Well the Royal Commission report has been handed down…
and the general media and financial press have had a field day. I suspect this may continue for some time.
After considering the changes applicable to financial advisers there is no reason why financial planning businesses cannot grow and prosper in the years ahead. Yes there are changes that will have to be factored in to your business, particularly risk commissions, but generally not anything that you cannot push ahead with. Many more challenges for mortgage brokers though.
The consumer need for advice is unchanged and there are many opportunities to build business. Our ageing population is but one example of advice needs that will continue to be met.
Financial planners have explained to me in the past week – how they are struggling to get to recent client referrals. They have plenty on and are busy as ever. People still have events going on in their lives that require professional help.
And on the Royal Commission market commentary – of the many articles I have read I would like to share some headlines which essentially sums up my view:-
- Do you realise Mr Hayne you’re giving more power to the banks?
- Bank shares rise a day after Hayne findings
- On mortgage brokers the Royal Commission has this wrong
- Royal Commission has as many misses as hits
Back to your business – the point is many will have to work on their business to succeed. A clear focus will be required and some thinking and planning around the key drivers of success for your business.
My tip for what it is worth is that you should check and possibly re-set the following in your business:-
- Cost to serve
- Fee proposition
- Client engagement process
- Technology & processes required
- Staff roles and responsibilities
Don’t let the noise around you swallow you up.
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 firstname.lastname@example.org