A key focus of BT Financial Group’s newly appointed head of dealer groups, Matt Englund, is helping advisers articulate their client value proposition.
Englund moved to the new role, which incorporates Securitor and Magnitude, in September. And while part of his mandate was to attract new practices, he said much of his attention has been paid to helping develop the group’s existing practices and working with them closely to adapt to regulatory change.
Englund said that one of the things that attracted him to the BT group was the sense of community in the way in which its advisers worked and partnered with the group.
“For me it’s about helping independent financial advisers who own and operate their own advice businesses work through the opportunities that present themselves in this new regulatory environment,” he said.
While some may describe the regulatory changes as challenging, Englund liked to describe them as opportunities. He said he was excited that 70 per cent of the group’s advisers were giving new advice on a fee-for-service basis, and he said its advice network was well on its way to transitioning to 100 per cent fee-for-service within the next 18 months.
“These are good quality practices that deeply understand the value they represent and deliver to clients every single day,” he said, adding that his focus was working with them to make sure that they articulated that value in a way that helped the client recognise that value.
Englund felt it was important to get that right as it could be very powerful.
“I can absolutely advocate the value that my adviser gives to me, my wife and kids, and I pay fully for that advice every year because I believe in it and I’m able to articulate my planner’s value proposition,” he said, adding that the power of the opportunity was enabling clients to relay their good experience and the value of advice to others.
Englund felt that the reforms package presented “enormous” opportunity, but he was concerned at the possibility of fewer people being able to access or afford advice. As such, the group was working hard to make sure its advisers understood their cost to serve.
“As you run a financial planning business, you really need to understand the numbers and the business metrics associated with the provision of financial advice,” he said. “From there you have a good opportunity to make sure that everything you do is efficient and effective.’
