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Best practice will help to keep best advice promise
Dan Powell of Actuate Advice Solutions says that cracking the best practice puzzle will help advisers better fulfil their clients' needs.
Video transcript below:
Dan Powell, Head of Actuate Advice Solutions
Dan Powell: And it’s important for the industry that we debate that issue and deliver best advice, but what’s not being discussed in detail, enough detail is best practice. How do advisors go about delivering that best advice to their clients in a consistent way, but also in a way that delivers proper outcomes for the advisor.
Well the last couple of years has been very dynamic in the industry, there has been a lot of change coming out of the GFC, there’s been FOFA which has been a big driver in the industry for that change, which is linked to this focus on best advice. It’s all about keeping it pretty simple on how you run your business and to run that advice practice, it’s having a process, a documented way of how clients are engaged and how they are serviced and delivered on that promise. And in that way you can deliver a cost effective solution to a client and to the practice and also deliver on your promise.
It’s important that advisors keep it very simple, just have 2 to 3 goals of improving best practice, delivering best practice. One of those I think is effective client segmentation and it might only mean having 3 or 4 segments in a practice, clearly define what’s a service proposition, what are the portfolio solutions and the pricing to that package of segmentation. A recent survey by business health checks show that advisors wtih busy, with clear client segments can lift their productivity by 68%. So I think it’s an easy win, a bit of work but it’s an easy win. I think the second one is seeking client feedback, very few advisors seek feedback from their clients and it’s simple solutions out there such as Survey Monkey, which is very simple package to send out to clients to get their feedback on your service in an anonymous way and client segmentation can lift productivity by 68% which was a recent survey result from our business health. So I think there are very simple ways for practices to lift their productivity and to deliver on their promise.
Visual estate planning tool increases engagement
On this week’s Wealth Professional TV, Hans Egger, founder and creator of the Astute Wheel explains how new software will help engage clients with the importance of the estate planning process.
'Ride the Wave': SPAA conference takes SMSF sector into 2014
On this week’s Wealth Professional TV, Graeme Colley of SPAA discusses their upcoming National Conference and the year ahead for the SMSF sector.
AFA urges advisers to continue on education path
As the industry spotlight moves on to adviser education, the AFA teams up with education partner Kaplan Professional to release refreshed postgraduate options for advisers, creating a clearer continued education path.
Estate planning not just for the wealthy
Peter Townsend of Townsends Business and Corporate Lawyers tells Wealth Professional why and how advisers should be helping all their clients with their estate planning.
Top female adviser warns: "A man is not a plan"
Wealth Professional talks to Christine Hornery of Financial Management Solutions about the importance of more women practicing financial advice, and why now more than ever women should be seeking financial advice.
FPA Congress looks 'beyond FOFA'
This Thursday and Friday saw the inaugural Financial Planners Association of Australia Congress at Sydney's Convention Centre, bring together delegates from all over the country.
Wealth Professional took the chance to speak with CEO, Mark Rantall, who believes strongly in the importance of events like this.
Advice on re-engaging under FOFA
Hans Egger, co-founder of the Astute Wheel Client Engagement Platform, talks to us about how advisers can reach out to their disengaged client-base under the new FOFA regulations.
AQUA II dividing opinion
The Australian Securities Exchange's new AQUA II platform has received a mixed reception from financial institutions. On this week's Wealth Professional TV we speak to Matt Lawler of Yellow Brick Road and Connie McKeage of OneVue for their opinions.
Businesses urged to be vigilant against employee fraud
Concerns were raised last week that many businesses are leaving themselves open to the potential of employees behaving fraudulently, with potentially very costly implications. On this week’s Wealth Professional TV we speak to Leo Tutt of William Buck and Joanna Bird of ASIC for their advice.