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.
Video transcript below:
Anna Temple, Wealth Professional Online
Anna Temple: As the end of the financial year fast approaches advisors must look ahead to what changes and improvements can be made in the coming year. Ben Kingsley of Empower Wealth, believes that many opportunities lie ahead for all in financial services.
Ben Kingsley, Empower Wealth
Ben Kingsley: One of the trends we are seeing inside the financial services industry is a move towards specialisation. So, we might be talking about diversification of a business, but inside that business actually having specialists who do their role. So one of big opportunities for people who operate in the property investment space is to be in a position where they can be specialists in giving property investment advice and from the mortgage broker’s point of view, they can be the specialist advisor arounddoing the finance strategy and structure to get the best outcome for the client. Merging those two together is a real opportunity for brokers and it’s a real opportunity for all players in the financial services space.
Anna Temple: Graeme Colley of SPAA cites improvements in education as the key to improvements in professional standards.
Graeme Colley, SMSF Professionals Association of Australia
Graeme Colley: While we are seeing changes with the licensing arrangements, firstly we are seeing the limited license being introduced for accountants and then the taxation legislation is being amended so that financial planners will have to do a subject or have some knowledge in the tax area and I think both of those initiatives are excellent because what we at SPAA want to see is an improvement in professional standards and professional education.
Anna Temple: Whilst many believetechnology will change the nature of engagement between advisors and clients, Kingsley believes its real advantage will be in its ability to help advisors adapt to legislative changes.
Ben Kingsley: I mean in terms of our business, we are very focused on efficiencies and when you bring regulation into an industry you obviously bring a lot of compliance, obligations and there is a lot of time taken up in that area. So, we are currently working through that process of bringing in a technology solution that will hopefully automate our processes and design our time line around efficiencies. So, getting those milestones working on time and identifying issues before they become issues is where technology is going to be able to help in the future.
Anna Temple: This Anna Temple reporting for Wealth Professional Online.