The concept of the WealthSure adviser academy grew from a conversation between Newman and veteran financial services identity Eddie Lees on the question: In an ideal world, with a clean sheet of paper, if you could design something from scratch, what would it look like?
But it also involves other external parties, including Business Health, and the technical consulting firm Strategy Steps.
“Eddie I’ve known for 20 years. I’ve used him as a business partner in other roles I’ve had, with outstanding success,” Newman says.
”He, along with some of the Business Health people, has probably been the biggest influence on my career as a person in this industry.
“It was Eddie and I sitting down saying we could devise an academy…and then out of that we got a lot of momentum, and then it was a question of involving Business Health in it, because Business Health historically used to run PDG [professional development group] programs, and so it was an extension of that.”
Newman says WealthSure would like “all of our advisers to participate” in the academy, because that would enable an effective roll-out of “an education reform around helping them with their business”.
“Just like an adviser would sit with a client, you do not know where they are going if you do not know where they’re at,” he says.
“Where are you at now, in terms of your business? That’s where the [Business Health] HealthCheck comes into play – doing a diagnostic on their business.
“It’s not a pass or fail, it’s just simply recognising where their business is today, as a benchmarking exercise against other high-performing businesses. It’s leveraging the Business Health data – they know out of 10 years of data what makes a good business and what doesn’t. There’s certain behaviours that drive better, profitable outcomes.”
Newman says a diagnostic check on a WealthSure practice enables the licensee to “engage with the owners of the business, whether it’s a sole principal or multiple principals, and say, what do you want your business to look like?”
“We’re having a conversation with them that is completely different to someone saying flog a product, or have more FUM [funds under management] on the platform.
The primary driver here is, how do you get a better business?
“At a point, you’re going to sell this business, so you need to have some free thinking – and some of it requires courage on their part – and that’s where the alignment comes through.
“That’s where I think we can really provide a compelling offer for those free-thinking people who want to build a better business: If you want your business to look like this, just for a moment close your eyes and think what it could be, then we can road-map.
“Then we can tailor, instead of having a one-size-fits-all. I’ve got state managers in every state that have a business plan for every practice that’s tailored. We hold ourselves to account, to say we’re your business partner to help you achieve that.
“Then we can say, right – how do you become the preferred provider in your chosen market? Some of them are really, really good [advisers], but they’re shithouse when it comes to selling or marketing themselves.
“You don’t have to be a car salesman or a vacuum cleaner salesman; it’s about how you articulate a proposition that is compelling, and it’s about giving clients the confidence that this person understands my world and everything that goes with it, and he becomes my centre of the universe, trusted adviser. It ain’t rocket science.
“All roads lead to the adviser.”
