Anyone who has attended recent roadshow events and association conferences could be forgiven for thinking that the world has been turned on its head. On the issues of education, professional and ethical standards alone there are at least three significant deadlines that all planers – new and existing – must hit between now and 2024.
And that’s before planners begin to grapple with renewing registrations with the Tax Practitioners Board (TPB), and the final form (and timetable) of the Life Insurance Framework (LIF).
The chief executive officer of the Financial Planning Association, Dante De Gori, said at the FPA’s recent national roadshow that in the past seven years there have been no fewer that 54 reports or inquiries that have touched on financial planning, resulting in at least five significant pieces of reform of the sector.
It’s clear that in recent years financial planning businesses have been hit from all sides by a maelstrom of regulation and legislation, political and media attention, the ongoing evolution of consumer empowerment, and technological disruption.
But as important as short-term issues are, a business that is distracted runs the risk of missing the full benefit of the bigger picture – the simple fact that as more people approach and move into retirement, the demand for financial planning services will only increase.
The successful businesses of the future will simultaneously deal with the immediate issues facing them, while keeping sight of the fundamental issues that will lead to longer-term growth and prosperity – much like the advice financial planners themselves provide to clients: set a goal; create a plan; follow that plan.
On August 31 Professional Planner and the FPA are hosting the 2016 Best Practice Forum – the second annual forum – designed to give the owners and principals of financial planning business an opportunity to take a step back from the day-to-day noise of the industry to refocus on the things that will underpin business growth.
The forum covers a range of issues, starting with how basic business planning creates the foundation for a great practice; opportunities in big data to make better decisions about advice propositions; attracting graduate financial planning talent in a competitive market; deploying effective technology applications, including management information systems; referral arrangements and working with centres of influence; engaging with consumers and adviser ratings systems; the importance of a clear philosophy in building a great business; and effectively turning great ideas into tangible results.
In addition, the forum has been accredited for eight hours of continuing professional development by the FPA.
The Best Practice Forum aims to provide the owners and principals of financial planning practices with access to the insights and wisdom of experts, and to hear from leading business owners, who will share the things they have done within their own firms to drive growth and to forge pathways to success.
