IF Tom Collins, principal of the Tom Collins Consultancy, has been one of the most influential players through 2003 it is probably because the industry has, finally, come to terms with the message he has been trying to sell for most of the past three years — the need to adapt to the new Financial Services Reform (FSR) regime.
By his own assessment, his influence can be measured in terms of the industry’s preparedness to accept his argument that FSR means the adopting of a client focus rather than the traditional industry focus.
He says he began to realise he was making an impact when, while addressing the recentFinancial Planning Association(FPA) convention in Adelaide, on the topic ‘Will the real financial planner please stand up?’ he encountered little resistance to the arguments he was putting forward.
“I was quite surprised by the level of acceptance that existed to the arguments I was putting on the need for a consumer-friendly environment,” he says.
Collins says he’s equally pleased by the apparent acceptance of his argument that FSR, while it may impose considerable compliance obligations, also gives rise to opportunities that should be pursued by the financial planning industry.
