What about providing better support for advisers today?
The financial planning industry and wealth businesses all over Australia are following announcements from Kelly O’Dwyer's office closely. The demand for high-quality technical capability is on the rise. Also growing is the expectation that financial advisers will be well equipped to handle clients’ personal circumstances with greater empathy and a deeper understanding of their individual financial goals.
In the 2014 findings from the Roy Morgan Research Consumer Single Source survey of approximately 50,000 people, Norman Morris, the Industry Communications Director at Roy Morgan Research, said:
In light of the Government considering change to the regulation of financial planning and financial advice, as well as the upcoming Financial Systems Inquiry, the satisfaction with financial planner/advisers is becoming increasingly critical in capturing and retaining market share in a constantly evolving environment.
Smart organisations are getting in ahead of the regulatory requirements by implementing support to prime their advisers to adapt to the new education standards and increased expectations from clients. Continuing professional development (CPD) and on-the-job coaching are tools that can be put to immediate use in providing capability uplift and better advice. Today’s development also plays a crucial role in getting advisers ready for more formal education.
In 2015, MIT AgeLab—directed by Dr Joe Coughlin—conducted an analysis based on online reviews from Yelp (N = 499) and Angie’s List (N = 100). The analysis identified key practices and characteristics that clients value in financial advisers. Topping the list was personalisation, closely followed by expertise and empathy. Contemporary on-the-job learning support, including high-quality tailored training plans and customisable CPD content, is among the most effective ways to get better results for clients today—through developing what are typically labelled as ‘soft skills’; for example, by allowing advisers undertaking online CPD to choose their own content depth and complexity, so they can take their learning beyond compliance requirements. Additionally, including a social element to learning so that advisers in the same organisation can ‘like’ (recommend) the videos and elearns they found most useful. This is core to building a professional practice community of professional practice.
As an expert in workforce development, DeakinPrime is working with a number of organisations to think beyond what we must do in education to the possibilities of what we can do to support the industry as it grows advice capability and excellence today.