Practice requirements evolving under regulatory change
Advisers are asking for help analysing what aspects of their business models need to evolve to survive as regulatory changes rapidly alter what is important in an advice business, according to Elixir Consulting.
"There is no doubt that successful business models of the future will look different to what they did in the past, and yet many advisers are feeling overwhelmed about the quantum of legislative change they are seeing, and are finding it difficult to know where to direct the focus in their business," said Elixir managing director Sue Viskovic.
In response to a request from a licensee who wanted a check-up of practices in the network but didn't have the budget to pay for business coaches to individually assess them, Elixir developed an online practice check-up tool.
It is not a compliance check tool, but rather is aimed at helping advisers "cut through the noise" of regulatory change to provide a clear check-list of aspects of their business model that need to evolve, Elixir stated.
Different issues will affect advisers, accounting practices and risk specialists, so the program is customised to each. Available for $250, the tool also provides a customised report that provides suggestions about areas of the business that require attention and how to address them, Elixir stated.
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