Move over Mel, here's Wilko
Last week Money Management helped snatch victory in a FPA debate on whether planners were ready for the next century.
Last week Money Management helped snatch victory in a FPA debate on whether planners were ready for the next century.
Our orator was part of the after-dinner entertainment for a Principal Member’s Workshop in Melbourne.
The winning team, arguing the negative, comprised of our man in Melbourne, John Wilkinson and Mr Money Managers, Kevin Bailey.
The losers, pushing the positive, consisted of the FPA’s Jennie Murray and Robin Bowman of Personal Investor, and also a sometime Money Management editor.
Jennie Murray started her argument with streamers and party hooters to show how planners were prepared for a party — any party — especially at the New Year. Pretty weak argument, in our opinion. Life is a constant party for planners.
Then the negative side wheeled out Kev. At the top of his voice and at breakneck speed, he tore the opposition argument to shreds.
He said planners didn’t know competition when they saw it. Threats were coming from supermarkets and Telstra and unless they offered service, most wouldn’t make it to the next century, he warned. Too much partying going on.
The best is always last and our silver-tongued man in Melbourne argued planners need to get more retail-orientated.
Look at the competition, he said. Planners already have to battle the McWrap, offered with fries and Coke. Go to the supermarket and find a managed investment nestling between the cat food and jellies.
Wilko had seen in a lawyer’s window in Canada a few years ago “Divorces $500 … with children $550”. He argued this was a sign for the future and planners will have to go the same way.
The ensembled crowd chose the winner in the time-honoured manner, the clapometer.
The deafening roar of hands meant the dynamic team of Kev and Wilko won the night.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
