Self-licensed advisers want peer-based learning

Self-licensed financial advice businesses wish to chart their own course but they also desire peer-based learning, according to IOOF.

A survey of self-licensed businesses in the IOOF Alliances network showed peer-based learning was especially desired to learn how solutions such as managed accounts, fintech engagement and family advice could be implemented to fulfil clients’ best interests.

IOOF Alliances national manager, Andy Marshall said self-licensed businesses wanted to hear how other businesses had successfully developed and articulated these solutions.

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“Self-licensed businesses may be fiercely independent but they all strive for above-average client engagement scores and profitability, often achieving net promoter scores in the 90s,” Marshall said.

“Facilitating knowledge sharing amongst its member firms is one way that IOOF Alliances helps self-licensed businesses maintain these metrics in the face of changing customer profiles and increased regulatory requirements.”

The survey also showed advisers were seeking practical tools and expertise to gain efficiencies in advice delivery, compliance, and client engagement.

IOOF Alliances said it had recently launched new client engagement tools and templates that covered brand positioning, pricing methodologies, client psychology, and an end-to-end client experience assessment.

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