Simple case of more for less
One of the keys to growing your business without sacrificing your personal life is to provide a wider range of services to fewer clients, writes Robert Ossey.
The financial services sector is growing so rapidly that there will be a shortage of financial advisers for the next six to eight years, according to recent industry forecasts by Grant Abbott Consultants.
To prosper in this environment, planners must have a sound business plan and a clear idea of their target market. Otherwise they fall into the trap of taking on too many clients indiscriminately without necessarily reaping greater rewards. By spreading themselves too thinly they risk losing their best clients.
Planners must be relationship-driven to excel in today's marketplace. Our experience with leading advisers has shown that forming deeper ties with clients is vital to building long-term, sustainable and profitable relationships.
Successful financial advisers have therefore reduced the number of clients on their books and shifted their focus from transaction to relationship marketing.
A key part of Zurich's Leaders Program - a training scheme we introduced five years ago to nurture our adviser distribution network - is focused on helping advisers forge deeper relationships with their top clients. Its overall aim is to help these advisers develop the skills necessary to grow profitable, sustainable businesses.
The advisers in last year's program reported an average business increase of 58 per cent - no mean feat in today's competitive marketplace.
Today's consumers are looking for total solutions when they seek out advice from financial planners. Advisers' greatest assets are their intellectual property - their in depth knowledge of the myriad of financial products, services and solutions on offer.
It's important for advisers to maintain professional independence when giving clients expert advice on meeting their financial needs and aspirations. But it's also beneficial for planning firms to leverage off the support provided by quality financial services institutions. Clients also stand to reap the rewards of these strategic alliances.
Robert Ossey is national manager, adviser development, Zurich Financial Services Australia.
Recommended for you
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
