Richard Dunkerley

Madden & Assoc. has announced the appointment of communications and marketing legend Richard Dunkerley as Senior Content Strategist, bolstering the delivery of high-value thought leadership, narrative-driven content and strategic counsel to clients across the financial, wealth management and corporate sectors.

Richard will work alongside the Madden team to help clients develop industry-leading strategy, creative content, and brand messaging. Richard brings more than two decades of experience across the country’s wealth and finance sector, where he has helped some of Australia’s leading firms strengthen their reputations and grow market share. His career includes senior leadership roles at financial adviser community Ensombl as Chief Marketing Officer & Director of Content, and at Zurich Financial Services as Head of Marketing, Communications and Government Relations.

Bruce Madden, Executive Director, Madden & Assoc. said: “Richard is one of our industry’s sharpest creative minds with deep understanding of the Australian financial services sector. His ability to combine deep technical knowledge with strategy and content in an invaluable asset to our clients.

“Importantly, Richard has worked in senior roles on the buy-side of agency work. His firsthand experience in global corporate marketing and product development makes him an ideal resource for clients seeking strategic cut-though from an agency able to walk in their shoes, juggling competing priorities, multi-channel execution and greater value from their earned and paid campaigns”

Commenting on the role, Richard Dunkerley said, “Over my career, I’ve seen how powerful clear, credible storytelling can be in financial services. The Madden & Assoc. team have built a reputation for delivering quality outcomes and smart strategic thinking. Joining forces in a collaborative capacity provides a valuable opportunity to combine our experience and insight to help businesses connect with their audiences, differentiate in the market and amplify their voice with real impact.”

Richard added, “Now more than ever, authentic storytelling and having a genuine voice set people apart. I’m looking forward to supporting Madden in delivering brand messaging and communications that truly reflect who clients are and what they stand for.”

The partnership reinforces Madden & Assoc.’s focus on delivering intelligent, insight-driven communications and deep financial services expertise to help clients stand out in competitive markets.

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Richard Dunkerley

Financial advisers have an opportunity to elevate their services into that of ‘financial coach,’ making themselves as relevant to their clients as other lifestyle professionals, according to a new whitepaper by Zurich Life & Investments.

BusinessFIT: Navigating toward the advice practice of tomorrow, launched yesterday, is based on findings of a workshop which included some of the industry’s most progressive and successful thought-leaders. It considers the fundamental characteristics of prosperous advice practices over the medium-long term, to 2020 and 2025. This is in the face of changing consumer demographics and demands, increasing industry regulation and advancing technologies.

The four main recommendations are:

1. Advisers need to consider how to shift their service from one of ‘technical specialist’ to one of financial lifestyle coach, relating money and wealth goals to their clients’ lifestyle aspirations, objectives and passions. This becomes particularly important as the values of target audiences change, appreciating experiences as well as things, for example. This trend is becoming more common in Millennials who are being forced to rethink home-ownership as the great Australian dream, and Baby-Boomers who are looking to enjoy their retirement with greater health, hobbies and travel.
2. Advisers need powerful back office technologies to support increasing regulatory demands. Ever-increasing regulatory requirements and greater demands for transparency means that successful advice practices will have no choice but to invest in technologies that can automate reporting. Those practices can install the right technologies – within their businesses and through their dealer groups – to efficiently support these administrative requirements, will also be able to dedicate more focus to client consultations and outcomes.
3. Clients will still demand the ‘human touch,’ but emerging automated technologies can play an important technical role. Artificial intelligence and robo-advice, amongst other emerging technologies, may be able to model portfolios much more quickly than an individual financial adviser, and so they have the potential to play an important role. This will not, however, supersede the human relationship between financial coach and client – the building of trust and relationship, emotional intelligence and the translation of lifestyle aspirations into monetary and wealth goals.
4. Consider scalable digital solutions to keep in touch with ‘roaming’ clients, facilitating ongoing communication from wherever they are located. Beyond the ‘human touch’ of a face-to-face appointment, this involves having tools that clients can engage with whilst they are on the go. This might include an app that provides real-time updates on their portfolios, but also let’s them scenario plan, seeing the potential impact should they save or invest more money each month, or change their investment ratios or strategy. By private-labelling basic financial apps, advisers can give clients the opportunity to be as hands-on or hands-off with their money as they please, while still having the trust and personal guidance of a professional financial lifestyle coach to build a wealth strategy in line with their life aspirations.

Zurich’s BusinessFIT whitepaper was developed with the input of workshop participants including Jessica Brady from BT Financial Group, David Clark from Koda Capital, Tim Deamer from Crosbie Wealth, Peita Diamantidis from Caboodle Financial Services, Matt Heine from NetWealth, and Adrian Patty from AP Financial Services, along with futurist Anders Sörman-Nilsson.

In summing up one of the main recommendations, Peita Diamantidis, said, “Our industry can be under a misnomer that money is the point for clients, when it’s not; lifestyle is. There is a great opportunity to change the way we’re approaching financial planning to relate it in terms of dreams, hopes, motivation, inspiration.”

Tim Deamer, Director, Crosbie Wealth Management said, “Clients want to be excited about their financial futures. The sale of a product is irrelevant to them. Having tools that they can engage with are important, so when they interact with their adviser, they feel as though they are being supported on their journey.”

This research is the latest in a series sponsored by Zurich which is dedicated to supporting the continued success of the financial advice industry in Australia.

Richard Dunkerley, Head of Marketing and Communications at Zurich Life & Investments, said, “In the face of increasing regulation and ongoing pressure on the advice industry, we wanted to bring together some of the industry’s best minds to consider what opportunities there were for advisers servicing some clients through their retirement, but also engaging the next generation – the lucrative but relatively un-tapped Millennial market.

“What became clear – in considering changing lifestyles and demographics – was that people still value money and wealth, but as an enabler to reaching other goals, and this provides an opportunity for advisers. The role of technology is also crucial – both for reducing the administrative burden of reporting and regulation, but also to service clients in between appointments, and from wherever they may be based.

“Harnessing evolving technology, and speaking to clients in values-based terms, offer exciting opportunity, according to our think tank of thought-leaders,” he said.

Download a full copy of the research – BusinessFIT: Navigating toward the advice practice of tomorrow

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Richard Dunkerley

Zurich Financial Services Australia (Zurich) has partnered with global trend spotting network TrendWatching to provide cutting edge insights into the seismic shifts in society and technology that will reshape the financial advice landscape.

In a new series of video podcasts filmed exclusively for Zurich, Mr David Mattin – Head of Trends & Insights at TrendWatching – discusses the megatrends that will present the most challenges and opportunities for Australian financial advisers in the coming years.

Complementing the new podcast series is a 60 page report #TRENDING, a comprehensive analysis of 13 major trends likely to redefine the ways we work, live and communicate. The indepth examination of each trend includes the drivers behind each trend and examples of it in action, as well as the longer term implications for financial advice. Each chapter concludes with a list of practical tips for advisers seeking to leverage that trend.

Trends examined include the transition of Bitcoin from fringe concept to safe haven currency, the impact of rising consumerism, and the ways wearable technology will revolutionise financial services.

Mr Richard Dunkerley, Head of Marketing and Communications for Zurich’s Life and Investments business, said the purpose of partnership with TrendWatching was to help advisers identify and take advantage of the longer term trends that will truly disrupt the financial advice landscape.

“Advisers are dealing with a lot of change right now, especially those active in the life insurance sector who are preparing for the proposed new Life Insurance Framework (LIF).

“But as significant as the proposed LIF changes are, there are more fundamental shifts afoot that will have a far greater impact on advisers and advice customers.

“The rise of the robot for example will impact not only the delivery of advice but will completely reshape the nature of our workforce and our economy, with hundreds of thousands of jobs likely to be replaced in the next 10 or 15 years. The leading advisers are those who already have this type of disruption on their radar and are exploring how to best position themselves for it”, he said.

#TRENDING are available directly from Zurich Life & Investments or download a copy here.

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Richard Dunkerley

Zurich Financial Services Australia (Zurich) is proud to have been honoured with the “Big Thinking Award” at the Financial Services Council’s prestigious Life Insurance Awards for 2015 on Wednesday night.

Head of Marketing and Communications, Mr. Richard Dunkerley, was recognised for his role in commissioning and co-authoring the ‘Designing the Future’ study, conducted on behalf of Zurich by Melbourne-based research consultancy, The Beddoes Institute.

The study, the most comprehensive of its kind, surveyed more than 300 advice businesses and 3,000 end-customers. It sets out a retrospective analysis as to how advisers ran their businesses from 2012 – 2014, considering components like finance and operations, marketing and client acquisition, and customer satisfaction; and presents a future view into their intentions as they set their businesses up for sustainable profitability and success.

One of the key findings of the research was despite the climate of uncertainty and recent reputational impact to the financial advice industry, there are exceptionally high rates of satisfaction and advocacy from clients of financial advisers, with the 2014 Practice Net Promoter Score (NPS) an impressive +65.

Mr. Dunkerley said, “Given the change occurring within the financial advice industry currently, we think it’s particularly important to champion and advocate for best-practice amongst advisers.  Our Designing the Future study was one way we can share knowledge about the professionalism inherent in much of the industry.  It also sheds light on how client-oriented many practices are and intend to be in terms of their innovation agenda for 2015 and beyond.”

It is the second consecutive year that Zurich has been honoured with this award.  Last year, the organisation was recognised for its research whitepaper, “Australians and life insurance: misinformed, misinsured?”

Both of these research papers are a foundational component of Zurich’s ‘Success by Design’ program, which includes tools and resources for advisers on a range of topics relating to best-practice business management and client engagement tools.

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Richard Dunkerley

Customer communication, marketing and financial management will dominate the financial adviser innovation agenda during 2015, according to research released by Zurich Financial Services Australia (Zurich) in Sydney yesterday.

In an industry first, the ‘Designing the Future’ study, conducted on behalf of Zurich by Melbourne-based research consultancy The Beddoes Institute, analyses trends of the past, reviews the present and anticipates the needs of advice businesses in the future. The paper examines advice sector trends in finance and operations, marketing and client acquisition and customer satisfaction, as well as innovation priorities for 2015.

Representing the most comprehensive analysis of its kind, the Designing the Future study also revealed that – despite ongoing negative media coverage of the financial advice profession – customers of leading advice practices are increasingly satisfied with their advisers, rating them highly in key criteria including trust, customer focus and value for money.

As practice efficiency becomes a key focus for advisers around Australia, nearly 300 advice businesses were asked to self-assess their capabilities across six key business drivers, and identify those that were their immediate priority for innovation and development during 2015.

Amongst the highest priority gaps to be addressed by respondents was customer communication, which 66 per cent indicated as an innovation priority within the next three months and 91 per cent indicated as a priority within the next six months. Other key focus areas include financial management (68 per cent focus within three months and 89 per cent within six months) and financial management and tracking, which 54 per cent of practices identified as a three month priority and 85 per cent as a six month priority.

Speaking at the launch of the research findings, Mr. Richard Dunkerley, Head of Marketing and Communications for Zurich’s Life and Investments business, said the study revealed that advisers were responding to challenging market conditions by proactively improving their ability to attract new customers, delivering an improved experience to their existing ones, and becoming better business managers.

“Advisers are becoming smarter, more efficient and more customer-centric, and to the extent that the accessibility of advice relies on a vibrant, growing advice sector, the research findings are also a positive outcome for consumers,” he said.

Dr. Adam Tucker, Director of the Beddoes Institute and co-author of the study, said that exceptionally high rates of satisfaction and advocacy amongst the 3,000 advice customers surveyed was another notable finding of the research, with the 2014 Practice Net Promoter Score (NPS) an impressive +65.

“The NPS methodology is used widely across many industries and by companies of all sizes; financial services brands generally struggle to rate above twenty, so an NPS above sixty really does prove that experience of actual advice customers is at odds with some reported community perceptions,” said Dr. Tucker.

Despite the encouraging results, there remain several areas of capability gap requiring more focus from advisers.

“People management and mobile presence are two success drivers which are probably underestimated by advisers, and which still aren’t receiving the attention they should from practice owners,” said Mr. Dunkerley.

“Twenty per cent of respondents said they had no plans to mobile optimise their website, a staggering outcome considering that the majority of traffic to adviser websites is now via mobile devices,” he said.

Commenting on the methodology behind the research Dr. Tucker said it was unique within the industry, not just because of its breadth and depth, but because of the way the data has been segmented by three drivers; the Net Promoter Score, growth and profit.

“The design of the survey allows advisers to decide which of these three goals they are prioritising and then focus on the relevant drivers of that goal”’ said Dr. Tucker.

“Ultimately we believe Designing the Future can act as a blueprint for advisers and practices seeking to emulate the best, and should give advisers confidence that their customer focus is recognised, appreciated and proven to drive long-term business success”, he said.

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Richard Dunkerley

According to a recent survey, Australian financial advisers continue to prefer Apple branded mobile devices to Samsung, by a ratio of more than three to one, although many are considering switching brands when they purchase their next device.

The survey of 200 Australian financial advisers, conducted on behalf of Zurich Financial Services Australia (Zurich) by Beaton Research and Consulting, found that 57.5% of advisers own Apple mobile devices, compared to16.5% owning Samsung.

On the subject of switching intentions, the survey found owners of each brand equally loyal, with 6.9% of Apple owners indicating their next device would be a Samsung and 6.1% of current Samsung owners indicating they would be switching to the iOS platform for their next device purchase.

According to Richard Dunkerley, Head of Marketing for Zurich’s Life and Investments business, the result shows that advisers are looking beyond the main brands for their mobile needs.

“When we did this survey two years ago, it was an Apple dominated landscape, accounting for 80% of tablets and a little over 60% of smartphones, “said Mr Dunkerley.

“We are now clearly trending towards a more even split between those who prefer iOS and those who prefer the Android operating systems, and whilst Samsung is still the standout amongst Android supporting devices we are seeing brands like HTC also attracting users,” he said.

“Advisers have proved to be early adopters of technology, and with the iWatch slated for release early next year, it is likely smartwatches will become the next device category to attract their attention.”

The full survey of social media and mobile device usage amongst Australian financial advisers is available on request.

Notes:

1. Beaton Pulse Survey of 200 active financial advisers, conducted on behalf of Zurich, September 2014, Beaton Research and Consulting.

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Richard Dunkerley

The number of financial advisers using mobile tablets as client engagement tools has quadrupled in just over two years, and one in ten advisers are active users of the rapidly growing Instagram platform.

These are the headline findings of the latest survey into usage of social media and mobile technology by Australian financial advisers.

The survey, conducted by Beaton Research and Consulting on behalf of Zurich Financial Services Australia Limited (Zurich), and the only survey of its kind, also found adviser usage of the main social media platforms has grown significantly, however a substantial proportion of advisers were still choosing not to incorporate social media into their client communication strategies.

The usage by tablet devices as a client engagement tool by financial advisers has increased significantly since this was last measured in 2012. According to the survey, 31% of advisers are now using mobile tablets with clients, compared to just 7% two years ago.

According to Mr Richard Dunkerley, Zurich’s Head of Marketing, Life and Investments, the increasing popularity of video is likely to be a key driver of this increase.

“We know from the popularity of our own YouTube channel that video is increasingly a preferred medium for advisers to demonstrate complex concepts to clients,’ he said.

“This is reinforced by our most recent survey, where advisers identified viewing online content and videos amongst the main reasons for using a tablet device in a client context.”

In terms of social media usage, LinkedIn, Skype and YouTube are the dominant platforms with advisers, with 61 per cent, 30.5 per cent and 19.5 per cent respectively using these platforms within their business. Overall usage (including non-business use of these platforms has also grown strongly since 2012, with LinkedIn increasing from 39.9 per cent to 65 per cent, Skype usage up from 33.9 per cent to 46 per cent, and YouTube up from 27.8% to 45.5 per cent.

The most significant growth however has been seen in usage of twitter, which increased by almost 80% since the previous survey, from 10.3 per cent to 18.5%. One in eight advisers said they were now using twitter as part of their client communication mix.

Notwithstanding the increasing role played by social media in client communication strategies, around one third of all advisers remain unconvinced, with lack of time and privacy concerns amongst the most common objections.

Alarmingly, when asked to estimate the proportion of their clients using social media, almost one quarter of those surveyed were unable to do so.

“Knowing your client shouldn’t just be about a financial fact find, it should be about understanding their service and communication preferences too, “said Mr Dunkerley.

“As demonstrated in our joint AFA/Beddoes whitepaper – Connecting with Clients – tailoring communication channels to client preferences is a key driver of client satisfaction and loyalty.

“Whilst social channels are not suited to every client in every situation, it is clear that an increasing number of consumers do prefer such channels, and whilst this is largely correlated with age it is not always the case; the starting point should always be to ask your clients, rather than make assumptions,” he said.

A full copy of the survey is available on request.

Notes:

1. Beaton Pulse Survey of 200 active financial advisers, conducted on behalf of Zurich, September 2014, Beaton Research and Consulting.
2. ‘Connecting with clients’, Association of Financial Advisers, Beddoes Institute and Zurich whitepaper, October 2013.

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Richard Dunkerley

Zurich yesterday released new research showing many Australians have misperceptions about their life insurance, exposing them to a “mis-insurance” gap, the consequences of which may be equally as damaging as an under-insurance gap.

Others are simply mis-informed about the purpose of life risk insurance and so are either uninsured or believe (often incorrectly) they have appropriate cover in place.

Called “Misinformed, Misinsured?” the research polled 394 employed Australians and set out to pinpoint whether or not people properly understand what they are and are not covered for through their superannuation-based life insurance, and the extent to which this aligns with their own stated risk priorities.

For example, do Australians understand the purpose and underlying terms of their TPD (Total & Permanent Disability) insurance? Is Income Protection insurance going to help if I am retrenched? Does a Life insurance policy cover me for a visit to the dentist?

Mr. Richard Dunkerley, Head of Marketing for Zurich’s Life and Investments business, said the research exposed a significant knowledge gap, again illustrating the important role for education and advice.

“Zurich is a longstanding champion of increasing the quality and accessibility of financial advice and education. The research findings are a timely reminder for consumers to become better acquainted with the detail of their policies, ideally by seeking qualified advice, to help avoid the downside consequences of the ‘mis-insurance’ gap,” he said.

“Every individual is different. Insurance cover ideally would match the specific needs of each individual, so it is important that people understand whether or not their ‘default’ insurance option delivers appropriate outcomes matched to their precise needs in the event of a claim”.

Zurich uncovered a number of findings that highlight the potential mis-insurance gap. These include:

• Of those who are covered by their superannuation group life policy, a number wrongly believed they were covered for traumatic illness (11%), hospital expenses (7%), retrenchment (6%) and even dental and optical costs (5%).
• A lack of awareness of Income Protection insurance (sum insured and waiting period) also revealed significant misunderstanding amongst the polled group. Less than a quarter were aware of the amount they were covered for and just 15% correctly identified the waiting period (the time lapse between a claim being made and payments beginning).
• A majority (38%) of poll respondents said they would only survive financially, for just one month before needing to sell assets if personal illness or injury prevented them from working and earning an income.
• Almost 80% of those surveyed said they had never conducted an analysis of their own life insurance needs.

“The results further indicate the need for a more comprehensive program of literacy regarding life insurance to raise the general level of education and understanding amongst Australians,” Mr. Dunkerley said.

“There is a duty of care on all participants within the superannuation, advice and insurance sector to do more to educate consumers at every turn,” he said.

“Zurich believes it is crucial for consumers to seek qualified advice or at a minimum self-educate to ensure appropriate expectations are in place in the event of a person’s death, accident or being prevented from working.”

Mr. Dunkerley said the opportunity was to build better alignment between risks prioritised and risks actually faced by an individual, and the amount and type of insurance cover in place, through that individual’s channel of choice.

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Richard Dunkerley

Zurich yesterday announced the launch of a communications mix simulator, designed to enable financial advisers to assess the effectiveness of their client communication strategy.

Designed in partnership with the Beddoes Institute, the net reach simulator is an interactive iPad app which calculates the effectiveness of a communications mix based on the generational profile of an adviser’s client base.

Based on research conducted with over 500 advice clients as part of the AFA Adviser of the Year judging process, the app enables advisers to quantify the efficacy of specific communication channels with different client generations, measured against criteria including reach and the impact on a client’s likelihood to refer and relationship strength.

Mr. Richard Dunkerley, Head of Marketing for Zurich’s Life & Investments business, said the power of the simulator lay in its simplicity of use and the variety of ways it could be applied to an adviser’s business.

“As well as quantifying the effectiveness of their current communications mix, the app also allows those advisers wishing to shift the profile of their client base, for example from Baby Boomers to Gen Y, to adjust their communications mix accordingly,” said Mr. Dunkerley.

“By simulating the impact on reach and relationship strength of adding a new channel, for example printed newsletters, the app allows advisers to make more informed decisions about whether the investment in that channel is warranted,” said Mr. Dunkerley.

AFA Adviser of the Year Jenny Brown has been involved in the beta testing of the simulator, and has already seen the value in putting her own practice under the microscope.

Ms Brown said “The simulator has broad applications across our business but has proved particularly valuable in tailoring a communications strategy for a new group of clients recently acquired from another business.

“It has also shown us which channels work best for events or campaigns with specific client segments, helping us maximise impact and minimise wastage”, Ms Brown said.

The release of the app coincides with the launch of Zurich’s Trax2Success roadshow, a national series of events showcasing practice management and business improvement insights from leading financial advisers and industry experts.

“As one of the last truly independent insurers in the market and a longstanding champion of advisers, we are committed to helping advisers create value for their customers, and this latest innovation is just another example of how we bring that commitment to life”, said Mr. Dunkerley.

The iPad version of the simulator is available exclusively from Zurich BDMs, with a desktop version available from the AFA.

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We highlight the trips and traps that await the unwary and provide you with information on how to arrive at appropriate decisions on where to house insurances for clients. The video has been produced mindful that some advisers might wish to use it in conjunction with client meetings.

http://youtube.com/watch?v=pcL9Xvl1OGg

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