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FOFA 'innovators' to be rewarded

The advice industry is increasingly polarised between those viewing FOFA as an opportunity for long-term business transformation and those seeking to meet minimum requirements, according to Seaview Consulting.

The next five years will reward "innovators who...acknowledge that the models of the past are not the solutions for the future,” says the consulting group that is handling the review of beleaguered dealer group Australian Financial Services (AFS) Group.

“The one certainty in what is a rapidly changing financial services landscape is that business is going to get more challenging and more competitive for the participants and those that adapt to meet the change will have greater prospects of success,” said Seaview director Bob Neill.

“Initially, Seaview Consulting expects only a small number of financial services businesses will take advantage of the opportunity FOFA will provide to implement lasting business change and transformation.

“Ultimately, the willingness and commitment to embrace the effort involved in implementing the necessary changes will be paramount to utilising FOFA as the catalyst for business transformation and long term business viability and success.”