Posts Tagged ‘financial advice’

Financial Advisers: Trends that will Shape the Profession in 2019

 15th January 2019 by gihan

It’s been a challenging year for many in the financial services industry, and you don’t need to be a futurist to see some of the immediate changes ahead, for example:

  • Increased monitoring and oversight from ASIC, backed by the Government
  • The end of the vertically integrated model
  • An acceleration of advisers leaving the industry

But what other changes can we expect, especially from trends and technology outside the industry? Let’s polish our crystal ball and look at what experts are predicting for the next few years.

In an article for the FPA’s magazine Money & Life, I wrote about three important trends, one over-hyped technology and three key skills for the future.

Read the article here.

You can also watch this video for a quick summary.

Top Trends for 2019 for Financial Planning and Advice

 15th November 2018 by gihan

It’s been a challenging year for the financial services industry. What does the year ahead hold?

Here are three consequences of the Royal Commission, three external trends, and three key skills for financial advisers and their businesses. Oh, and one piece of hype you should ignore!

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The Busy Adviser’s Secret to Lifelong Clients

 29th January 2018 by gihan

In a business environment where clients have more choices and information than ever before, keeping in touch with clients – and providing value – is not just about FoFA, the FSI, or compliance – it’s just good business.

Do your clients only hear from you when you send them a statement or invoice? If so, you can do more – much more – to show them that you’re a valued partner in planning their financial future. Focus on touchpoints that give them real value in a non-intrusive way.

Here are four things you could do regularly:

  1. DAILY: Do something nice.
  2. WEEKLY: Send a thank-you postcard.
  3. MONTHLY: Write a high-quality article.
  4. QUARTERLY: Run a client webinar.

Read the full article here

This is an extract from an article I published in Financial Planning, the magazine of the FPA for financial advisers in Australia.

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The #1 Skill to Future Proof Your Business

 28th December 2017 by gihan

I have TPD insurance with AIA. That’s no big deal, of course – thousands of Australians are insured with AIA. But an interesting feature of my AIA insurance is that I get a 10% discount on all my Qantas domestic flights. As a professional speaker who travels a lot, that is a big deal!

This is a win-win partnership: I get cheaper flights and AIA gets a loyal customer. But is there a loser? Yes! Think about the travel industry, where most travel agents struggle on margins far lower than 10%. And now they face competition not just from inside their industry, but from a completely unexpected sector.

More and more businesses are facing similar scenarios: Their biggest competitors (the “disrupters”, if you like) aren’t the traditional big players in their industry, but come from completely outside their industry.

Accenture’s Technology Vision 2016 survey of Australian CEOs reported that 86% of Australian businesses expect rapid or unprecedented technology change in the next three years. That’s not surprising, but it might surprise you that only 30% of them think the greatest risk comes from established competitors. Most expect – in fact, they know – the biggest changes will come from new players, including unexpected disruptions from other industries.

How can we possibly stay ahead of the changes that affect us?

The solution is to develop the skill of “transdisciplinarity” – one of the ten skills the Institute for the Future identified as key skills for the future workforce. In brief, transdisciplinarity involves applying ideas, knowledge and expertise across different disciplines and industries. In practical terms, it means you regularly look up from the narrow, highly-specialised focus of your day-to-day work and take a broader perspective.

Read the full article here

This is an extract from an article I published in Financial Planning, the magazine of the FPA.

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Forever Young – Life Extension Science

 21st December 2017 by gihan

In 2015, then-Treasurer Joe Hockey was ridiculed for suggesting that some children alive right now could live to 150. But experts in anti-ageing – or “life extension science”, as it’s known – support his claim. It’s a fascinating area of science, and one that has obvious implications for all areas of society.

Life extension science doesn’t claim to reverse the ageing process (for that, you need the cosmetics industry!), but to slow it down. That means you live longer, but age better; and the younger you are, the better the results.

The most optimistic experts in this area even suggest that eventually the science will become so good that people could live forever. Their logic is that the science is improving so rapidly that it will outpace the ageing process itself. It’s too late for me in my 50-year-old body to live forever, but possibly not for my 7-year-old niece. But even if she doesn’t live forever, I have no doubt she will live to 100 – and be at least as healthy and active as her 50-year-old uncle today.

It might sound far-fetched to imagine that 100 years from now, it will be normal to live a healthy, active life at the age of 150. But it would have been equally far-fetched for Australians 100 years ago – when the average life expectancy of a baby was about 50 – to imagine that so many people now live to 100.

Read the full article

This is an extract from my article in Money & Life, the FPA’s magazine for financial advisers in Australia.

Read Now