Local clients key to strong planning practices
Forty-five per cent of Australian businesses including financial planning practices see the majority of their sales derived from local customers, according to National Australia Bank (NAB) research.
Many of the stronger financial planning practices are very good at engaging their local communities, said NAB financial planner banking national manager Malcolm Arnold.
Local customers are essential when looking to buy a financial planning business, as "a good customer base is an important criteria and strong community support forms part of that", Arnold said.
The research also showed that 41 per cent of Australian businesses believed the success of their business was dependent on the success of neighbouring businesses.
However, NAB said those businesses that relied on their local community for continuity weren't making the most out of potential connections.
While just 16 per cent of Australian businesses advised they were members of a local business network, 64 per cent of members of such networks reported the ability to build greater business connections as a consequence.
For practices, it's vital they tap into local networks to take advantage of business-building opportunities and capitalise on the natural synergies that exist between businesses, a NAB statement said.
Recommended for you
Prime Minister Anthony Albanese has confirmed who will succeed Stephen Jones to serve as the Assistant Treasurer and Financial Services Minister.
Those financial advice practices which are seeing the strongest profitability and revenue growth share four similar characteristics in how they run their businesses.
The director of Ascent Investment and Coaching, Michael Dunjey, has been charged with 33 criminal offences.
Private wealth manager LGT Crestone has shared how the firm is utilising private debt strategies via a satellite approach and encouraged advisers to look beyond domestic commercial real estate.
