Hands up who likes conferences

The amount of conferences and seminars run each year can create a huge demand on advisers. Jason Spits asks if the benefits are worth the effort.

Planners who have spent time in the industry could easily count up the number of conferences and seminars they have attended but may struggle to recall some of the benefits they were supposed to have gained.

This may seem odd given the amount of conferences and industry get-togethers which pack the calendar every year including such as those staged by the Financial Planning Association (FPA), Investment and Financial Services Association (IFSA) and the superannuation associations.

Added to this are state conferences, themed conferences on single issues such as technology or taxation, as well as dealer's conferences. That equals a lot of time out of the office.

Given that few of these events are free, the commitments in both time and money are substantial but support for their continued existence remains high.

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FPA education and certification senior manager Ken Bruce says though there are many events running, it does not create an information overload.

"The main reason for these events is continuing professional development and education. Part of the drive for professionalism is attending these events," Bruce says.

"In many ways the ongoing education is as important as the initial education gained and so at this stage of the industry I think it is a matter of a greater choice of information than being overloaded by it."

Bruce has been scheduled to speak at a meeting of the International Certified Financial Planner Council later this month. The council has asked Bruce to cover the area of conferences and using those as a method to build up associations and member education.

"Obviously if this wasn't seen as a legitimate part of the industry and of industry groups, the council would not be seeking to address this at such a high level," Bruce says.

Godfrey Pembroke managing director Adrian Hondross says conferences also draw a wide selection of people and ideas into one place, which is difficult to do outside these events.

"From our perspective of running a conference at a dealer level it allows us to create closer relationships throughout the group. This is important when there are lots of people in a group and they are widespread across the country, it is usually the only chance to get together and bond," Hondross says.

"It represents an opportunity for the dealer group and its planners to deal with relevant issues not examined at wider conferences. The same information is covered at other forums but a dealer conference needs to ensure the information is tailored for its own planners."

Strategist Group special events co-ordinator Kerry Johnstone says the wealth of information available to planners can sometime be repetitious but it needs to cover many bases at the same time.

"It can be a bit like listening to a song for the first time and enjoying it, but the more often it is heard the more it becomes well known and second nature," Johnstone says.

"For planners, the first time they hear something new they take note, after that it all is all about ways to implement the idea or make it work better within their own practice."

Bruce says themes and issues arising from conferences can be similar from year to year but says new entrants to the industry are often unaware of these issues.

"With any professional development activity, people are at different stages in careers with different expectations and needs and will extract information based on a wide range of variable such as background and business profile," Bruce says.

"There may be some elements which are not relevant, but it is still important to be aware of what peers are saying and what drives their business."

And while this can seem to be an incredible impost on time, especially in an industry where it is scarce, Bruce says advisers need to see conferences as part of being in the business of financial planning.

"Attending a forum is a legitimate part of being a professional and should be factored in. This is also evidenced by the fact there are requirements to continue developing as a professional under policies from the FPA and ASIC," Bruce says.

"It is a simple trade off between not taking to time to develop and becoming a less effective adviser with a short career or providing better advice to clients."

Hondross believes that to provide the answers advisers are seeking, forums will become even more focussed and targeted to issues.

"Involving focussed material at larger conferences isn't always complementary to the theme and people also need to have a choice over what in depth information they wish to access," Hondross says.

"For example, we dealt with the big issue of the GST as a dealer group because we felt it was the best way to drill down into the details concerning us. Some of our advisers went to other sessions which were a waste as they turned out to be too generic."

However this is how some advisers treat sessions dealing with management and motivation in business which Bruce says misses the purpose of those sessions.

"Non-technical speakers break up the agenda as it is unreasonable to expect people to front up to continuous technical sessions," Bruce says.

"These sessions also deal with operating as a whole person, not just an adviser, in an industry which is primarily concerned with the financial well being of other people."

And Bruce says that even though the time out of sessions should be seen as a break from the program they also offer a free way to continue to work with people across the industry by engaging in networking.

"The informal conference is as powerful as the formal proceedings. People shouldn't underestimate what gets done outside of the sessions when ideas and stories are shared," Bruce says.

An adviser's guide for a good conference

Credit Suisse Asset Management retail funds national sales manager Clayton Coplestone has been in financial services for more than a decade and, in that time, attended more conferences than hot breakfasts. While observing this spectrum of conferences, Coplestone has noticed that those who leave conferences with a head full of ideas share a number of things in common. Here are his tips on how to get the most from a conference:

1. Meet with fellow advisers

Arrange meetings with fellow advisers during breaks in event programs. These provide opportunities to candidly share views and discuss information not covered in programs. Use the leverage that a fund manager can provide, to find other advisers who operate similar businesses.

2. Plan meetings with exhibitors

Exhibitors, usually fund managers, make a real effort to attract the attention of delegates. This includes handing out freebies or showcasing a new product or service. Plan in advance which exhibitors are worth dealing with and pre-arrange private meetings to learn more about the products and services they offer.

3. Get a copy of tapes

It can be money well spent to buy tapes for the sessions not attended, or those worth hearing again. Listening to the tape in the car, while not a new idea, is a good way to learn while otherwise not working.

4. Plan which presentations to attend

Avoid arriving and then examining which presentations are of most interest. The obvious approach is to plan which topics are most beneficial before arriving. If there is more than one delegate from your company, attend different presentations and compare notes.

5. Take your own information

A group of advisers who run boutique businesses across the country, recently met at a conference. Only one brought along brochures to give to other members of the group. Who do you think was in the better position to receive interstate referrals?

6. Just one good idea

Always try to walk away with at least one good idea. This occurs through attending as many sessions as possible, and asking questions. Successful people don't mind sharing their knowledge.

7. Don't waste the moment

Why would anyone take three days out of their business, register to attend a convention teeming with information and contacts, and then spend a day playing golf? Golf can be used as an opportunity to network but you should consider which adds the most value to your business.

8. Leave the mobile phone at home

If you can't leave your business for a few days, is it a business or a proprietorship?

9. Attend pre-convention workshops

Conventions attract top speakers and to maximise their exposure, many host pre-convention workshops with more intensive training and access. For a nominal cost in time and money these can focus on a subject that may add value to your business.

10. Have fun

Regardless of industry experience, functions still provide an opportunity to catch up with old acquaintances and make new friends. The main objective is to go home with ideas that add value to your business but it is also important to enjoy the time out of the office.