Risk focused financial planning practices face a number of specific challenges and opportunities, says Paul Gaffney, regional manager for Queensland and the Northern Territory at Affinia.
In seeking to better understand these, Gaffney reveals it has recently partnered with consultancy practice Business Health to undertake what he believes is one of the first studies of its kind among Australian risk advice businesses.
The survey, which was rolled out to the group’s authorised representatives last Monday, will provide two key reports, delivering insights from both the practice level and the broader dealer group level.
“There’s so much data around, but these studies generally roll all financial planners into one space…this study will allow us to wholly and solely focus on risk professionals,” he says.
According to the study’s terms of reference, it will analyse 32 areas of practice for the risk advice businesses, with the end result designed to provide a range of ideas for practice owners to enhance their businesses.
Having worked closely with Business Health in helping develop the survey, Gaffney says it should take around 30 minutes to complete. “It is specifically designed to provide an accurate and objective assessment of your risk advice business, benchmarked against your peers and best practice.”
Asked whether he has any expectations in terms of the report’s outcome, Gaffney laughs in recalling the response when he put a similar question to Business Health.
“They shut me down and said, ‘look, just stop, let’s just run the study, don’t try to second-guess anything.’”
Craig Parker, Affinia’s managing director, expands on this by saying the study is something they aim to run annually from this point on. “We’re excited about the outcomes. It’s a service we’re offering,” he says.
Parker expects the study will provide valuable ‘health check’ information for the participating practices – data which would be quite expensive if business owners were to purchase it themselves.
The results of the research will be unveiled in October, during Affinia’s national conference in Tokyo, Japan – home of TAL’s parent company, The Dai-ichi Life Insurance Company.
The TAL-owned licensee launched in February of last year, and since then has grown to around 115 ARs, including a number that are currently in the pipeline.
Read the Professional Planner feature on risk advice practices, including a more detailed interview with Paul Gaffney, in our upcoming August issue.
