The AFA will be unveiling its new focus for the year ahead – Adaptive Change: Taking Advice Beyond the Horizon – at the AFA National Practioner Roadshow due to roll out in capital cities across the country throughout July.
The Association of Financial Advisers (AFA)’s CEO Brad Fox shared the concept of adaptive change at the AFA’s recent Leaders Forum – Business Summit (the Business Summit) attended by a number of the country’s leading financial advice practices.
“There was unanimous agreement that the paradigms for financial advice have changed due to a combination of political, legislative, technological, societal and economic forces,” Mr Fox said. “The pace of that change is accelerating and it is placing significant challenges on previously successful businesses and advisers.”
Mr Fox said that when the paradigms for a market place change, the businesses in that market have to change too. “Simply put, a lot of advice practices are feeling like their costs are going up while there is downward pressure on revenue. Advice businesses are therefore exploring ways to adapt.”
The AFA developed the adaptive change focus as a result of learnings from the Business Summit. The adaptive change model, which will be a key feature of the AFA National Practitioner Roadshow and of the AFA National Adviser Conference in October, describes environments where market participants need to collaborate to invent the future using a combination of the best practices from today blended with the best thinking about what will succeed in the future.
“Advisers, practice owners and licensees are increasingly asking themselves and each other what it is that they need to change to do well three, five and 10 years from now – well beyond the horizon that is predictable and foreseeable,” Mr Fox said. “The research into adaptive change reveals that it is only through working together that the future solutions are found.”
More details about the AFA National Practitioner Roadshow and the AFA National Adviser Conference are available at www.afa.asn.au.
