It’s not over yet – 3 ways to get ahead of the curve

Vanessa Stoykov,  creator,  No More Practice

Welcome back to our first edition for 2019. I hope you all had a great break. I have to say, Christmas is the only time where I can switch off and enjoy my family and friends without dealing with emails, production schedules, and shoot dates - so I have to say, I love it!

I am reminded of just how important it is to truly disconnect from work. To take a mental break from thinking and just be. My hope is that you also got a chance to do that, because you are going to need to hang onto that feeling of zen to get you through this year. My prediction is it’s going to be a bumpy one!

No, I am not trying to put you a downer in my first blog of 2019. Rather, I want to prepare you for what’s to come. While there are many good developments happening with FASEA’s clarity on education standards, such as the additional credits for relevant subjects in non-relevant degrees, the big ticket item has not yet landed. That is, the final report from the Royal Commission.

While we have had a much welcome respite from the continual bad news coming from the findings, the report that will be delivered in February will no doubt garner maximum attention.

Not only will it get column inches from the media, it will also get political attention from both sides of the fence. After all, in what is coming up to be an explosive election year, the industry and quite frankly the most valuable asset in Australia will be a political gold mine. Greedy bankers will be reviled again, and yes, financial planners will be dragged over the coals once more.

While there is nothing any of us as individuals can do to change what the Commission has discovered, or the necessary changes that are coming, you can prepare yourself for the next wave of media attention and in fact get ahead of the curve. Here’s three ways to brace yourself and your practice:

1) Be on the front foot.

Write a blog, or shoot a video telling your clients and community what you expect to see in the Royal Commission. Give them a top 3 list of things you expect to see change. Tell them your views on that and tell them again how committed you are to protecting and growing their wealth. Getting on the front foot will stop clients coming to see you in panic when they see the headlines and provide a valuable touchpoint in which to build trust.

2) Brief your team.

You need everyone singing from the same hymn book. I have met people who work for financial planning networks who are actually embarrassed to say what they do now at social events. In order for your team to feel proud of the good work they are doing, you need to remind them why you all are doing it, and how the Royal Commission may affect your business, and what is business as usual. Internal communications are incredibly important, no matter the size of the team.

3) Book yourself into industry events now.

I mean it. Put them in your calendar. Conferences and workshops. The best way to stay abreast of change is to talk to others that are also tackling it. It can be very lonely running a small business. Investing in creating a community around you will help navigate this intense period of change.

I have always loved the quote “So too, this shall pass.” And this will. But keeping ahead of the curve and tackling issues head on will be the best way to not just survive, but to thrive.

I look forward to seeing many of you this year at events, and have a few surprises in store which really show case how remarkable great advisers are.

Until next time,


The opinions expressed in this content are those of the author shown, and do not necessarily represent those of No More Practice Education Pty Ltd or its related entities. All content is intended for a professional financial adviser audience only and does not constitute financial advice. To view our full terms and conditions, click here.

 

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