There has never been a time in Australia where the financial advice demand and supply metric has been so heavily skewed in favour of financial advice firms. This is not to downplay the significant costs that have been imposed through a multitude of changes dating back to the FOFA reforms and continuing with the recent introduction of QAR. Despite these increased costs, the increased benefits are outrageously attractive. This is leading to local M&A activity reaching epic proportions, with big businesses (both domestic and international) looking to cash-in on the current (and foreseeable future) demand/supply imbalance.
The opportunities are endless, but it is important to ensure your business is positioned for them.
High-quality advice generation
Quality needs to be the cornerstone of your advice generation. Quality means highly engaging, highly technical, and compliant. This means leveraging meticulous platform and investment research in relation to your product advice (if you aren’t paying for it, it’s not very good), technically strategic recommendations (the more quantifiable benefit the more your advice adds value), and data-driven insights.
By leveraging robust technology throughout the advice process, and by guaranteeing your team of advice experts are exactly that (advice experts), your advice is not only accurate but also tailored to meet the unique needs of each of your clients. Continuous investment in training and development for your team, or partnering with advice experts who can support you, is critical to ensure your advice is better quality than the pack.
Better turnaround time
Streamlining your processes to deliver high-quality advice promptly is the next cornerstone. Using advanced technology platforms that automate routine tasks, reduce manual processing and allow advisers to focus their time on seeing more clients and understand their requirements, is key.
Implementing efficient workflows or partnering with project management specialists will help ensure that your services are delivered in a fast turnaround, consistently. By embracing agile methodologies and continuous improvement practices, your advice firm will be best placed to adapt quickly to changing client needs and market conditions.
Better value
High costs are a barrier to generating high-quality financial advice. Therefore, it’s important to implement strategies to optimise operations and reduce costs without compromising on quality. Automation and optimisation can significantly reduce the overheads associated with delivering high-quality advice in a timely manner. Your approach needs to be technology driven, allowing you to scale your services, passing on the cost savings to clients.
Leverage real-advice data
Data should be at the heart of your operations. If you don’t have these capabilities internally, partner with a group that can provide real and useful financial advice data to your business, empowering it to make informed decisions. Access to visual data analytics tools are useful to process vast amounts of data quickly and efficiently. This will enable you to provide your clients with actionable insights and recommendations that drive better financial outcomes. A data-driven approach will ensure that your advice is not only accurate but also relevant and timely.
Don’t fear automation and optimisation
Aim to access technology that can automate everything from data collection and analysis to report generation and compliance checks. This speeds up the process and minimises the risk of human error. Leveraging optimisation strategies is an effective use of resources, maximising productivity and delivering superior value to your clients.
By harnessing the power of artificial intelligence, machine learning and big data analytics, you can to develop a platform that delivers unparalleled efficiency and accuracy. Your leadership in automation and optimisation will set you apart and make you an attractive proposition for local and foreign private equity investors.
Virtuous cycle of innovation
Leveraging the power of continuous improvement and innovation is another superpower you need to invest in. A virtuous cycle of improvement is driven by a strong feedback loop between your clients and your advice firm. Regularly engaging with your clients to gather their feedback and insights, which are then used to refine your processes and improve your offering, will enhance your advice business. A commitment to continuous improvement ensures your advice firm will be at the forefront of the industry, delivering cutting-edge solutions that meet the evolving needs of your clients.
