Australian planners do it better

Australian financial planners are weathering the storm created by the sub-prime crisis better than their counterparts in the US, South Africa and New Zealand, according to data released today by practice management specialist company Business Health.

The data, contained within an ‘International Health Check Analysis’, revealed that Australian financial planners were rated as being in the best overall condition and having the fewest rated as being in ‘poor’ health.

Just 8 per cent of Australian planning businesses were rated as being in poor health compared to 66 per cent of US planners, 47 per cent of South African planners and 12 per cent of New Zealand planners.

Commenting on the data, Business Health partner Terry Bell said he believed it reflected the maturity of the Australian financial planning industry and the level of adoption of sound practice management techniques.

“I think that what we are seeing is a reflection of the stronger focus on business in Australia and factors such as succession planning, whereas in the other countries there has probably been more of a focus on product and sales,” he said.

Bell said he believed Australian financial planning practices were broadly better positioned to cope with the more challenging times being experienced in the market.