FOFA now only a 'distraction’ for advisers
Most advisers now believe the Future of Financial Advice (FOFA) reforms rate only as a “distraction” from delivering quality client services and building their personal brand, a recent survey by the Advice Leaders Forum (ALF) revealed.
Only 10 per cent of advisers surveyed saw FOFA as a concern, according to the survey.
Rachel Staggs of SRS Coaching and Consulting and a founding member of ALF attributes this shift in attitude among advisers to the changing nature of the industry, with the onset of low cost products on the market being of concern to a significant 30 per cent of surveyed advisers.
“The survey showed us that everyone is over FOFA and much more interested in getting on the front foot with their clients. Advisers all report a strong willingness to do the right thing with their clients and are facing competition from all angles,” Staggs said.
Eighty-one per cent of advisers are looking to develop a personal brand to be seen as “valued experts” by clients.
However the surveyed indicated advisers feel leaders in the industry are too focused on day-to-day operational activities such as recruitment and compliance when a focus on improved operations, talent, efficiencies, and better licensee support is what is needed.
“It’s about defining your client value proposition, identifying and communicating your point of difference to the market. 2014 will see advisers continue to look to the consumer as they minimise other distractions,” Staggs said.
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