Reality Check: 16th May 2013

In this issue of Reality Check,

• What are your best opportunities for cross-selling, asks Daniel Lowinger
• Kim Payne discusses the top 10 ways to engage new clients
• Marianne Perkovic on the 3 keys to maximising staff retention through a sale
• Vanessa Stoykov on what SMSF courses accountants, advisers and brokers need to help them grow their client revenue

Why all accountants, advisers and brokers need to understand SMSF

If you don’t understand the implications of SMSFs, it will cost you time and money, writes Vanessa Stoykov 0Read More

The top 6 steps to fee disclosure statements

You might need to start sending Fee Disclosure Statements to new and existing retail clients, writes Claire Wivell Plater 0Read More

Are your fee models sustainable post-FoFA?

Practice owners will need to reexamine their revenue models and point of differentiation in a post-FoFA world, says Marianne Perkovic 0Read More

A 3 step process for moving into new client markets

There is a guaranteed way to help uncover client needs and deliver innovative new ways of solving client problems, writes Eddie Lees 0Read More

Asset-based fees: they’re not banned – but can you charge them?

Does RG 175’s new Conflicts Priority Rule spell the end of asset-based fees? Not in all cases, but some rethinking will be required, writes Claire Wivell Plater 0Read More

How to build a profitable SMSF practice

The real beauty of an SMSF practice lies in bringing the SMSF administration and audit process under your roof, writes Terry McMaster. 1Read More

3 ways to maximise your practice’s revenue streams

The only way to guarantee good revenue streams is to run a true relationship-based business model that fully contracts your clients on an ongoing basis, writes Chris Yena. 0Read More

9 core competencies for client success

There are nine core competencies that advisers must master if they are to be trusted implicitly by clients, writes Terry McMaster. 0Read More

Top 3 tips for building a great SMSF practice

There are a number of ways in which advisers can build a great fee-for-service SMSF practice, writes Terry McMaster. 0Read More

Accelerate the value of your risk business

There are a number of ways in which risk advisers can effectively supercharge their business valuations, writes Simon Harris. 0Read More

Improving advice: why incremental change is not enough

The financial advice industry is in need of fundamental change. However, with significant change comes significant opportunity for those practices that are advice- and client-focused, according to Ray Miles. 1Read More

What the dealer group land grab means for advisers

The impact of the dealer group land grab will be felt for a long time in the financial services industry, and Greg Bright says this could impact clients in a number of ways. 1Read More

FoFA creates two distinct financial advice options

FoFA is already polarising financial advice into two major offers, and Geoff Pritchard says that advice on which investment product to choose will never qualify as a financial strategy. 0Read More

Why the financial advice industry has to change

The financial advice industry is reminiscent of one in its death throes. Ray Miles explains how the consumer revolution that has led to change in many other sectors will change financial planning forever – whether the industry likes it or not 6Read More

Is your licensee doing enough to help grow your practice?

Practices can employ a range of initiatives and programs to build practice value. Troy Beutel says that practices can improve their EBIT and bottom-line profit overnight by working with ‘‘business-minded’’ licensees that charge fixed fees for their services. 0Read More

How to move to a fee-for-advice model

Many advisers are actively moving towards a fee-for-advice model. With this shift, however, Craig Donaldson says quantifying and communicating your value proposition is critical in getting clients to pay for advice. 0Read More

Making fees an easy pill to swallow for clients

The financial advice industry seriously needs to rethink its approach to charging for advice. Financial planners should look at success-based fees in considering what model they might adopt in a fee-for-service post-FoFA world. 0Read More

A profession in conflict?

There is scope for significant improvement in the provision of good quality retirement advice in Australia. However, removing conflicts of interest in the financial advice industry is easier said than done. 0Read More

Opt in: much ado about nothing?

With Minister Bill Shorten's recent concession to the FPA on opt-in under FoFA, this raises significant questions about industry associations' need and ability to police their members. Self-regulation comes with its own set of pitfalls, and it will be important to take note of these if the associations are to be successful in stepping up to the plate. 0Read More

Robbie Bennetts: the top issues facing financial planners

The top issues facing Australia's financial planning industry right are FoFA, revenue and competition. Financial planners need to get the balance right in addressing each in order to make sure their business model is viable and sustainable. 0Read More

Boosting the bottom line through fee-for-service

Almost a third of financial advisers have managed to grow their profit levels back to a point that matched pre-GFC levels, and financial advisers who have reengineered their businesses to turn a profit have embraced a fee-for-service model. However, it would seem that the financial planning industry as a whole has a long way to go in embracing this model – not just for the purposes of compliance with FOFA – but for the sake of the bottom line. 0Read More

Adding client value while maximising cost efficiencies

The Future of Financial Advice (FoFA) reforms are already having an impact on the financial planning industry. Some planners are looking to reduce their reliance on outsourcing investment services through fund managers via an increase in direct equity services as well as separately managed accounts (SMAs) 0Read More

How to articulate the value you add to clients

Financial planners need to communicate and demonstrate the value they add for clients under FoFA. Times of market volatility present a great opportunity to take a proactive role with clients in demonstrating the value advisers can add in good times and bad. 0Read More

The problem is licensing not commissions

The Future of Financial Advice (FoFA) reforms present the financial planning industry with a number of issues. The ban on commissions in particular is problematic, because there are many areas of finance where commissions are allowed... 0Read More

Turning back the clock

The Future of Financial Advice (FoFA) reforms will result in a change of models for many financial planning businesses. As a result, parts of the industry will fragment and more planners will provide “limited scope” advice 0Read More

Stepping up to the plate with scaled advice

The Future of Financial Advice (FoFA) reforms will have a significant impact upon the financial planning industry. One of the areas that will be most affected is revenue models, and the development of scalable advice under FoFA could mean the difference between annihilation and healthy business success for financial planners. 0Read More

What price of advice?

Alternate revenue models will be critical for the financial planning industry with a ban on commissions under the government’s proposed Future of Financial Advice (FoFA) reforms. FoFA presents planners with the opportunity to seriously reevaluate the value of advice and how this is articulated and communicated to clients in order to bridge the gap between what they are prepared to pay. 0Read More

How should financial planners measure their value?

Financial planners really need to know their customer, understand their needs and provide truly tailored service. FoFA is more about evolution for forward-thinking planners who are willing to think about different ways of articulating the value they bring to the table. 1Read More

FoFA-proofing your practice

Financial planners would be wise to start preparing for a post-FoFA regime and it will be critical to have strong service models for high net worth clients to readily opt-in 0Read More

A bipartisan approach to FoFA reform

The Future of Financial Advice (FoFA) reforms present the financial planning industry with some major changes, and Minister Shorten would do well to take a bipartisanship approach with the FoFA legislation. 0Read More