LBA Corporate Club Mar 2010

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LBA Corporate Club Mar 2010

  1. 1. LBA Corporate Club – March 2010 <ul><li>TODAY, we can either: </li></ul><ul><li>You tell me your burning questions and I’ll deal with them, </li></ul><ul><li>OR </li></ul><ul><li>I will go through </li></ul><ul><li>A snappy overview of our world today </li></ul><ul><li>A step through professional practices concepts </li></ul><ul><li>Regulation – once over lightly </li></ul><ul><li>1 SIMPLE idea that will help you today </li></ul><ul><li>Highlight the things that will get you through the next year </li></ul><ul><li>Q & A time…. </li></ul>
  2. 2. Our world today….an Overview <ul><li>Advisers still have choices: </li></ul><ul><li>1. AFA – Authorised & Registered Financial Adviser </li></ul><ul><li>2. RFE – Registered Financial Adviser </li></ul><ul><li>3. QFE based practitioner – agent as RFA, AFA, employee? </li></ul><ul><li>The law (F.A.A.) is known. The Code of Professional Conduct is not – but we’re 90% sure. </li></ul><ul><li>Education standards required are sorted. </li></ul><ul><li>“ Financial Planning Service” is the big trap. </li></ul><ul><li>Not all clients are good clients – WARNING! </li></ul><ul><li>Remuneration pressure, and consumer pricing pressure. </li></ul><ul><li>Selling on price is a dying business. </li></ul>
  3. 3. The Adviser facing Regulation
  4. 4. What is “Professional” Practice? <ul><li>In simple terms? </li></ul><ul><li>Doing the right things right, and, </li></ul><ul><li>doing right while doing them. </li></ul><ul><li>Good process = managing expectations, being transparent, being client focused, analysing and considering different solutions, recommending the best for the client, helping them get the solutions put in place, then holding their hand and continually checking it’s still good. </li></ul><ul><li>Sound like a 6 Step advice process? </li></ul><ul><li>Be prepared, practiced, polished…with a work ethic . That’s Professional. </li></ul><ul><li>Be Ethical? Ethics are the morals of business, and what is moral is what you feel good after….. </li></ul>
  5. 5. Regulation & the BIG adviser decision <ul><li>What’s the best licensing structure for you? </li></ul><ul><li>Become an AFA (Cat 1 or 2 products) and licensed direct with Securities Commission. </li></ul><ul><li>Become an independent RFA (cat 2 products only) </li></ul><ul><li>Become either an AFA or RFA under a QFE? </li></ul><ul><li>Leave the business? </li></ul>
  6. 6. The Questions That Work It Out <ul><li>Do I want to be a financial adviser? </li></ul><ul><li>Do I want to offer a full range of advice and product choice? </li></ul><ul><li>Am I happy to be restricted to Category 2 products only then? </li></ul><ul><li>Do I want to avoid being aligned with any particular supplier? </li></ul><ul><li>Am I happy then to be aligned to a particular supplier? </li></ul><ul><li>If so, which ones are the possibilities for me? </li></ul><ul><li>How restrictive would the supplier QFE be in terms of product choice for my clients and I? </li></ul><ul><li>Does that QFE have the right people and systems in place to support me as an aligned adviser? </li></ul><ul><li>Are that QFE’s people and systems better than the others in my view? </li></ul><ul><li>What is my financial or production commitment to the QFE? </li></ul><ul><li>Once regulation is in place, will the QFE be a good business partner? </li></ul><ul><li>Will they help me grow my business? </li></ul>
  7. 7. A Great (& simple) idea – an “agenda” <ul><li>1. INTRODUCTION & Full Disclosure </li></ul><ul><li>2. EXPECTATIONS: </li></ul><ul><li>What are your expectations of an Advisor? </li></ul><ul><li>What are my expectations? </li></ul><ul><li>3. CHOICE : </li></ul><ul><li>Place an Order or Personalised Advice for you? </li></ul><ul><li>4. AUTHORITY TO PROCEED </li></ul><ul><li>Scope of Service: </li></ul><ul><li>□ As per your order; or </li></ul><ul><li>□ Limited Advice; or </li></ul><ul><li>□ Full Advice Process </li></ul>
  8. 12. What’s the future for the professionals? <ul><li>Fantastic!! </li></ul><ul><li>Fewer competitors </li></ul><ul><li>More supplier demand for you </li></ul><ul><li>More WAYS of earning money </li></ul><ul><li>More money to be made </li></ul><ul><li>Easier to move into preferred markets </li></ul><ul><li>Professional standing with clients & in community </li></ul>
  9. 13. … in conclusion…. <ul><li>I hope we have been leading you in the right direction… </li></ul><ul><li>… any Questions? </li></ul><ul><li>If not, thank you and good luck. </li></ul>

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