The AFA has revealed it will put a spotlight on the concept of adaptive change as the association enters the new financial year.
According to a statement, the focus on adaptive change stems from the findings of the AFA's recent Business Summit and the association will maintain this focus at its National Practitioner Roadshow through July.
The adaptive change model refers to environments in which market participants need to collaborate to invent the future using a combination of today's best practice blended with the best thinking about what will succeed in the future, the AFA statement said.
Chief executive Brad Fox said that when the paradigms for a marketplace change, the businesses in that market have to change too.
“Simply put, a lot of advice practices are feeling like their costs are going up while there is downward pressure on revenue,” he said.
“Advice businesses are therefore exploring ways to adapt.
“Advisers, practice owners and licensees are increasingly asking themselves and each other what it is that they need to change to do well three, five and 10 years from now – well beyond the horizon that is predictable and foreseeable," he added.
“The research into adaptive change reveals that it is only through working together that the future solutions are found.”
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