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6th July 2017 - Private Wealth
Elston featured in Money and Life by The Financial Planning Association of Australia: www.moneyandlife.com.au/articles/practice-future
What do you believe will be the main characteristics of leading advisory firms of the future? Eight planners provide their thoughts.
Damon Bensein CFP®
Head of Private Wealth, Elston
Licensee: EP Financial Services
As the advice industry evolves, so too will the value proposition and the way we service clients. We believe that over time advisers will need to move their value proposition away from picking stocks, trying to predict markets and spending time on SOAs. This will be largely driven through advances in technology by automating process, driving down margins and helping to reduce inefficiencies that currently exist.
While technology does place a threat to our profession, it can also assist in being proactive, building scale, reducing total cost and improving interaction.
To be successful, it will be important to play to our strengths and the key strength advisers have over the advice driven by computers, is our ability to have empathy and build relationships.
To do this, we believe there will need to be a greater focus on gaining a thorough understanding of our clients, setting goals and establishing deep relationships with these clients, and delivering solutions that consider tax efficiencies and estate planning requirements.
Advice firms of the future will need to be great at providing pro-active communications and high quality advice, plus the use of technology will be critical in providing a superior client experience.
Customisation of both advice and investment solutions will also be even more critical to success. However, with customisation comes increased complexity and costs and it will be important to develop or utilise systems that provide this in a scalable solution that is competitive on price.
Ultimately, the successful advice firms of the future will be those that are open to change and technology. They will need to build superior relationships with their clients and drive outcomes that are customised to their individual needs.
This material has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in this material is General Advice and does not take into account any person’s individual investment objectives, financial situation or needs. Before making an investment decision based on this advice you should consider whether it is appropriate to your particular circumstances, alternatively seek professional advice. Where the General Advice relates to the acquisition or possible acquisition of a financial product, you should obtain a Product Disclosure Statement (“PDS”) relating to the product and consider the PDS before making any decision about whether to acquire the product. You will find further details of the service we provide and any cost to you within the Financial Services Guide. Any references to past investment performance are not an indication of future investment returns. Prepared by EP Financial Service Pty Ltd ABN 52 130 772 495 AFSL 325 252 (“Elston”). Although every effort has been made to verify the accuracy of the information contained in this material, Elston, its officers, representatives, employees and agents disclaim all liability (except for any liability which by law cannot be excluded), for any error, inaccuracy in, or omission from the information contained in this material or any loss or damage suffered by any person directly or indirectly through relying on this information.
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