Our industry is being compared to used-car sales again (“Shorten throws down the gauntlet”, Sally Patten, Australian Financial Review, 29th April 2011, p. 48). This is obviously a slur against used-car salespeople. Seriously, the latest release of details surrounding...
As discussed last week, Advice Mapping is an important piece in the engagement, the articulation of your value, and the management of your advice clients. We also pointed out that the first crucial steps for you to implement Advice Mapping are to read up on mind...
A picture paints a thousand words, right? If your firm can learn to capture the essence of a client’s financial life in a picture on a single page, and then use that one page for every client meeting as the driving document underpinning your advice relationship, I...
Accumulating evidence suggests that the old financial planning industry (OldCo) is entering its death phase. Effects on advisers and their business plans will be profound. There is no single emerging trend, no single piece of legislation. Just a mounting pile of...
How are you feeling about the proposed Future of Financial Advice reforms? The FOFA reform proposals include – removal of commissions from some superannuation products implementation of a ‘fiduciary’ responsibility on all advisers introduction of opt-in...
I’ve been telling as many advisers I can that 2010 has to be about the peak of business valuations for most of today’s financial planning businesses. Therefore, these have to be the best of times to consider selling, particularly inactive financial planning client...