Advice headed to more specialisation
The financial adviser of tomorrow will become increasingly adaptable, technologically focused and specialised, according to the Association of Financial Advisers vice president, Adam Smith.
It will be very important to get the balance right to run an efficient business, he said, and this means becoming more process driven, more disciplined and more focused. Process helps to demonstrate value, which in turn helps you position fees and build efficiency, he said.
Efficiency will also come from a turnkey business model, where all staff have their own positions and know what they need to do, enabling the adviser to focus on his duties, Smith said.
Innovation, particularly in the area of technology such as applications for smart phones and iPads, will also be key, he said.
For example, Smith said he uses his iPhone at the end of every client session to take a photo of the whiteboard and mail it to the client so they have a visual record, and he also emails it to software providers XPLAN for the client records.
The advisers of tomorrow will also have a thirst for learning, Smith said, but added that the important thing is not how many letters an adviser has after their name, but how well they can transfer their knowledge to clients.
“It’s not just about what you learn, it’s how you use it,” he said.
“Advisers will also become increasingly specialised as the industry becomes more complex”, he said.
“The world is getting faster, more complicated and more litigious,” he said, and added that it will be hard enough to keep up in one area without trying to be an expert in multiple areas.
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