Business
Tips to position your business for growth in 2020
04 November 2019
Business
04 November 2019
Jayson Forrest is the managing editor of Money & Life Magazine.
Six practitioners share their views on the three key things they have done in 2019 that will position their business for growth in 2020.
Question: What are the three key things you have done this year that will position your business for growth in 2020?
Amanda Cassar AFP®
Adviser Director, Wealth Planning Partners
Licensee: Financial Services Partners
It’s certainly been a big year to review and revise how we do business now, and how we need to change moving forward. We certainly haven’t been able to manage it all on our own, with the additional burden of FASEA and study, so I’ve had to outsource some of the work.
Some of the big projects we’re currently managing include:
***
Adrian Kwa
National Head of Advice, Shadforth Financial Group
Licensee: Shadforth Financial Group
We believe client advocacy drives business growth and client referrals. We conduct an annual client experience survey measuring our Net Promoter Score. This year, 44 per cent of our clients responded providing strongly positive ratings for Shadforth and for their planner. Our scores went up in the backdrop of a challenging year post the Royal Commission. We use these results in our business plans to focus on improving the areas that matter most to our clients.
We have worked on aligning our business to our client value proposition in order to negotiate better prices for our clients. We use an evidence-based investment philosophy that determines how we construct our portfolios. We also ensure our platform providers can continue to meet our clients’ best interests.
Working closely with our planners, aligning to our investment philosophy and platform approach, enables us the scale to negotiate better fees from our platforms and investment options for our clients.
We continue to invest in technology to deliver an engaging client experience and streamline the advice process, while embedding compliance. We launched a digital client fact find that works seamlessly with Xplan. Applying an agile approach to pilot, learn and iterate, ensures we continue to innovate and remain relevant to a digitally enabled client base.
***
Charles Badenach CFP® LRS
Principal and Private Client Adviser, Main Street Financial Solutions
Licensee: Integrity Financial Planners
As we are all aware, the financial services industry is undergoing significant disruption and going forward, only those who are able to adjust their business models will thrive in the new environment. As part of this transition process to prepare for 2020 we have:
As we enter a new decade, 2020 will be an exciting time for the profession and we are looking forward to it.
***
Adele Martin CFP®
Money Mentor and Founder, Firefly Wealth
Licensee: RI Advice Group
The following are three things I’ve done that will help position my business for further growth into next year and beyond.
I have put together some thoughts below:
***
Damon Bensein CFP®
Licensee: EP Financial Services
This year we are re-investing in Elston Private Wealth in three very important ways that will position us well for growth in 2020.
Elston is now able to offer specialist advice in areas like philanthropy, family law and expat
transitions. These additional capabilities are opening the door to valuable collaborations with other
trusted partners.
The Royal Commission and FASEA requirements have brought some firms to a crossroads. Do they
evolve or do they look at exiting the industry? For us, it’s about evolving and growing, and we are
actively seeking acquisition opportunities, particularly in Sydney and Melbourne.
We have redefined and articulated who we are as a brand through our new website. Advertising and
content is now aligned with our values, enabling us to better connect with prospective clients in a clear and
engaging way through a variety of channels.
This is a definite solid foundation for the future, and I expect to see strong ROI over the coming years.
***
James McFall CFP®
Founding Director and Principal Adviser, Yield Financial Planning
Licensee: Lifespan Financial Planning
Over the past 12 months, we have been engaged in the following three initiatives that we believe will position our business for growth in 2020 and beyond.
Tags in this article: Business
Tips to position your business for growth in 202004 November 2019 Six practitioners share their views on the three key things they have done in 2019 that will position their business for growth in 2020. Question: What are the three key things you have done this year that will position your business for growth in 2020? Amanda Cassar AFP® Adviser Director, Wealth Planning Partners Licensee: Financial Services Partners It’s certainly been a big year to review and revise how we do business now, and how we need to change moving forward. We certainly haven’t been able to manage it all on our own, with the additional burden of FASEA and study, so I’ve had to outsource some of the work. Some of the big projects we’re currently managing include:
*** Adrian Kwa National Head of Advice, Shadforth Financial Group Licensee: Shadforth Financial Group
We believe client advocacy drives business growth and client referrals. We conduct an annual client experience survey measuring our Net Promoter Score. This year, 44 per cent of our clients responded providing strongly positive ratings for Shadforth and for their planner. Our scores went up in the backdrop of a challenging year post the Royal Commission. We use these results in our business plans to focus on improving the areas that matter most to our clients.
We have worked on aligning our business to our client value proposition in order to negotiate better prices for our clients. We use an evidence-based investment philosophy that determines how we construct our portfolios. We also ensure our platform providers can continue to meet our clients’ best interests. Working closely with our planners, aligning to our investment philosophy and platform approach, enables us the scale to negotiate better fees from our platforms and investment options for our clients.
We continue to invest in technology to deliver an engaging client experience and streamline the advice process, while embedding compliance. We launched a digital client fact find that works seamlessly with Xplan. Applying an agile approach to pilot, learn and iterate, ensures we continue to innovate and remain relevant to a digitally enabled client base. *** Charles Badenach CFP® LRS Principal and Private Client Adviser, Main Street Financial Solutions Licensee: Integrity Financial Planners As we are all aware, the financial services industry is undergoing significant disruption and going forward, only those who are able to adjust their business models will thrive in the new environment. As part of this transition process to prepare for 2020 we have:
As we enter a new decade, 2020 will be an exciting time for the profession and we are looking forward to it. *** Adele Martin CFP® Money Mentor and Founder, Firefly Wealth Licensee: RI Advice Group The following are three things I’ve done that will help position my business for further growth into next year and beyond. I have put together some thoughts below:
*** Damon Bensein CFP® Licensee: EP Financial Services This year we are re-investing in Elston Private Wealth in three very important ways that will position us well for growth in 2020.
Elston is now able to offer specialist advice in areas like philanthropy, family law and expat transitions. These additional capabilities are opening the door to valuable collaborations with other trusted partners.
The Royal Commission and FASEA requirements have brought some firms to a crossroads. Do they evolve or do they look at exiting the industry? For us, it’s about evolving and growing, and we are actively seeking acquisition opportunities, particularly in Sydney and Melbourne.
We have redefined and articulated who we are as a brand through our new website. Advertising and content is now aligned with our values, enabling us to better connect with prospective clients in a clear and engaging way through a variety of channels. This is a definite solid foundation for the future, and I expect to see strong ROI over the coming years. *** James McFall CFP® Founding Director and Principal Adviser, Yield Financial Planning Licensee: Lifespan Financial Planning Over the past 12 months, we have been engaged in the following three initiatives that we believe will position our business for growth in 2020 and beyond.
|
HelpSelect and copy the HTML code above, or
Thank you a copy has been sent to your email. Your e-book will begin automatically. Please click the link below to download manually.
Click here to download