Advice firms can still succeed post-FASEA: Mentor

Two factors will guarantee future success for advice firms even amid current FASEA lobbying and the events of the Hayne royal commission, according to Mentor Education.

The financial services education group said successful advice firms depend on two key factors. The first is innovation by adopting and applying new technologies, processes and management/HR practices.

The second factor, according to Mentor Education, is structural adjustment, whereby practice operational resources are shifted to the most productive sectors of the business in order to ensure exceptional client experiences are delivered with each client interaction without fail.

As a result, Mentor Education said there is a focus on productivity improvement and it is the key driver of advisory practice principals undertaking these study programs to improve their entrepreneurial proficiency and management skills.

“Irrespective of FASEA’s announcement of the final makeup of the academic and ongoing professional development regime, there is little argument that advice practices will need to be far more client centric and efficient in order to thrive in the new environment,” said Mentor Education managing director Mark Sinclair.

“Rather than expending energy resisting the forces of change that have engulfed the advice sector, there is a very solid and growing core of planners focused on preparing their practices for the future.”

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Advice firms can still succeed post-FASEA: Mentor
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Adrian Flores

Adrian Flores

Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.

You can contact him on [email protected].

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