Diversify or die, says Younger

9 April 2008
| By George Liondis |

Financial planning businesses are going to need to diversify and specialise to be successful in the future, according to Securitor head Neil Younger.

Younger will address the issue of how planners can grow their businesses in the coming years at next week’s Securitor Convention.

Younger believes that while individual advisers are increasingly going to need to specialise, advice businesses are going to expand.

“[Businesses] are going to have to manage a carefully planned expansion,” he told Money Management.

He cites risk and debt management as two areas where planning businesses will increasingly have to offer services.

However, there is a possibility that planning firms may have difficulty attracting specialised staff.

As markets cool traditionally risk advisers experience increased demand for their services.

Money Managements recent salary survey showed that while the market has slowed somewhat, salaries for risk advisers will continue to rise.

Profusion director Simone Mears says that “there aren’t enough qualified people available to fill the [job] vacancies [in risk advice]”.

Younger believes that the market will naturally start to produce more specialisation within businesses.

“As more and more businesses merge or are sold I think that this is going to help this process,” he said.

Neil Younger will be talking at the next Securitor Convention. It is being held in New Zealand from Tuesday the 15th to Friday the 18th of April.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

2 weeks 5 days ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

2 weeks 1 day ago