Kristine Brooks

Australian financial advisers are turning to AI to simplify and sharpen their client communications during times of market turbulence.

This is one of the headline findings of Milford’s newly released research paper, Calm over Calamity.

Based on extensive interviews with investment focused advisers from around Australia, the paper identified 15 best practice communication strategies being used to help keep clients calm, connected, and disciplined during market drawdowns.

The use of AI to filter and distil fund manager updates and economic commentary down into clear, tailored client messaging, is the latest way innovative advisers and practices are applying AI to high value, sensitive client interactions.

“When portfolios are turning red and media headlines are amplifying bad news, advisers can find themselves under pressure to keep clients calm and focused. But at the same time, they can find themselves dealing with a deluge of research reports, market updates, and economic commentary, much of it very jargon heavy,” said Kristine Brooks, Chief Country Officer for Milford Australia.

“Collating and simplifying all this complex data into client friendly talking points can be a daunting task without specialised expert assistance.

“The more tech savvy practices are recognising the power of AI to handle such a vital task without the need for expensive external support,” Brooks said.

Along with 14 other best practice communication insights, Calm over Calamity highlights how leading advisers have become behavioural coaches and storytellers more than portfolio managers, using an extensive strategy toolkit to filter out market noise and prevent knee-jerk, emotional, wealth destroying client reactions to market events.

“Advisers are now using AI to cut through complexity and deliver clarity, driving not just more efficiency but ultimately better client outcomes,” said Brooks.

Read the paper.

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The Milford Group team

Specialist investment firm Milford has announced a lineup of additional domestic and global funds following a process of consultation with asset consultants and advisers to identify opportunities and demand, where Milford’s investment philosophy, capability and proven track record would create value.

Launching to the market throughout 2025, the three funds will target returns across Australian and global equities and corporate bonds.

While identifying the opportunity to expand its offering, Milford recognised the importance of creating products that meet the desires of advisers and investors, while addressing key investment challenges.

In early 2024, Milford launched a substantial discovery process, engaging quantitative researchers and a panel of consultants and advisers to assess a series of strategic investment concepts – prepared by Milford – that would fill potential gaps in the market.

Ms Kristine Brooks, Chief Country Officer & Executive Director said: “By engaging extensively with advisers and researchers we gained a deeper and broader understanding of the market and identified the apex of where product was not meeting demand, including where there was significant investment need or opportunity.”

“From this investigative process we determined several areas we could create value for advisers and investors that match Milford’s extensive active management capabilities.”

“We are thrilled to unveil these new funds that reinforce our commitment to the Australian market and complement our suite of existing funds, including our Dynamic Small Companies Fund which continues to go from strength to strength,” said Ms Brooks.

Milford’s Dynamic Small Companies Fund provides capital growth by investing in small to mid-cap Australian equities. It aims to outperform the S&P/ASX Small Ordinaries Index over the minimum recommended investment timeframe. “While the fund has yet to reach its full investment timeframe journey, we are very encouraged by its performance to date,” says Ms Brooks.

Additionally, the Milford Australian Absolute Growth Fund invests in a diversified portfolio of predominantly Australian equities, complemented by selective exposure to international equities and cash while the Milford Global Opportunities Fund invests in global equity securities that are attractively valued.

As Milford continues to adapt to meet market demands, its investment team will also dissolve two current fund offerings; the Diversified Income Fund and Global Real Asset Fund, delivering more capacity to pursue its new strategies.

Milford was formed in New Zealand in 2003, by an experienced group of investors who recognised the need for a company that provided locals with a world-class investment partnership. Building on its success, the Sydney office opened in 2014, and Milford now also has offices in Melbourne and Brisbane, servicing Advisers across Australia.

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Murray Pell, Head of Wholesale Distribution, has joined the Australian team from Macquarie Bank, where he was responsible for building and executing the national key account strategy across platform, managed accounts and cash management.

Brad Mackay will be joining the company as a Regional Manager for Queensland from Centrepoint Alliance group bringing 25 years of financial services experience across investment divisions in NAB, MLC and Zurich. Mackay is also a long-standing member of the Financial Planning Association of Australia and a member of Philanthropy Australia.

Milford’s Queensland presence will also benefit from the addition of Rachael Satchell as Business Development Manager. Rachael joins with more than 15 years of financial services experience most recently with distribution roles with Praemium and Asteron Life.

Commenting on the appointments, Milford’s Head of Australian Business, Kristine Brooks, said: “Continued delivery of strong returns is leading to increased inflows and interest, and a requirement to build out our award-winning team. The appointment of Murray, Brad and Rachael will allow us to uphold our excellence in client service and engagement, while building on our offering and products for the benefit of Australian investors.” Kristine Brooks added, “With further appointments in the pipeline, we believe we have the team to support the adviser community right across Australia.” 

Milford Asset Management, an award-winning Trans-Tasman fund manager, currently has more than AUD $12 billion of funds under management and its award-winning team takes a specialist approach to investing, combining top-down macro insights with bottom-up fundamental research. Milford serves a wide range of clients, including over 60,000 direct investors and financial advisers across both Australia and New Zealand.

Last year Milford was recognised as the recipient of the Australian Equities – Alternative Strategies Fund of the Year Award at the 2020 Zenith Fund Awards and this year the Milford Dynamic Fund is a Finalist in the Emerging Manager category in the upcoming Money Management Fund Manager of the Year Awards.

The Milford Australian Absolute Growth Fund aims to generate investment returns 5% higher than the RBA cash rate over rolling three-year periods by investing in a portfolio of predominately Australian equities, complemented by selective exposure to international equities and cash. The Fund has achieved an 8.84% return per annum since inception in 2017 compared to a 6.12% return per annum from the Fund’s benchmark and a 4.80% return per annum from the S&P/ASX200 (TR) Index.

Milford’s more aggressive Dynamic Fund navigated the Covid related market volatility with a 59.99% one-year return, exceeding its benchmark by 7.83%.

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The Holistic Adviser Wellbeing Toolkit is comprised of two parts:

• 1. My Wellbeing Hub
  2. CPD-accredited training modules hosted on _Zone, the new on-demand financial adviser learning platform. These are the first modules focussed on mental health within _Zone.

My Wellbeing Hub is a brand-new, purpose-built website with tools and resources that can be accessed by anyone at any time, although it has particularly been designed for Zurich and OnePath Life customers, distribution partners and communities.  Its curated and regularly updated resources consider:

• Mental wellbeing: ways to manage mental health, stress, and sleep.
• Nutrition and fitness: tips for healthy living.
• Community: health and wellness organisations.
• Tools and support: links to financial adviser support resources from AFA Care and FPA Wellbeing, as well as national support services such as R U OK?, Lifeline and Beyond Blue.

The Holistic Adviser Toolkit was developed in collaboration with a cross-industry working group borne out of the Zurich Leaders Forums in late 2019. The working group was established to help fight the rising levels of mental ill-health amongst financial advisers, setting out to provide greater guidance and better coordination of resources to help advisers take care of their wellbeing. Feedback from the industry also showed that advisers wanted tools and support to provide industry-leading care, understanding and coaching for their clients and teams.

The working group included: Philip Kewin, CEO Association of Financial Advisers (AFA); Dante De Gori, CEO Financial Planning Association; Nettie Handley, Consultant at Bombora Advice; and Aaron Williams, CEO and co-founder of Mindstar – alongside Zurich Life & Investments’ Kristine Brooks, Chief Distribution Officer, Tim Atley, Head of Strategic Account Management, and Maria Falas, Head of Mental Health & Wellness.

Maria Falas, Zurich and OnePath Life’s Head of Mental Health & Wellness, said, “We’re very proud to be working in collaboration with the industry and our community partners to provide tools, resources and training to help advisers understand and manage their mental wellbeing, and to support customers in the same pursuit. Our ability to support each other as a community is needed like never before, and Zurich and OnePath Life will continue to take an active role in helping to address this pressing issue in all of our communities of influence.”

Philip Kewin, CEO, Association of Financial Advisers (AFA), said, “At a time when financial advisers are providing such valuable service and support to their clients to ease their emotional and financial burden, it is so important for they themselves to have access to tools and support to look after their own wellbeing.”

The Holistic Adviser Wellbeing Toolkit is another initiative within Zurich’s multi-faceted MindFIT program, which was established four years ago to support greater understanding and positive mental wellbeing for its employees, customers, distribution partners, and communities.

Its content enclosed draws upon the resources and expertise from Zurich and OnePath Life’s network of mental health community programs, partners and key industry bodies. This includes SuperFriend; Tackle Your Feelings, a community program for AFL clubs and coaches; and Mr Perfect, which encourages conversations and connections through informal BBQs across Australia.

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AFA CEO, Philip Kewin said the Award, which is now in its 16th year, recognises extraordinary and visionary individual advisers. “The Award celebrates the qualities of leadership, innovation, client-centricity and commitment to professional excellence. The finalists for this year’s Award have proven themselves to be true leaders of our profession.”

Zurich Chief Distribution Officer, Life & Investments, Kristine Brooks, said the financial advice landscape has undergone significant changes that will be felt for many years and this year’s finalists are an exemplary illustration of advisers who are able to embrace the simultaneous forces of industry and regulatory change, and thrive and grow with the shifting needs of their clients.

“In today’s landscape the ability to demonstrate the value that quality financial advice can play in shaping and protecting the lives of Australian families has never been more important. Their leadership and ideologies can forge a path forward for their peers, as we embark on a united journey towards professional standards.”

The 2019 AFA Adviser of the Year Award finalists are:

• Simone Du Chesne: EQWealth
• Joseph Hoe: Wealthwise
• Elliot Watson: Elliot Watson Financial Planning

The AFA 2019 Adviser of the Year, which has been supported by Zurich since inception, will be announced on 29 August 2019 at the Gala Dinner held during the AFA Conference in Adelaide.

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Niall McConville

The Association of Financial Advisers (AFA) and its partners have much pleasure in calling for nominations for the AFA’s five awards, including the AFA Adviser of the Year and the AFA Practice of the Year, supported by Zurich; the AFA Rising Star, supported by OnePath; the AFA Female Excellence in Advice, supported by TAL and the AFA Excellence in Education, supported by Asteron Life.

AFA CEO, Philip Kewin said the AFA awards champion excellence, diversity, innovation and education by:

•   recognising the innovative leaders in advice
•   acknowledging the visionary and innovative practices
•   rewarding outstanding female leaders in advice
•   applauding the brightest new talent in advice
• commending those who are committed to pursuing higher professional standards by furthering their education

“We are looking for people within our profession who will be the foundation block of the stronger, more rigorous profession that we are all committed to building,” Mr Kewin said. “Winners will be those people who demonstrate that they are setting an uncompromising standard of excellence that has earned them the trust and confidence of the community.”

Kristine Brooks, Chief Distribution Officer, Zurich Life & Investments, said “Zurich is known for its longstanding commitment to life insurance advice and the professionals who provide it.  Championed by Zurich for 17 years, the AFA Adviser of the Year and the AFA Practice of the Year Awards recognise outstanding individuals and businesses in advice and celebrate qualities of leadership, innovation, customer-centricity and commitment to professional excellence. Our ongoing support of these awards celebrates and promotes best practice in financial advice and is one of the significant ways we help support a vibrant and respected advice profession.”

Commenting on the AFA and TAL Female Excellence in Advice Award, TAL General Manager, Retail Distribution, Niall McConville, said, “We are delighted to be long-term supporters of this Award since 2011. We believe the Award continues to be an important influence in generating awareness around the need for more diversity within the profession itself while also addressing the under-representation of women seeking financial advice. The calibre of entrants to the Award continues to rise, and we look forward to seeing the achievements and community impact of all the participants this year.”

Natalie Jarvis, Head of Strategic Accounts and Sales Strategy at OnePath said, “This is OnePath/ANZ’s 15th year of proudly partnering with the AFA to recognise emerging talent in the financial advice industry. In this time of unprecedented industry change it’s important that we continue to recognise talented professionals joining the industry and support them in their personal and professional development via the AFA Rising Star award.”

Speaking about the AFA Excellence in Education Award, Daniel Waller, Head of Wealth and Life Intermediaries at Asteron Life said, “We’re passionate about education as a way to enhance advice quality and improve client outcomes as well as to build trust within our industry. It’s why we’re delighted to be supporting the AFA Excellence in Education Award. Now more than ever, the community, our industry and advisers are recognising the transformative power of education in advice. With a growing focus on better client outcomes and stronger professionalism, I think we’ll continue to see education being integral to enhancing our industry’s reputation and improving the quality of advice.”

Nominations for all AFA awards are now open and can be made via the following links:

• AFA Adviser of the Year and AFA Practice of the Year supported by Zurich
• AFA Rising Star supported by OnePath
• AFA Female Excellence in Advice supported by TAL
• AFA Excellence in Education supported by Asteron Life

Winners will be announced on 29 August 2019, at the Gala Dinner held during the AFA National Adviser Conference in Adelaide.

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Kristine Brooks

Zurich Financial Services Australia (Zurich) has announced details of a major revamp of its life insurance offering.

The first Zurich update for 2017 is designed to introduce more choice, value and quality into its range, with highlights including Term and TPD rate reductions, a simpler and more significant SmartValue bundling discount and significant enhancements to the flagship Wealth Protection suite.

Product enhancements include a fresh approach to Total and Permanent Disablement (TPD), with the introduction of new non-occupation based assessment criteria, and a more flexible super optimiser facility.

In previewing the changes, Kristine Brooks, Head of Distribution for Zurich’s Life and Investments business said Zurich was excited to be delivering on its promise to bring to market a ‘best of breed’ offering, through its first major product update since acquiring the Macquarie Life risk business last October.

“This update is the culmination of many months of working with advisers, determining how we could best equip them to succeed in a rapidly changing marketplace,” said Ms Brooks.

“Affordability and value for money repeatedly came across as top priorities, and so we are pleased to be able to support advisers with generous Term and TPD rate reductions, along with a much simplified and easier to qualify for SmartValue bundling discount.

“There are also a number of product improvements which will enhance the quality and flexibility of our offering.

“Plus, under Zurich’s upgrade guarantee, improved trauma definitions are being passed back to all existing Wealth Protection customers, giving them increased confidence that their cover is the most up-to-date available.

“Our on-sale range now includes our flagship Wealth protection offering, the severity based Active solution, and Sumo, our VIP offering for high net worth clients, providing advisers more ways to truly tailor their advice to the needs of their clients,” said Ms Brooks.

More detail on the enhancements is available at Zurich.com.au/matchfit

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Nathan Taggart has been promoted to the role of Head of Strategic Development and joins the Distribution Leadership team, reporting to Zurich Life and Investments’ Head of Distribution Kristine Brooks.

New appointments include eight Business Development Managers and one Strategic Accounts Manager, based across New South Wales, Victoria, Queensland and Western Australia.

• In New South Wales: Annqua Murray and James O’Dwyer join as Business Development Managers, and Liz Versace joins as a Business Support Officer.
• In Queensland: Tanya Woolnough joins as Business Development Manager.
• In Victoria: Emily Cossignani and Andrew Roberts join as Business Development Managers, while Sarah Nichols has been promoted to the same role.
• Tim Atley joins as Strategic Accounts Manager and Heena Mulchandani joins as a Business Development Associate, both reporting to the Strategic Development team.
• In Western Australia: Richard Burton and Steve Coyle join as Business Development Managers.

Ms Brooks said the appointments follow Zurich’s recent acquisition of Macquarie Life and the securing of several important new distribution relationships.

“This investment in the size of our team allows us to fully support our growing network of IFA and bank-aligned partners. It comes at a point in time when it’s critical that we as an industry educate as many Australians as possible about the important role of life insurance, and do all we can to ensure as many Australians as possible are properly protected,” Ms Brooks said.

“I’m very excited to welcome these talented people to our award-winning BDM team. It’s a reflection ofin the market opportunity we see across the country and means we have more firepower to support our advisers and licensee partners to grow their practices and focus on delivering fantastic financial advice to help protect and grow the wealth of Australians,” Ms Brooks added.

The appointments come prior to Zurich revamping and refreshing its product proposition in 2017, and more fully integrating the products acquired through the Macquarie Life acquisition in October 2016.

Key experience

New South Wales

• Nathan Taggart joined Zurich in 2013 after five years at BT Financial Group and previously Aviva Australia. He has held a range of distribution and advice roles.
• Annqua Murray has worked at TAL and AIA and previously was based in South Africa.
• James O’Dwyer has extensive Advice experience.
• Liz Versace joins from OnePath.

Queensland

• Tanya Woolnough joins from AMP and her financial services career spans 15 years of product and business development management in the QLD market.

Victoria

• Emily Cossignani has over ten years’ experience managing key relationships in Victoria and Tasmania and joins from AIA Australia, where she held BDA and BSO roles.
• Sarah Nichols joined Zurich’s General Insurance division five years ago before moving to Life Risk in early 2014, moving through BDO and BDA roles since.
• Andrew Roberts joins Zurich from the role of National Insurance Manager at NAB Financial Planning. He played an integral role in the expansion of NAB Financial Planning APL and Zurich product accreditation of 480 NAB advisers. He was previously National Training Manager for IRESS.
• Tim Atley has joined from Lifebroker, where he was Head of Sales & Operations. He has previously held roles at ANZ FP, iSelect and NAB. Tim joins Zurich’s national Strategic Accounts team, managing ongoing relationships with current dealer group partners, and is Melbourne-based.
• Heena Mulchandani joins Zurich from a paraplanning role at Salt Financial Group – Securitor

Western Australia

• Richard Burton joins the WA team from Westpac Group’s mortgage broking team and has over 17 years’ finance industry experience.
• Steve Coyle joins the WA team in the role of Business Development Manager, most recently running his own financial planning business. Previously he was State Manager for Guardian Financial Planning dealer group, and held roles with NAB and AMP.

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Kristine Brooks

Financial advisers believe improved consumer financial literacy is key to enhancing the reputation of their profession, and see themselves as being primarily responsible for driving that improvement.

These are two of the headline findings from a recent survey of advisers conducted by Lewers Research on behalf of Zurich Financial Services Australia Limited (Zurich).

The same survey also found that advisers believe pro-advice messages from the industry– including institutions and professional associations – are likely to lack credibility with consumers, and believe that endorsements from colleagues, family and friends are more effective.

The random survey of 227 advisers active in the life advice sector sought to examine adviser attitudes towards consumer financial literacy, including the role that education plays in the advice process and the methods used improve financial knowledge.

Of those surveyed, 93.4 percent agreed that customers who were more financially literate were “more likely to understand, value and accept” the advice they were given, compared to just 6.6 percent who felt more financially literate clients were more likely to self-serve.

Along similar lines, 87 percent agreed that improved literacy would directly and positively impact the reputation of the financial advice profession.

When asked specifically about who held primary responsibility for improving life insurance literacy, almost half (49.8%) said it was advisers themselves, with 46.3 percent believing the responsibility should be shared between advisers and life insurers. Only 1.3 percent responded that the government should be primarily responsible.

Zurich’s Head of Distribution for Life and Investments, Kristine Brooks, said the findings show it is clear that most advisers understand that more financially savvy clients are more likely to place a high value on professional advice and actively seek it out.

“Rather than encouraging people to self-serve, high levels of financial literacy can actually help reinforce clients’ appreciation of the value of advice, encourage deeper relationships, and increase loyalty and advocacy for their own adviser and for the advice profession generally”, said Brooks.

When asked about the most credible source for pro-advice messages, 56.4 percent of those surveyed said consumers were more likely to trust and pay attention to messages from a relative, friend or colleague, and 11.4 percent said such messages would be most credible if delivered by advisers themselves. Messages from institutions (4%) and professional associations (3.1%) were seen as the least credible. Client testimonials were also seen as ineffective (4%).

“In this context, the research is telling us that the best and most effective people to promote financial advice are existing advice customers, and the more financially educated they are, the more likely they are to be advice advocates”, Ms Brooks said.

“It does invite the question whether, in our quest to see more Australians access quality financial advice, we should be doing more to leverage the advocacy of the 20 percent who already use an adviser, rather than focussing primarily on the 80 percent who don’t.

“It can be argued that, based on these finding, our industry should devote an equal amount of effort to making advocates of existing customers by helping them better understand the advice and underlying product solutions recommended to them.”

Zurich’s research also offers clues as to how client education could be improved. The findings show that only one third (35.7%) of advisers are using multimedia educational resources such as online tools, apps and videos with their clients.

“Tapping into the power of video and other interactive educational resources can create a more engaging and contemporary client experience and is also more likely to improve the effectiveness of adviser efforts to impart their knowledge and wisdom”, said Ms Brooks.

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Kristine Brooks

Vision, leadership, excellence. These are the inherent qualities the AFA Adviser and Practice of the Year Award winners have embodied for more than a decade. And as the proud foundation sponsor, Zurich is once again partnering with the AFA to recognise and reward those exceptional advisers whose innovative thinking, customer-centricity, leadership and commitment to higher purpose help take the professionalism of our industry to new heights.

Zurich’s longstanding support of these awards is part of our commitment to celebrating and promoting best practice in financial advice and is one of the significant ways we help support advisers.

The awards have come to symbolise a pioneering spirit and the highest professional standards. Previous winners and finalists are now regarded as being the best – and most trusted – advice practitioners in Australia.

“What we would like to see is that this competition becomes the ‘Olympics of advice’ and that all of the very best of the best come together and explore who will actually take out the award for being the number one adviser, and the number one practice in the industry.” – Kristine Brooks, Zurich Head of Retail Distribution, 2016 AFA Adviser and Practice of the Year judge.

Applications for the 2016 awards close on Friday 22 July 2016. To find out more about the award and to apply – or nominate another exceptional adviser click here

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