Client engagement will be the biggest issue confronting wealth businesses and advice practices over the next 12 months.
MLC advice and marketing executive general manager Richard Nunn said that as the market changes following Future of Financial Advice (FOFA) and Stronger Super reforms, consumers are becoming increasingly aware of what services they are getting and paying for.
"If managers and advisers don't work together to make sure that we are effectively servicing our clients, then we potentially run the risk of losing those clients. That has been the big sleeper. We're working with our advisers now to ensure [we're] providing the service to all our clients," Mr Nunn said.
"We've been leading the charge on FOFA now since 2005 and leading the reforms in the advice part of the market. I think that's paid dividends for us - [we already had] our advice businesses ready for July 2013."
Mr Nunn explained that being ahead of the upcoming changes has boosted the firm's advice numbers through organic growth, acquisition and recruitment.
"Our adviser numbers have grown by 44 per cent [between 2008 and 2012]. We're seeing continued strong interest in our advice value proposition for advisers," he said.
"We've seen success in our adviser growth. We've basically been able to put a compelling proposition in front of advisers that we can help transition to the new world."
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 20 Apr 2018Govt launches new corporate criminal crackdownBy Reporter
- 20 Apr 2018AMP CEO retires immediatelyBy Reporter
- 19 Apr 2018Commission questions compulsory FPA membershipBy Killian Plastow
- 19 Apr 2018CBA admits to fresh FOFA breachesBy Reporter
- 18 Apr 2018Royal commission villains could face jailBy Aleks Vickovich
- 18 Apr 2018CBA accused of ‘misleading’ royal commissionBy Aleks Vickovich and Killian Plastow
- view all