Financial advisers should consider how their businesses could be refined with the innovations available to them rather than only focusing on further education and managing with lower commissions, according to Elixir Consulting.
The firm’s founder, Sue Viskovic, said advisers should look at what others were doing in their businesses and consider incorporating some of these ideas into their own businesses.
“This might mean attending an independent conference with speakers and delegates outside your usual circle of influence,” Viskovic said.
In her conversations with her clients, Viskovic noted that when advisers decided to change fundamental parts of their businesses such as portfolio management strategy or pricing models, they were apprehensive that their own clients would think they had been doing it “badly/wrong up until now”.
“When they process the thought, they realise that their clients actually expect it of them. They pay their adviser because they are on top of their game — they know more about the evolving financial landscape and how to manage their finances than they themselves do,” Viskovic said, adding that clients expect their advisers not to jump at the latest fad.
But she warned advisers to make changes efficiently as they would have to continue seeing clients and running their business while they undertake the “renovation”.
Advisers should also seek the appropriate counsel and follow the best process to understand how they can improve their business.
