AFA National Practitioner Roadshow: Barometer on adviser sentiment


August 8, 2016

Live Poll results from the Association of Financial Advisers (AFA) National Practitioner Roadshow show advisers are overwhelmingly positive about their future and want to embrace peer-learning to help their fellow practitioners adapt and succeed.

More than 1,600 advisers attended the Practitioner Roadshows across the country. Close to 130 advisers nominated themselves as aspirants for the AFA’s Mentoring Program and a further 97 advisers to be mentors.

Reflecting on their attendance at the Practitioner Roadshows, 93% of advisers said they felt more optimistic about their future as a financial adviser

The AFA launched its current thinking on Adaptive Change – Taking advice beyond the horizon. “Adaptive change is a process of challenging our beliefs and ways of thinking; to question the effectiveness of continuing to do the same things in the same way that we are used to when the paradigms for financial advice have changed,” said Nick Hakes, General Manager Member Services, Partnerships and Campus AFA.

Speaking at the Roadshows was 2015 AFA Practice of the Year winner, Paul Kearney from the Kearney Group and AFA Adviser of the Year, David Reed. Both shared their journeys on how they built award-winning practices by adapting to different shifts in the marketplace. “Through collobation and exploration Paul and David embarked on a new direction and have re-thought and re-defined their advice offer to clients in very different ways,” explained Hakes.

Katie Whiffen, Head of Asset Management Strategy and Implementation at nab also discussed the big societal shifts and the great untapped demand for financial advice.

Adviser feedback from the roadshow has been outstanding. For example, one adviser described it as the ‘best financial planning event he has attended in the last three years.’

The Live Poll canvassed adviser responses to key areas such as shifts in the advice landscape, business investment and personal willingness to change.

On the issue of major shifts in the advice landscape, 59% of attendees believed that political and legislative shifts had already had the greatest impact on the way their advice is delivered, followed by techonological shifts (22%) and then Societal shifts (9%).

Interestingly, on a state-by-state basis, political and legislative shifts ranked highest, particularly in the ACT where it polled at 82%.

With regards to personal willingness to change, advisers were polled on whether there were beliefs, bias’s or habits they would need to let go in order to move forward. An overwhelming 84.7% agreed compared to 15.3% who said no.

On the issue of business investments, advisers were asked how they would spend $50,000 in their business if success was assured, with 31.6% saying they would spend it on technology to improve the client experience, followed by technology to improve efficiency (31.1%), then team development (14.3%).

“The message from our speakers, and what was evident in our Live Poll, is that advisers need to invest in themselves to adapt, to collaborate with their peers and to cultivate a culture where they can gain fresh perspectives and new ideas,” said Mr Hakes.

Source: Association of Financial Advisers

Cut & Paste conveys information received directly from the organisations concerned. Statements and releases published here have been selected for their relevance to the financial planning profession. They are generally unedited, and the views expressed do not necessarily reflect those of Professional Planner.

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