Revealed: The key to post-FoFA survival

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Performing more client reviews will allow your business to breeze through FoFA compliance and continue to go from strength to strength.

This is the opinion of Financial Wisdom’s Mark Balantine, who told Wealth Professional TV that this should be a major priority for advisers next year.

“2013 is a really exciting year. We’ve got FoFA next year, and it’s a great opportunity for a lot of advisers to build their business around their future and FoFA,” he said.

“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’re paying for and they value it.

“That means fee disclosure statements are going to be a breeze. That means that opt in will be a breeze. So do more reviews, keep your clients engaged and your business will continue to grow.”

Announcer’s Andrew Rocks added that it’s important to remember that you’re not alone, and that seeking out the support of other industry stakeholders can be vital.

“Please just go and find yourself like-minded financial planners, an institution that understands you … as well as an industry body, just to talk,” he said.

“You’re 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’re isolated. Ask for help.”

For more essential tips for the year ahead, view the video in full here.

  • Garth Lovelace - SFR Advisory Group Pty Ltd on 18/12/2012 11:40:04 AM

    Matthew is on the money. I have despaired at the slow rate of change. FOFA is what my advisory firm did 10 years ago because its the right way to provide advice. I hope more people like Matthew embrace FOFA and just maybe financial advice will become a profession.

  • Conservative financial adviser on 18/12/2012 9:59:24 AM

    Matthew, Im sorry but if you think FOFA is the answer to turing our industry into a profession you are kidding yourself. Legislation is never the answer and FOFA is a wonderful example, im sure they will be using it as a failed example for years to come in the halls of education. The change will happen from within and others will follow the success. Look at how Apple upset the mobile phone and music industries to name a few. Do you think legislation could have done that?? Come on.

  • Matthew Ross on 17/12/2012 10:03:11 PM

    You're right Mike, FOFA has been designed to drive the industry out and replace it with a profession.

    Keep up or sell up and find something else to do.

    FOFA is doing two things, increasing transparency and keeping advisers accountable to fees they receive. This isn't a passive income stream system anymore...

  • Mike Bird, Halls Head, W A on 17/12/2012 10:42:11 AM

    Here we go again, more self professed experts believing they know the answers. I'm tired of reading their contrived perceptions, especially at a time when likely outcomes cannot be predicted. When will these people wake up to the fact that FOFA is not reform but the deliberate manipulation to bring about the demise of our industry which has successfully survived for more decades than most will remember. Yes, I have no doubt there are serious problems in particular areas but let a proper authority examine and determine the causes and solutions.

  • GAB on 17/12/2012 10:07:53 AM

    I'm glad some people are optimistic about 2013 and FoFa. How could anyone be happy about the extra paperwork and extra fee disclosures? have to be kidding me....the biggest unproductive peice of rubbish i've ever seen get introduced to the industry. I'm optimistic about financial markets though, just not optimistic about the flawed reforms....

WP forum is the place for positive industry interaction and welcomes your professional and informed opinion.

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