Build a financial services business worth paying for!
Business coaching Brisbane
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My business coaching Brisbane practice is already one of the fastest growing businesses in Australia. That is because many financial planners and financial service providers are having a good hard look at their businesses in the near future. Here’s why!
Most financial planners offer a combination of the following financial products:
- Superannuation
- Managed funds
- Shares & other securities
- Risk insurance (income protection, life, trauma, disability)
To date, many financial planners are not paid by the client. Instead they have been paid by the providers of financial products. That is about to change!
From 1 July 2012, financial planners will be paid by the client. If they are to be paid by the financial product providers, it will be only for a year maximum, not forever.
Being paid by the client instead of a product provider is not merely a change to charging fees. It is a fundamental change in the way an adviser conducts his or her business. For many, there will have to be a service worth paying for.
The first decision a financial planner has to make is which business he or she is in, and who is the client. For many, providing advice is going to be difficult because their knowledge has been skewed towards justifying and selling products.
Making money out of advice is a whole new ball game and it won’t be easy for a lot of long standing advisers. It will also be difficult for newcomers because it takes a long time to gain the level of knowledge required to be a quality adviser.