Advisers need to specialise, says Securitor chief
The Australian financial services sector needs to encourage and enable more advisers to specialise in diverse areas if it is serious about elevating the quality of advice and retaining its reputation for excellence, according to Securitor head Neil Younger.
Speaking at the 2008 Securitor Convention in Auckland, New Zealand, this week, Younger said although the Australian financial services sector is more sophisticated than its US counterpart in many respects, the latter’s structure makes it easier for advisers to specialise and clients to see the value of advice in its many shapes and forms.
“Our industry is still emerging from a cottage industry, so there are some lessons, regarding structure for example, that we can learn from the US.”
He said about 77 per cent of US-based financial services firms have hired specialists in the past five years, which has effectively improved the general quality of advice offered and, consequently, public perception of the sector.
Younger predicted that increased consolidation of financial services businesses in Australia would facilitate (and bolster) specialisation.
He said Securitor is developing a model that will help its network of advisers grow their businesses by appointing and training more specialists in areas such as risk and debt strategy and implementation. While a launch date has not yet been confirmed, he said he expected the new model to be available within the next few months.
“We see the need for a more robust advice practice interchange model,” he said.
AUTHOR
Mike Taylor
Recommended for you
Two commentators have shared why cultural alignment can be the biggest deal breaker when it comes to advice M&A and how to ensure a successful fit.
Formal education has played a large role in enhancing the advice profession over the last decade but, with the bar now so high, two advisers debate whether it is necessary to complete additional study.
With an abundance of private market options coming to market, due diligence becomes increasingly important as advisers separate the wheat from the chaff, adviser Charlie Viola has said.
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
