Many financial planning practice owners are not waiting to see the final shape of the new Financial Advisers Standards and Ethics Authority (FASEA) regime but are simply getting on with the task of ensuring their businesses are ready to face the new policy environment, according to Mentor Education Group managing director, Dr Mark Sinclair.
He said there seemed to be a view that, irrespective of the final shape of the academic and ongoing professional development regime, advisers recognised they would need to adjust and ensure their practices were more client-centric and efficient.
“Irrespective of FASEA’s announcement of the final makeup of the academic and ongoing professional development regime, there is little argument that advice practices will need to be far more client-centric and efficient in order to thrive in the new environment,” Sinclair said.
He claimed that to be successful in the new environment would depend on two key factors – innovation and structural adjustment.
Sinclair said innovation involved adopting and applying new technologies, processes and management/HR practices, while structural adjustment often involved shifting resources to the most productive sectors of the business in order to ensure exceptional client experiences.