Practical, peer-based learning favoured by self-licensed advisers


Andy Marshall

According to a survey of self-licensed businesses in the IOOF Alliances network, advisers are looking for practical tools and expertise to gain efficiencies in advice delivery, compliance and client engagement.

“Easy to implement client engagement tools are seen as a much-needed resource to engage the modern client” said Andy Marshall, National Manager IOOF Alliances.

To support its member firms in this area, IOOF Alliances recently launched a suite of new client engagement tools and templates that cover brand positioning, pricing methodologies, client psychology and an end-to-end client experience assessment to identify opportunities for enhancing the client journey.

“Our tools and templates are highly practical, allowing our member firms to put them into practice quickly and easily” said Marshall.
Respondents also expressed a desire for solutions to be delivered within an engaged and interactive community of other self-licensed businesses.  These findings suggest that while charting their own course, peer-based learning is highly desired by self-licensed businesses.

Peer-based learning is especially desired to gain insight as to how best-of-breed solutions – such as managed accounts, fintech engagement and family advice – can be used to fulfil clients’ best interests.

“Hearing how other self-licensed businesses have successfully developed and articulated their best-of-breed solutions is of enormous benefit to our member firms” said Marshall.

“Self-licensed businesses may be fiercely independent, but they all strive for above-average client engagement scores and profitability, often achieving Net Promoter Scores in the 90s and EBITs of above 50” said Marshall.  “Facilitating knowledge sharing amongst its member firms is one way that IOOF Alliances helps self-licensed businesses maintain these metrics in the face of changing customer profiles and increased regulatory requirements”.

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