Financial planners told to make FOFA irrelevant
Successful financial advice practices should look to make upcoming Future of Financial Advice (FOFA) regulations irrelevant by ensuring they have the correct systems in place, according to the managing director of Securitor and Licensee Select, Matt Englund.
Speaking at the Association of Financial Advisers Sydney road show, Englund recommended advisers "corporatise" their thinking.
By running a client-centric but commercially focused business - one that knows what it does and who it serves - advisers can take the power over the success of their business out of the hands of the regulators, Englund said.
It is important to "know your numbers", especially in a multi-disciplinary practice, he said.
Englund encouraged advisers not to be afraid to charge for what they do.
So long as advisers can demonstrate value, clients will be prepared to pay for that advice, he said.
By taking a long-term view, financial advisers can set up a practice to succeed through generations - but it would also mean having those tough conversations with business partners, Englund said.
Successful businesses would be those that are prepared to lead and those that put their clients first, he said.
Look at the business and ask "what would my clients say", Englund said.
This is a time of unprecedented opportunity for those with a clear view of the future and who are able to make FOFA irrelevant to their businesses, he said.
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