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How to be a wealth winner in 2013

It's been an eventful year for financial planners - and it's just a taste of what's to come. We speak to Mark Ballantyne of Financial Wisdom and Andrew Rocks of Announcer for their thoughts on the challenges you'll face in 2013 and how to come out on top.

Video transcript below:

Donna Sawyer, Wealth Professional
Donna Sawyer:
 It’s been eventful year for financial planners coping with regulatory change and the impact of global market volatility.  So what’s in store for 2013?  Andrew Rocks of Announcer says there is one thing the industry is hoping for.

Andrew Rocks, Announcer
Andrew Rocks:  I suppose the outlook for 2013 really is summed with one word which is clarity.  I think our business, our clients, our team and in fact the whole industry is just begging for some form of clarity.  And we all love working, we all love doing what we are doing in helping people, but just getting those ground rules from legislation and how that’s interpreted is going to make a massive difference.
 
Mark Ballantyne, Financial Wisdom
Mark Ballantyne:  2013 is a really exciting year.  We have got FOFA next year and that’s a great opportunity for a lot of advisors to build their business around their future and FOFA.
 
Donna Sawyer:  Mark Ballantyne of Financial Wisdom says 2013 will be a year to take stock and restructure your business to adapt to changing conditions.
 
Mark Ballantyne:  Do more reviews.  FOFA if anything is about being with your clients and reviewing your clients.  If clients are engaged with you at review time, they know what they are paying for and they value it.  Yeah that means fee disclosure statements are going to be a breeze, that means opt in will be a breeze.  So do more reviews, keep your clients engaged and your business will continue to grow.
 
Andrew Rocks:  You are not alone.  Quite often I think financial planning is a one off industry and please just go and find yourself either like minded financial planners, an institution that understands you or alternatively or as well as an industry body and just to talk, you are not alone, everyone is faced with exactly the same challenges.  The market will come and go, this is a big change and don’t feel that you are isolated, ask for help, because if you are thinking you need help, most other people are as well.
 
Donna Sawyer:  Above all, financial planners have a lot of work to do in the year ahead and not just with their colleagues.  
 
Andrew Rocks:  The biggest challenges I see has got to do with hiring, firing and training and I don’t mean staff, I actually mean clients.  Taking on new clients under the new regime, firing clients, clients who aren’t willing to step into that commercial reality that is a fee for service reality and then training, training the clients on managing their expectations and actually finding end points and closed end service offerings, rather than historically an open ended sort of friendship based advice model.  I also think that hiring, firing and training staff to match those clients expectations is going to be critical.

Donna Sawyer:  This is Donna Sawyer reporting for Wealth Professional.