Consumer demand for quality financial advice will outstrip supply within five years, according to Zurich national manager, business development, Bob Ossey.
Speaking at a seminar for Garrisons advisers, Ossey said if financial advisers are prepared to reposition their businesses now, they will enter a “golden age” in financial planning.
“We are about to see a metamorphisis of what the community wants from a financial adviser,” Ossey said. “And the type of advisers consumers need won’t be avai
Consumer demand for quality financial advice will outstrip supply within five years, according to Zurich national manager, business development, Bob Ossey.
Speaking at a seminar for Garrisons advisers, Ossey said if financial advisers are prepared to reposition their businesses now, they will enter a “golden age” in financial planning.
“We are about to see a metamorphisis of what the community wants from a financial adviser,” Ossey said. “And the type of advisers consumers need won’t be available.”
But Ossey warned that while consumers are looking for advisers who will help them through their entire life span, they don’t care who that adviser is.
“The customer is becoming the centre of the universe,” he said. “And the customer doesn’t really care who you are — whether you are an accountant, a stockbroker, a life agent or a financial planner. Advisers who win the business will be the people who can help customers through their lives. They won’t care what you do, just that you do it.”
Ossey said that while e-commerce is making it easy for people to do their own financial planning, the do-it-yourself market is not a quality adviser’s target market.
“You don’t want to do business with these people,” he said. “If this is your business, then e-commerce is a big threat. Branson is not here just to fly planes. Telstra is not just a phone company. Branson and Telstra are mining their databases looking for DIY investors. But providing information and access is one thing, synthesising that information is another. Branson and Telstra won’t be able to offer the synthesised information that is real financial advice”
Ossey said the adviser who really understands the client is the adviser who will win the business.
“The market for quality advisers will be much narrower, much more specific, so closely and clearly defined that advisers will know absolutely everything about them. To service their target market, advisers will need purpose, process and people. They will need to be business advisers and personal confidantes.”
Ossey said that if advisers are prepared to make a positional change in the way they present advice to their clients, they will reap unprecendented rewards.
“Planners need to be high touch, high value. They need to offer their clients the whole enchilada. They need to be able to tell their clients a financial life story — to tell them that no matter what happens, they’re covered. If they can do that, there is big money to be made.”
