AFA white paper analyses client perceptions
The Association of Financial Advisers (AFA) has launched a new white paper called Pathways to Excellence, which the association hopes will help advisers discover the formula of a successful financial planning practice.
The white paper was the first of four new initiatives the association announced at its National Conference in Queensland, which also included the Women in Advice initiative, inclusion of the Leaders Forum and the Best Interests initiative.
AFA chief executive officer Richard Klipin said Pathways to Excellence was based on a survey of more than 900 clients and 18 financial planning practices, which was conducted by Beddoes Institute and supported by Zurich Financial Services.
Klipin said the paper tried to identify the crucial elements of a successful financial planning practice and discover what clients seek and value in a financial adviser, and help financial advisers apply the appropriate business improvement initiatives.
The research revealed that most clients would go to a financial adviser based on a referral from a trusted source, and wanted the advisers to be more accessible, which AFA President Brad Fox said was going to be an ongoing issue.
"Some advisers have a very large number of clients and there are only so many they can see," Fox said. "This is going to be more important going forward as post-Future of Financial Advice messages start to come out."
The second initiative was the inclusion of the Leaders Forum, a mentor hub for financial advisers over the age of 45.
"This is for advisers who are running really good businesses and who want to create a mentor group, where the best of the best get together and they share, learn and connect," Klipin said.
Similarly, the Women in Advice initiative targets a specific member segment of the association and aims to encourage women to get into the financial advice industry, and support those who are already there.
"There is such a need for a conversation about how to encourage, nurture and help younger women and women in general to get into the marketplace, become business owners, become confident in what they do and showcase their talent," Klipin said.
The Your Best Interests initiative is a means of communicating to clients and the Australian public - in their own language - what the financial advice industry is about and what advisers do.
Klipin said this was the only way to increase the number of people who seek out financial advice.
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