. In many cases this has meant an acknowledgement of we don’t know what we don’t know and seek expert help. Aligned with this has been improving the reporting capability being received which has a number of benefits including annual reviews, client engagement & communications.
Let’s face it costs continue to increase, as a result client fee structures are under review. The impending phasing out of grandfathered commissions and trails has created a sense of urgency for practitioners to ensure they have a clearly articulated offer in place.
Staff Roles and Responsibilities
Making sure the support staff roles are meeting the needs of the business. In some cases this has involved a review of current roles and developing plans to close any capability gaps. Better role alignment is the opportunity and enhanced productivity will be the benefit.
With Industry change comes opportunity for some. More discussion about mergers and scaling up are on the horizon for some, whereas others are focusing on better client segmentation around the re defined service models.
There are other strategies equally important in plans this year, including work on back office processes, better marketing plans including referral processes and compliance process reviews. The point is to have a plan, document it and regularly review it.
Do you have someone to work through your strategy for this year and beyond?
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
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