As mortgage brokers join the herd of other professions looking to migrate into financial planning - advisers have nothing to fear. We speak to Greg Cook of Eureka Financial Group and Ian Bailey of Bailey Roberts Group for their tips on how to stand out in the crowd.
Video transcript below:
Donna Sawyer, Wealth Professional
Donna Sawyer: Some professions appear to be searching for greener pastures in the wake of the GFC, with mortgage brokers among those now looking to migrate to financial planning. Greg Cook of Eureka, says there is plenty of space in the market for good financial advisors, but those who are only prepared to double may not achieve the best outcome for clients and that could damage the industry.
Greg Cook, Eureka Financial Group
Greg Cook: Yeah, look I guess I am always wary of practitioners migrating from one specialty to another, you know whether it’s the [tech wreck] or more regulatory obligations or the global financial crisis so that suddenly drives a whole bunch of people who were operating in another area to sort of focus on some new greener pasture. In my view should there be services that you are providing the client need to be driven by the client’s needs rather than you know the commercial opportunity that you might have stumbled across.
Donna Sawyer: Ian Bailey of Bailey Roberts Group says financial planners with the full spectrum of services have nothing to worry about.
Ian Bailey, Bailey Roberts Group
Ian Bailey: It appears to me that they are looking for compete with a bang. That’s not a battle field that we would be involved in with the Bailey Roberts practice. Certainly for clients that are seeking more than generic advice, I think there is great opportunities today for good financial planners. I think the consumer today is far more interested in good advice, different advice and the advice coming from people who have a more holistic independent and view of the world.
Greg Cook: I wouldn’t call it a turf war because again I think there is a big enough client need there for everybody who is competent to give some great advice. Yeah it does worry me that with,whether your main task is in accounts, doing tax returns or whatever and then you stumble across a self managed fund and you weigh into that area. So the same if you are a risk writer and you sort of also now and again do general insurance, so you are probably not doing the proper service by that particular client at that time.
Donna Sawyer: For those financial advisors who are concerned about other professions moving in, there are ways to stand out in the crowd.
Ian Bailey: Learn the hard stuff and turn it into easy stuff, most people don’t bother learning the hard stuff, I mean they do the easy stuff, sot that will put you in a space that most of the opposition won’t be in. Work at your daily proposition, target market. I think there is lots of areas that the banks and institutions won’t be able to be involved in, build your knowledge, knowledge skills, try and use a lot of technology in your enterprise, become efficient, efficiency gives you more time to do the hard stuff and learn the hard stuff and also gives you more time for the fun stuff.
Donna Sawyer: This is Donna Sawyer reporting for Wealth Professional.