Financial institutions spend 14% of operating costs on change management

From

Financial institutions are spending, on average, 14% of annual operating costs on change management functions in order to drive greater productivity gains, a new PwC study has shown. According to PwC’s report, “Productivity 2021 and beyond: Upskilling the workforce of the future to create a competitive advantage in financial services,” more than one in four (27%) firms are spending more... Read more continue reading

CPD: A strong duty of care for seniors will increase the value of your business

From

Strange as it might seem, financial advisers might be on the cusp of a golden era. Not only will it enhance their bottom lines, but it will increase the market valuations of their practices. For those that focus on senior Australians, the financial rewards could be even more pronounced. There are myriad reasons for asserting... Read more continue reading

Relationships are the foundation of ‘sticky business’

From

For decades commencing in the 1980s, life companies and more recently regulators have been obsessed with finding ways to displace the role of the adviser as the ‘glue’ that connects the consumer to the institution. It first started at the height of the Readers Digest era when direct mail suddenly became flavour of the month by a... Read more continue reading

CPD: The $71,000 email and the art and science of client retention

From

When 5 becomes 95 Client retention is regarded by many as the cornerstone of a successful, sustainable advice practice. And with good reason(s). The Harvard Business Review[1] tells us the cost of acquiring new customers is at least 5 times more expensive than keep existing ones. Furthermore, research by Bain and Company[2] (founders of the... Read more continue reading

CountPlus Member firm Cooper Reeves completes tuck-in acquisition

From

CountPlus has continued its focus on strategic growth, with Brisbane-based Member firm Cooper Reeves Pty Ltd (Cooper Reeves) announcing it has completed a tuck-in acquisition to acquire the financial planning services of CBD Wealth Solutions Pty Ltd (CBD Wealth). Both Cooper Reeves and CBD Wealth are Member firms of the CountPlus-owned Count Financial. As part... Read more continue reading

IPO floodgates open as unprecedented number of companies seek to list on the ASX

Australian small cap investors have an unprecedented opportunity to gain exposure to new company floats, according to small companies specialist OC Funds Management (OC). At its September investor briefing, OC Head of Investments Rob Frost highlighted that the concentration of Initial Public Offerings (IPOs) seeking to list in the final stretch of 2020 was probably... Read more continue reading

COVID-19: Looking at the opportunities that come with technological transformation

From

The modern workplace is increasingly flexible, collaborative and dynamic, and new technologies afford us the opportunity to collaborate and communicate effectively while working from home. However, for many employers and workers, that parity between effectiveness in an office environment versus a working from home scenario had not been fully tested until recently. That all changed... Read more continue reading

CPD: From ‘atoms’ to ‘bits’: COVID-19 as an accelerant for the digitisation of the economy

From

The last six months have been profoundly transformational, with the COVID-19 shock acting as an accelerant for the digitisation of the economy. This radical transition is especially advantageous for asset-light business models in the tech, health care and communications sectors. This article, from GSFM’s investment partner Epoch Investment Partners, outlines its firm conviction that “data... Read more continue reading

Professional Service: There’s extra money going the extra mile

From

Often professionals forget how valuable the service bit is in a “professional service” business. Everyone has heard some story about how a business did well from going the extra mile for a customer…but rarely do you hear about a professional services business that has a standing process for going the extra mile because they know that it... Read more continue reading

Practice growth requires leadership more than management

From

The most frequent thing I see that prevents great practice growth and holds advisers back from developing their dream business is a lack of vision. I don’t mean “vision” in the namby-pamby buzz-word sense of having a beautiful set of words on a plaque on a wall that nobody really cares about.  A clear vision... Read more continue reading