Key focus is client happiness.
Planners need to address three core elements in keeping their practice successful according to Securitor adviser of the year Mark Alexander.
These three concepts are client segregation, referral development, and managing client loyalty.
Alexander, who was announced as the winner of the award at the recent Securitor and Pact conference, says that while advisers can set up a business and make it grow, they sometimes neglect key clients.
According to Alexander planner need to grade their client base so they can provide different service levels to those clients who haveearnedit. This will shape which staff member handles the client and what priority they receive when they make contact.
He also says the key to any successful financial planning practice is developing strategies that bring referrals to your practice.
"Wealthy people do not respond to advertising, wealthy people network. Wealthy people ask around, and I hope it's you and me they're talking about," Alexander says.
He says that in his own practice all the business comes through referrals and none through advertising and he urges advisers to forget about advertising and to tap into the market that way.
However he says these clients still have choice in which adviser they may use and planners need to exceed client expectations to keep them loyal.
Yet he says the industry will remain strong over the next ten years but managing client expectations and education will take on more of a primary focus.
"When you go back to Australia, go back with the blessed arrogance, a wonderful arrogance that we are helping people, we really do help people, we deserve our commissions and fees, we deserve our quality time."
AUTHOR
Jason Spits
Recommended for you
Two advisers say M&A is becoming a “contact sport” as competition heats up to acquire attractive advice firms, while a lack of new entrants creates roadblocks in organic growth opportunities.
Perth advice firm Integro Private Wealth has appointed a head of advice to spearhead a major business development initiative to expand nationwide.
AZ NGA has taken a larger stake in ex-AMP advice firm Geographe Financial Group, triggering leadership changes as it prepares for future M&A growth opportunities.
Over half of financial advice clients say they have found their adviser via a referral from an existing client, according to Dimensional.
