Commenting further Dr Taggart said “Of course planners and their staff need to take care of themselves physically and emotionally with a regime of work-life balance in order to be at their optimum to provide exemplary service that satisfies the needs of modern day clients”.

“However, the contemporary prerequisite of the customer service experience has created a threshold that demands the creation of new standards for any financial planning practice principal to adhere to in order to compete for the demanding and discerning consumer’s precious dollar”.

Adding his voice, Mentor founder Dr Mark Sinclair said many principals believe that their practice’s customer service is exceptional when it really isn’t delivering the Disneyland experience that delights, engages and leaves clients wanting to refer the business to family, friends and associates.

“Many of Mentor’s programs focus on helping the practice owner reflect on and constantly improve the business.  But most importantly how to effectively manage and respond to client expectations”, continued Dr Sinclair.

“From a business perspective this demands strategies that develop exceptional teams with clearly defined staff roles and employees that are dynamic, motivated, multi skilled and versatile.

“Staff skills, knowledge and expertise need to be transferrable in order to effectively deal with the unforeseen emergencies that inevitably arise and can potentially damage the business brand and client relationship”.

The once standard “I’m not available or out of reach over the Festive Season” is not good enough today affirmed Dr Taggart.

“Trust is built up over time and it occurs on each and every occurrence when a client calls the office to the P2P engagement with the planner or staff”, said Dr Taggart.

“This is a 24 / 7 world and client death, injury, illness or unexpected financial calamity events don’t occur conveniently during office hours.  More often than not they occur after hours or times of office closure; but it’s how a practice responds to these contingencies that differentiates the best from the ordinary”.

Irrespective of the seemingly arduous challenges financial planners encounter daily – the greatest by far is ensuring the practice has a high performance internal culture and operational team ready to respond to client hardship needs at a moments’ notice.

Dr Sinclair said being responsive to these demands in an environment of constant change is the norm these days and not a challenge unique to the financial industry’s advisor sector alone.

“Although the process of aligning staff, clients and alliance partners can take years, the rewards begin to manifest themselves from the outset”, he said.

“What’s more they grow dramatically as the practice finds itself progressively better prepared to deal with changes and unforeseen contingencies in the modern-day post FoFA LIF era.”

Dr Taggart concluded by saying that being a modern day financial planner is not an undertaking for the faint-hearted – but then again, no profession is immune from the challenges of change today.  Taking the high road to creating modern practice responsive to the 24 / 7 needs of clients is not only a choice, it is an imperative!”

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Dr Mark Sinclair

Buyer of Last Resort (BoLR) might be an excellent commercial life raft for the planner, but the subsequent on-sale and distribution of clients as ‘books of business’, are by far the worst possible outcomes for clients, a damning reflection on the planner and immensely damaging to the reputation of the advice industry as a whole said Mentor Education Group Chairman Dr Jim Taggart OAM.

Commenting further Dr Taggart said true financial advice and service is an end-to-end commitment that reflects the lifelong journey of the advice process that culminates with the client’s retirement, investment strategy maturing or a claim processed.

“There are so many dynamic moving parts in fulfilling the expectations of clients of which trust and service go hand-in-hand – and they in turn determine the financial success or failure of the planning practice”, said Dr Taggart.

“With so much on the line for clients, planners and the client service delivery model have to perform at their best every time without fail to ensure client trust and confidence is maintained”.

Adding his voice, Mentor founder and Founder & Director Dr Mark Sinclair said “Each interaction with a client is a ‘moment of truth’ in the client experience with non-performance resulting in frustration and loss of confidence.  Hence service delivery needs to be the highest of priorities as is the plan and process to do so”.

In their Mentor webinars, industry conferences and dealer group PD presentations both Dr Taggart and Dr Sinclair stress that client service is not a ‘set and forget’ activity – it is a framework, process and solution that is constantly evolving to address perpetually changing consumer expectations and demands.

Planners and practice staff therefore need to ensure that ongoing professional, personal and academic growth are a constant operational norm and commitment – in fact woven into the very fabric of the business.  A benefit of which will be the differentiation of the practice from competitors and significantly enhanced and appreciated brand and marketing profile.

Furthermore, in the majority of planning practices the planner’s use by date will expire long before those of his / her clients.  So, exit succession and a seamless transition in an M&A process is another vital component of service and client commitment.

Dr Taggart and Dr Sinclair concluded, “The effectiveness, level and quality of client service can actually be measured and quantified in the balance sheet and accounts of a financial practice.

“It will easily be identified in the planning business revenue in fees charged and longevity of client retention.  Yet another measure will be the number of new clients introduced to the practice by satisfied clients referring the planner to family, friends, peers and business associates”

“All because the client is confident they are at the centre of the planning business and their financial well-being and lifestyle, protection, wealth accumulation and retirement aspirations will be serviced long after their adviser has retired and exited the industry”.

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Dr Mark Sinclair

The importance of interpersonal skills and structuring advice practices with highly focussed efficient frameworks that allow planners to develop deeper stronger relationships with clients continues to be a major priority for Mentor Education said founder and principal Dr Mark Sinclair.

Dr Sinclair continued, “Of all professions, an individual can undertake as a trusted adviser, financial planning is by far the most dependent upon the closeness and depth of the P2P relationship”.

“Nowadays constant change has become the ‘norm’ and staying on top of compliance, administrative and due diligence demands can literally suck the very marrow from a planner’s enthusiasm to provide high level client service, care and attention”.

The challenge of running a highly successful practice that provides the principal time to deliver exemplary service has been the theme Mentor’s current webinar series and keynote speaker Mentor Chairman & Non-Executive Director Dr Jim Taggart OAM.

Dr Taggart makes no apology whatsoever during the webinars for his resolve that planners need to stay resolutely committed to ensuring every possible minute of every working day is dedicated to making clients and non-clients feel valued and appreciated. “The more times a planner reaches out to a client with genuineness for them as an individual, the more comfortable they will be in revealing their inner concerns, aspirations and financial objectives – and in doing so lay the foundation to better financial planning outcomes”.

“Being grounded in a genuine concern for people is the very bedrock on which highly successful advice businesses are built”, affirms Dr Taggart. “It starts at home with the family and extends to clients, staff, COIs – even to the stranger sitting alone in a café that you invite to share a coffee and a conversation”.

Both Dr Sinclair and Dr Taggart acknowledge that it’s not easy and the difficulty of maintaining a strict regime of time to constantly reach out to clients demands immense personal discipline and the highest of organisational skills.

As a result of the webinars, both Dr Sinclair and Dr Taggart find themselves being asked to provide more insight through PD presentations, workshops and keynote speeches at conferences on strategies and practices that enhance client engagement.

Dr Taggart’s detailed insight into his ‘7 Habits of a Highly Successful Financial Planner’ are always especially well received.

• Put family first, ruling out times in your diary that are non-negotiables;
• Start each day by sending a message to your family members first, then staff and at least 10 clients to show that you are thinking of them;
• Divide your week into 10 sessions, be in the office one (e.g. Wednesday morning) and be on the road meeting and speaking to clients the other nine;
• Put your attention into your staff because good staff will always put your clients first;
• Build a support team who will receive and send emails on your behalf, give you a list of people to call each day, make appointments and action meeting outcomes (Dr Taggart had 3 front-line support staff);
• Take every opportunity to meet people, get to know them and brighten their day; and
• Cultivate relationships as your number-one, life-long, strategic asset.

Dr Sinclair and Dr Taggart concluded, “Planners need to do whatever it takes to make sure delivering exceptional client service is the number one priority for the practice. Hire the best staff, constantly upgrade skills through learning and development until it’s ingrained in the very DNA of the practice that delivering exceptional client experiences are the norm”.

“The reward will be strong new business growth and referrals as the result of a highly-regarded business reputation, personal brand and a competitive edge over competitors and robo-advice providers”.

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Dr Mark Sinclair

Mentor Education MD and Founder Dr Mark Sinclair expects many financial planners will at first be challenged and confronted by the dual message and theme of the group’s upcoming webinar this Wednesday morning – ‘Earning more in Financial Services – Business vrs Practice’.

The webinar will advocate in the strongest terms (and language) for advice practitioners to utilise every modern-day advancement in technology, processes, outsourcing, staffing, training and practices to build operational efficiencies within their businesses.

In support, co-webinar presenter, Mentor Chairman & Non-Executive Director Dr Jim Taggart OAM said the new currency for businesses of all sizes is TIME and how effectively, efficiently – and creatively – it is used will determine the long-term success of these commercial ventures.

Irrespective of age, all clients value their time and will not tolerate or retain a relationship with a financial planner if their transactional processes aren’t quick, seamless, modern, ethical and compliant.

Now for the twist that will further confront many of the webinar participants!

“All those savings, efficiencies, improvements and capacity have to be channelled into developing deeper, closer and more meaningful personal relationships and interactions with clients”, said Dr Taggart.

“In doing so, they will lay the foundation to better financial planning outcomes by the client willingly revealing those preciously guarded intimate insights and information a person only reveals to a trusted confidant”.

“Hence the most crucial ingredient in any planner/client relationship is trust and this can only be built over time on a platform of integrity, consistency, honesty, confidence, and genuine concern for the client”.

Adding his voice, Dr Sinclair said the environment of trust can’t be hurried or faked and will be the single greatest investment within a practice.

Ironically, it will deliver three immense ROI benefits:

• a reduction in marketing costs as clients will readily refer the planner to friends, family and business associates;
  long-term business and revenue growth; and
• a much more profitable and valuable business that will be attractive to prospective investors/buyers, staff, COIs, etc.

“No one in my opinion is better placed than Dr Taggart to teach these client-relationship building principles, which is a key unit in the Masters of Financial Planning degree co-delivered by Mentor Education and the University of Notre Dame” said Dr Sinclair.

“Over 23 years, Dr Taggart built and sold a highly successful financial planning business in Western Sydney and the seven habits he imbedded into all aspects of his practice are something that will make all financial planners sit up and take note. In the Webinar on Wednesday with Dr Taggart and I, you will see these habits in action, simple, yet profound because they are above all ‘genuine’”.

Dr Jim Taggart’s ‘7 Habits of a Highly Successful Financial Planner’ are as follows:

1. Put family first, ruling out times in your diary that are non-negotiables;
2. Start each day by sending a message to your family members first, then staff and at least 10 clients to show that you are thinking of them;
3. Divide your week into 10 sessions, be in the office one (e.g. Wednesday morning) and be on the road meeting and speaking to clients the other nine;
4. Put your attention into your staff because good staff will always put your clients first;
5. Build a support team who will receive and send emails on your behalf, give you a list of people to call each day, make appointments and action meeting outcomes (Dr Taggart had 3 front-line support staff);
6. Take every opportunity to meet people, get to know them and brighten their day; and
7. Cultivate relationships as your number-one, life-long, strategic asset.

Many astute planners will understand why these seven habits lead to success. However, most will be very interested to hear Dr Taggart, in the webinar Wednesday morning, explain how he was able to so successfully implement them in his financial planning practice. This webinar is part of a Mentor Education’s commitment to not only maintain currency, but practicality of knowledge for new, experienced and prospective financial services professionals.

Mentor Education webinar details:
Date: Wednesday March 29
Time: 7:45am EST
Duration: 1 hour
Login and register

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Mark Sinclair

Mentor Education founder and MD Dr Mark Sinclair has announced that the passing into law of the federal government’s professional standards for financial advisers’ legislation earlier this month has been reflected in an immediate uplift in Mentor Education enrolments.

“With the enacting of the legislation, the advice industry was lifted out of the ‘holding pattern’ of uncertainty and is moving positively towards recognition as a high-quality consumer focussed and consumer centric profession”, said Dr Sinclair.

“The appointment of the Professional Standards Body (PSB) is therefore a crucial priority for this momentum to be maintained as education and academic qualifications are at the top of the list in most industry conversations”.

“Advisers, dealer groups, education providers and stakeholders are all waiting for clarity around the syllabus for bachelor degrees, bridging courses and transition pathways for existing advisers”.

Adding his voice, Mentor Education Chairman & Non-Executive Director Dr Jim Taggart OAM said Mentor was steadfast in its commitment to lifting industry standards through its education, learning and professional development programs – and in doing so, enhance the reputation and standing of financial planners as truly trusted advisers and practitioners.

“The majority of financial advisers have provided – and continue to provide – high quality advice and exemplary service to clients that address their personal protection, wealth accumulation and retirement aspirations”, said Dr Taggart.

“The introduction of a recognised academic and professional development framework will build much needed confidence in the industry going forward”.

With the focus now on higher education and degrees, dealer groups are ‘knuckling down’ to ensure advisers have their base qualifications and this is also mirrored in Mentor’s heightened enrolments affirmed Dr Sinclair.

“The better dealer groups are already assisting their advisers to consolidate and convert existing sector/industry specific qualifications into diplomas and advanced diplomas in readiness for the new academic and ongoing PD regime”, said Dr Sinclair.

“From an economic/cost perspective, the expectation is the completion of diploma and advanced diploma qualifications for current advisers will result in exemptions – this could possibly be as many as six (out of 12) for the master qualification if current predictions are realised”.

Both Dr Sinclair and Dr Taggart are adamant in their conviction that the subject of ethics should be at the core of all financial services and advice related academic learning and resultant qualifications.

This is certainly the case in Mentor’s programs.

“The cost of short term expediency, unethical behaviour and practices is long term death for advice businesses and the industry as a whole”, said Dr Taggart.

Since its inception, Mentor has only focussed on providing quality training in financial services, subscribing only to best practice standards, ensuring its graduates are regarded as being at the leading edge of their respective fields.

In anticipation of the passing of the Corporations Amendment (Professional Standards of Financial Advisers Bill 2016) Mentor Education has been working with the University of Notre Dame (Australia) to launch both the Bachelor of Financial Planning and Master of Financial Planning degrees.

Mentor commissioned an extensive Core Data Research Report that confirmed the degree qualifications reflected key requirements and expectations of advisers.

Dr Sinclair concluded, “I am confident the new academic framework will propel the advice industry forward, attract high calibre entrants and achieve greater public recognition and appreciation for the advice sector as a profession”.

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