(2 December, 2004) Getting the planning foundations right

Like strong foundations keeping an old house standing steady, having a successful structure behind a business is the key to managing a mature financial planning practice, says Bendigo-based Retireinvest adviser George Flack.

“It is about working on the business rather than working in the business,” he says. “In my case, it is about a financial planning practice that has developed over the past 17 years.”

Flack, a speaker at the FPAConvention, says it is important to get the essential elements such as the building, staff and personal development right if the adviser is going to succeed in managing their business.

“Getting the building right is more than just location, location,” he says. “We are based four kilometres outside Bendigo for reasons such as owning our own building.”

Flack says the landlord of their old offices offered them the car park so they bought it and built an office designed for a financial planning operation.

“We spent 12 months building a proper financial planning office building with such things as sliding doors with glass insets for meeting rooms, so people can see the room is occupied without interrupting you,” he says.

Getting the staff right allows the advisers more time for their own personal development, Flack says.

“I am always diligent about personal development, and attending all the conferences and courses for staff training,” he says.

“We have ‘how-to’ manuals covering just about every aspect of running the business, including an induction manual.”

In a business that has two part-time firemen, it is also not surprising there is a manual about what to do in an emergency.

Getting the staffing of the business right has reduced Flack’s working week down to between 26 to 30 hours.

This compared to 80 to 90 hours a few years ago. Then he could only afford the time to indulge his three pastimes — the fire brigade, a band and athletics.

Now with more time, Flack has an involvement with 11 organisations.

“I have just been made the chairman of Bendigo Tourism and president of the Victoria Athletics League,” he says.

The extra time in the day also allows Flack to educate local secondary school students on financial matters and his company sponsors a column in the Bendigo newspaper on the subject.

George Flack speaks on ‘Successful Strategies for Maturing Financial Planning Practice’ on Friday December 3 at 11:30am-12:30pm.