Ahead of the Adviser Innovation Summit 2023, Find Group of Companies founder and managing director Warren Strybosch said it is imperative for advisers to develop a cost-effective business and frequently review costs.
“I think a lot of advisers are looking to grow profits, but they are not looking at how to ramp up efficiencies or run a more cost-effective practice,” he told ifa.
“I think it’s important to look at different ways to save money, including using new tech tools and software.”
Around seven years ago, Mr Strybosch — who has a background in teaching mathematics and psychology in secondary schools — foresaw that it would become more expensive to run a financial planning practice.
He solved this using his teaching skills to build and train his own staff in the Philippines.
He observed that while there was stigma attached to hiring staff overseas, it has become increasingly prevalent among financial planning firms.
He has delegated some of the administration duties in his financial planning and accounting businesses to staff in the Philippines.
The financial planning staff also talk to insurers and super funds, and compile reports for Mr Strybosch.
“I double check and sign off on everything before it goes to the client,” he said.
This has led to business growth, increased revenue and productivity, and reduced costs, he added.
“For instance, we have five insurances on one of our websites, and we have one staff member who helps to manage that with the referrals,” Mr Strybosch explained.
“Over the last four or five years, we’ve probably given 500 referrals to a general insurance broker. He’s not part of our business but he’s aligned to it because we give a lot of referrals to him. We wouldn’t have been able to have that general insurance partnership if it weren’t for my staff overseas.”
Mr Strybosch relayed his experience to ifa ahead of the Adviser Innovation Summit 2023, where he and a panel of speakers will unpack how to run a long-term, profitable, and sustainable advice practice.
They will also explore the challenges advisers could encounter, the pricing models they could use for optimal growth, and the technology they could use to reduce costs and increase efficiencies.
Mr Strybosch concluded that while working on a business is important, advisers must also work on themselves.
“They need to be mindful of how they come across to people around them and ensure that what they do is aligned with their community’s moral and ethical standards,” he said.
“Don’t forget that working on yourself is very important. Some people don’t think about that as much as they probably should. Then, of course, you can take the time to work on your business and bring yourself up to speed with education and CPD requirements.”
To hear more from Warren Strybosch about how to run a profitable advice practice and embed a culture of innovation, come along to the Adviser Innovation Summit 2023.
It will be held on 8 June at the Great Hall, University of Technology Sydney, and 15 June at Grand Hyatt, Melbourne.
Click here to buy tickets and don’t miss out!
For more information, including agenda and speakers, click here.
