…and THERE is a fabulous opportunity for today’s professional adviser.

If the majority of small business owners are struggling to make a decent living, and perhaps a third of those businesses are effectively at the point where they should be making hard decisions about whether to stay in business or not, then there is a significant opportunity for professional advisers to make a significant difference in clients lives.

How valuable would it be for these small business owners to get great advice in managing cash-flow better?  Or identifying and managing risks adequately?  Or handling tax planning effectively?

Generally only about 25% of small business owners are making a good living.

Financial advisers usually concentrate on helping individuals or families manage all of these issues, and generally do it well when they are covering the full financial planning spectrum for their clients.  Those same advisers are also business owners themselves dealing with the very issues that undermine their business clients ability to grow.  The combination of practical business management experience, technical expertise in financial planning, and superb coaching or facilitation skills provides the astute financial adviser with an exceptional ability to assist business owners to grow.

But most advisers don’t try to.

Of all the advisers that I know personally I can count on one hand the number who have realised that this opportunity exists, and are pursuing it.  The best example is one well qualified planner who does all of the things that every other financial planner does for individual clients, but in addition to that offers a business planning and mentoring service.

This involves the planner meeting with the clients monthly just to work on their business management skills and knowledge, and to provide accountability.  In many respects this could be viewed as a “consultancy” role, or perhaps an “advisory board” role, although the unique aspect is that this adviser is helping the client achieve their life goals through good financial planning as well as assisting the business to achieve its potential.  It is no bad thing that as the business does better and presents better income and equity growth for the client the planner himself has a growing personal client.

He handles about 6-8 business clients per year in this business advisory function, with the clients typically paying about $1,500 per month for the ongoing mentoring and advice.  That generates about another $120-140,000 in fee income for the planner each year on top of the usual financial planning work for personal clients.  That is also another half dozen extremely loyal clients created each year who have better businesses, more money and less stress.

That is a win for everyone involved.

The business opportunity for financial advisers is not specialising in a product area, or getting the longest list of qualifications possible, or anything similar. It is being a good business adviser.  Of course you do need to be a good business person yourself, and have the coaching skills and the technical competency to realise this opportunity, but shouldn’t all advisers have them anyway?

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The AMP Financial Planning Centre, officially opened by Parramatta Lord Mayor Paul Garrard and AMP CEO Craig Dunn, is expected to attract a broad customer base, offering a free initial consultation with one of the centre’s 16 financial planners to talk through their financial needs.

AMP Financial Planning Managing Director Michael Guggenheimer said the launch of AMP’s first walk in retail financial planning centre is part of AMP’s aim to make it easier for people to access quality financial advice.

“This is an opportunity for customers to have direct access to tailored advice based on their individual needs. It’s a one-stop-shop where customers can get the financial advice they need, whether it’s increasing their savings; protecting their income; maximising their super; owning their home or planning for their retirement.”

Mr Guggenheimer said that this new model had proven attractive to planners who wanted to make the transition to a self employed environment while also being supported by the AMP brand.

“We are providing planners with all the infrastructure and onsite support they need to run their business and provide convenient and quality financial advice to clients. Many planners have been attracted to this concept and the support the centre can offer them, and we expect to grow the numbers of planners available at the centre even further post its launch.”

The AMP Financial Planning Centre is located at 20 Smith Street, Parramatta in the financial hub of Western Sydney.

“At the geographic and demographic centre of the greater Sydney metropolitan area, Parramatta has gone through some exciting changes over the past few years and has grown into a full service business hub, making it a suitable market for us to grow our business,” Mr Guggenheimer added.

For more information on the AMP Financial Planning Centre visit the website at www.amp.com.au/fpp.

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