Advisers must let go of parts of their identity to effectively adapt to change, says AFA chief executive Brad Fox.
In a speech to advisers at the AFA's National Practitioner Roadshow in Sydney yesterday, Mr Fox addressed the challenges of adapting to societal change.
“You’ve got to adapt to societal expectations,” Mr Fox said. “The difficulty of adapting is you’ve got to let go of some part of you.
“If you’ve been a successful risk specialist for 30 years, and you’ve charged upfront commissions all the way through, that’s part of your identity.
“If you’re an adviser that has always used a built-in commission product in the superannuation investment space, maybe that’s part of your identity or part of what it means to your success,” he said.
Mr Fox noted that while it is difficult to change established adviser behaviour, it is important to challenge it in order to move forward and progress as an adviser.
“Adaptive change is about taking the best that you have now and blending it with the best that you need for the future,” he said.
“It is hard to disrupt that, but it is essential that we challenge it – about whether it is the right thing we need to go forward.”
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 25 May 2018‘Never been a better time’ for advice: MorningstarBy Killian Plastow
- 25 May 2018ASIC takes former AFSL director to courtBy Reporter
- 25 May 2018Henderson Maxwell owner launches investigationBy Aleks Vickovich
- 25 May 2018CBA issues update on AUSTRAC proceedingsBy Reporter
- 25 May 2018Employers granted unpaid super amnestyBy Jessica Yun
- 25 May 2018Bernardi backs bank withdrawal from wealthBy Aleks Vickovich
- view all