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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.
Stay educated, stay ahead.
On a busy adviser's list of priorities professional education can often fall to the bottom, however, Brian Knight of Kaplan Professional Education insists that advisers need to keep addressing gaps in their knowledge.
Specialisation, education and technology key to year ahead
As the end of the financial year fast approaches, advisers must look ahead to what changes and improvements can be made in the coming year. On this weeks' Wealth Professional TV we catch up with Ben Kingsley of Empower Wealth and Graeme Colley of SPAA for their insights into things to come.
Growing need to attract more female advisers
Discussion around the gender imbalance in financial services is a mainstay on the agenda. However, with a growing number of women in the space, many believe the industry should be doing more to attract female advisers.
Convergence of financial service roles to be seen as an opportunity
Financial services in 2013 is seeing the broking and planning professions increasingly converge. This week Wealth Professional caught up with Mark Woolnough of ING Direct for his insights into how this convergence can produce opportunities for planners.
Budget 2013-14: What advisers need to know
The 2013-14 Budget was announced by Treasurer Wayne Swan on Tuesday night, and as the dust settles for another year, there are mixed feelings on just how financial services will be affected.
ASIC warns advisers to be vigilant in SMSF advice
A report released by ASIC in April reaffirmed the regulator’s commitment to ensuring advisers offer quality SMSF advice to investors.
Graeme Colley from the SMSF Professionals Association of Australia agrees that advisers must be diligent in the quality of advice when advising clients to establish their own fund.
The difference between average and high performance
The launch of the Association of Financial advisors white paper looking at the consumer-advice relationship offers rare insights into where exactly financial planners need to target improvements to service. Brad Fox of the AFA talks to Wealth Professional about the key differences between average and high performance.
How your vote will affect your business
As the Federal Election looms, many financial planners are considering how their vote will impact their business. We speak to Shadow Minister for Financial Services and Superannuation Mathias Cormann about what the Coalition's policies will mean for financial advisers.
How to cut the fee disclosure red tape
Financial planners will soon have to provide fee disclosure statements to their clients. Claire Wivell Plater of The Fold says it doesn't have to be an administrative headache.