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Practice Management Articles
The Delivery of Quality Financial Advice in Both Good and Turbulent Markets
Julia Feher won the 2009 IFSA Deloitte Future Leaders award for this paper, which looks at the different ways that the financial advice industry can ensure quality advice for clients whether the markets are up or down. Feher explores how the market turmoil has affected the quality of advice and looks at current initiatives that have been employed to improve this quality for the future. She details some proposals for how Financial Advisory Networks (FANs) and advisers can deliver good advice without being affected by the financial market performance. She says the shortcomings of the industry are too broad to be addressed by FANs and advisers alone and that significant issues in remuneration and training impact the entire industry and must be addressed by the Government, the regulator and industry bodies. Meanwhile, she says there are steps that FANS can take to ensure quality advice for clients. With the world economy now on the mend, Feher says the process of change and improvement begins with looking at the core function of financial advisers so that these are reflected across the whole industry.
Rapid Advice Delivery: The Next Generation of Financial Advice
Increased competition in the advice industry, fueled by superannuation funds now being able to deliver financial advice to members, demands a fresh look at how we deliver advice. The benefits of rapid advice delivery in providing quality advice to members or clients quickly are palpable, and this paper considers the ways in which technology can speed up the advice process. This technology enables advisors to better quantify their value, to generate more quality statements of advice in less time and lower the cost of advice per client, but it will not be smooth sailing for everyone.
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