The population is ageing. The entry and exit of financial advisers from the sector is ongoing. And new technologies are emerging with the potential to transform advice.
All these factors make it essential for SMSF specialists to have a clear picture of the future of advice, which means being committed to ongoing professional development.
This is one of the main messages Craig Banning, chief executive, director and wealth adviser, Navwealth, delivered in his session at the SMSFA conference.
Next generation adviser was a session aimed at helping emerging advisers and clients better understand topics such as the application of artificial intelligence (AI) for their businesses and their approach to wealth management.
AI is being embraced to help drive efficiencies and business processes around the world and it has applications for SMSFs, as well their advisers, down the track.
“We looked at what we need to think about when we’re hiring advisers and who future business partners and clients will be,” Banning said. “The era of the ‘knower’ is over; it’s now about ongoing learning, given the pace of the world is so fast.”
With this in mind, it’s essential for partners in an advice business to engage younger advisers in the firm and its future genuinely.
“It challenges me when new accountants and advisers join our firm and apply their fresh eyes to the business,” Banning said. “The future is going to be very different from the past. Keep this in mind and don’t shoot down the younger generation’s ideas.”
The session opened the eyes of small business owners who are SMSF specialists to a way of operating that allows them to focus on the future, drawing on new technology to help support their business goals.