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
- 22 Jan 2019Advice issues stem from writing of SOAs, says RafteryBy Adrian Flores
- 21 Jan 2019Federal Court winds up CFS Private WealthBy Eliot Hastie
- 22 Jan 20192.44m Aussies suffer from financial stressBy Sarah Simpkins
- 22 Jan 2019BT releases 6 ‘core’ managed portfoliosBy Eliot Hastie
- 21 Jan 2019Licence conditions placed on Sydney AFSLBy Adrian Flores
- 21 Jan 2019O’Dwyer steps down from politicsBy Adrian Flores
- view all