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."
MLC Life has appointed the former CFO of AMP Bank as its new deputy CFO as it sees a period of “significant change” for the industry ahead. ...
Mayfair 101 founder James Mawhinney has been restrained from a number of activities following a Federal Court ruling. ...
One of Australia’s largest licensees says it is facing a crisis as risk advisers exit the industry, with its annual life insurance new business drop...