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Adviser business confidence rattled

A practice management consultant has called on advisers to regain their ‘mojo’ after being confronted with regulatory burdens and negative public perceptions.

Speaking at the van Eyk annual conference in Sydney yesterday, Encore Group national practice development manager Matt Fogarty said the Future of Financial Advice (FOFA) reforms had taken an emotional toll on the industry.

“For many, FOFA has been all-consuming and it has worn us down,” he said.

“Advisers have suffered a confidence shock; it has hit our idea of the value we bring to clients and rattled our business confidence,” he added.

“The wind has been knocked out of our sails and we need to get our mojo back.”

Fogarty said advisers need to re-engage with the valuable role they play in clients’ lives and not be distracted by the “perception problem.”

“To prosper post-FOFA, absolute client focus will be the key,” he said.