A recent survey of professional advisers has revealed that their main focus is on delivering value and services to their clients rather than waiting for FoFA to be finalised. The survey was conducted by the Advice Leaders Forum (ALF), started by a group of industry stalwarts seeking to better understand industry trends and to share those with ALF members.
Surveyed advisers say they want to focus on increasing and improving communication with existing and potential clients, rather than being distracted by FoFA.
• 90 per cent of participants expressed an interest in developing a comprehensive communications plan to attract & retain clients
• Over 50 per cent wanted to add specialist SMSF and risk capability to their client offer
“The survey showed us that everyone is over FoFA and much more interested in getting on the front foot with their clients. Advisers all report a strong willingness to do the right thing with their clients and are facing competition from all angles,” said Rachel Staggs, of SRS Coaching and Consulting, one of the founding ALF members.
“However, what appears to be getting in the way of this priority for Advisers is their need for improved operations, efficiencies, talent and better support from their Licensee”, according to Ms Staggs.
Ms Staggs added that the Business Insights Survey indicated that leaders in the industry are getting caught up in day-to-day operational activities like recruitment and compliance, when they would much rather be thinking about how, what, and when they can communicate with clients.
Ms Staggs continues: “In the 2014 landscape, FoFA is no longer the concern it once was. Only 10 per cent of advisers are worried about FoFA, whereas about 30 per cent of advisers are reporting concerns over the impact and risk of low cost products on the market.”
“Digital media, social networking, interactive websites allowing for mobile phone access are all top of mind for advice professionals. Advisers want to create a personal brand so that they are seen to be valued experts (81 per cent). ”
“It’s about defining your client value proposition, identifying and communicating your point of difference to the market. 2014 will see advisers continue to look to the consumer as they minimise other distractions.”
One of the reasons why we have launched the Adviser Leaders Forum is to respond to these challenges and opportunities with meaningful content and expert advice.”
The Advice Leaders Forum will run a series of webinars and online-interactive content to allow advice businesses to have quicker access to the information they need in order to communicate and market their business, grow both inorganically and organically while developing leadership and human resource capability. Content will be developed and delivered by the Advice Leaders being; David Fotheringham and Bob Neill from Seaview Consulting , Tony McDonald from T and C Consulting, Cholena Orr from Profusion Group, Rachel Staggs from SRS Coaching & Consulting, and Colin Williams from HFS Marketing.
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