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

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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

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

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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:

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CPD: Advice practice sustainability – a risk management perspective

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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

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CPD: The employee engagement imperative for financial advice practices

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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

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CPD: Client engagement in the new world – Adviser toolkit

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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

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