AFA adapts to a changing environment
AFA chief executive, Brad Fox, said that the concept of adaptive change, initially introduced at the recent AFA Leaders Forum Business Summit, would be demonstrated more fully at the roadshow and will incorporate a new framework for financial advice heading into the new financial year.
"The paradigms for financial advice have changed due to a combination of political, legislative, technological, societal and economic forces," Fox said.
"The pace of that change is accelerating and it is placing significant challenges on previously successful businesses and advisers."
The adaptive change model is set to be a key feature at the AFA Roadshow, as well as at the National Adviser Conference in October; it will describe environments where collaboration is the medium for navigating future innovation through the blending of the best practices from the past to fit the needs of the future.
Fox said that there was a need for advisers to try their hand at a new game and begin to act on long-term thoughts.
"The research into adaptive change reveals that it is only through working together that the future solutions are found," he said.
"Advisers, practice owners and licensees are increasingly asking themselves and each other what it is that they need to change to do well in three, five and 10 years from now."
AUTHOR
Hope William-Smith
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
