CPD: Financial Advice tech – a practical checklist for driving increased efficiency and better client engagement

From

As the financial advice landscape devolves away from large institutions to smaller, self-licensed entities, advisers and practice principals are increasingly being faced with the need to be far more active in choosing technology solutions for their business. Far from being a burden, this should be viewed as an exciting opportunity, as a growing array of

continue reading

CPD: Digital spring clean – a practical toolkit for advisers to improve their digital effectiveness

From

Get a broom, then Google yourself The comprehensive digitalisation of our lives is yesterday’s news. Businesses across all sectors have been irreversibly reshaped, as consumers around the world use digital channels to research, interact with, and buy from brands from food to fashion to financial services. But whilst the majority of financial advisers got the

continue reading

CPD: Cracking the HNW Code – The changing face of High-Net-Worth Clients and why they are reshaping financial advice

From

As we continue our deeper dive into customer and market segmentation strategies for financial advisers, this article examines the High Net Worth (HNW) segment, a segment which many advisers aspire to serve, and yet which remains deeply misunderstood. While clients within the HNW segment may share some common characteristics – including their service expectations, and

continue reading

CPD: Happy 40th! Why Millennials are no longer the future of financial advice – they are the present

From

Introduction In an earlier article in this series, we discussed client segmentation, examining the many different ways segmenting clients and target markets can improve client engagement, efficiency, and practice profitability. In this article, we commence a deeper exploration of specific client segments, shining a spotlight on Millennials (also known as Gen Y). Still considered by

continue reading

CPD: Client centric segmentation – a best practice framework for advisers

From

Extensive research[1] into the underlying pillars of success for financial advice businesses has identified the use of client segmentation strategies as a powerful driver of best practice. Simplistically we can think of segmentation as dividing clients – and prospective/target clients – into smaller groups, and then optimising the way you interact with those groups, including:

continue reading

CPD: Advice practice sustainability – a risk management perspective

From

Financial advice in Australia is facing a sustainability challenge. Caught between the pincers of rising costs – including a 160% increase in the ASIC levy over 3 years[1] – and falling revenues (Adviser Ratings estimates a 58% decrease in average adviser income after the removal of grandfathered commissions[2]), the financial viability of advice is being

continue reading

CPD: The employee engagement imperative for financial advice practices

From

Happy staff, happy clients, happy shareholders A company’s biggest asset – as the saying goes – is its people. It’s a truism that applies equally to the largest corporations and the smallest suburban businesses. Despite this, many smaller business owners often see the formal process of people (HR) management as something that is not only

continue reading

CPD: Client engagement in the new world – Adviser toolkit

From

Client engagement – it’s time for new tools Financial advisers have been dissecting the topic of client engagement for decades, and with good reason; client engagement is the bedrock of effective and sustainable adviser/client partnerships, and those who crack the code can enjoy spectacular business success and rewarding relationships. But while some fundamental aspects of

continue reading