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Articles by Sue Viskovic
Fewer but better-quality advisers a solid foundation for the future
After years of declining adviser numbers, from a peak of around 28,000 at the beginning of 2019 to around 15,000 today, there’s evidence from Padua WealthData’s analysis that the number has bottomed out. The volume of new advisers entering the profession in 2026 is more than last year, albeit still extremely modest in the overall scheme of things. “It’s definitely turned a corner.
Pricing advice to reflect value, profitability and sustainability
Strong demand for financial advice is being underpinned by structural, regulatory and demographic changes. As a result, many advice firms are charging higher fees than they did a few years ago. While this reflects economic reality, it also raises an important question for the profession. A sustainable advice sector requires profitable advice businesses, but it also requires advice to remain affordable and accessible to those who need it.
Planning for profitability in the new financial year
As we approach the end of the financial year, it’s time for firms to consider their next annual budget. Profitability doesn’t occur organically; it requires careful planning, which must be revisited regularly. Each year, a thoughtful budgeting process is essential to align business goals and set clear expectations for advisers.
Discovering your current staff are paid under market
Here’s a real-life, and not uncommon tale of a firm that goes to market to hire a new Client Services Officer for their team, only to discover that they can’t get anyone for the $70,000 plus super ($78,050) they had budgeted. It turns out the market is paying more like $80,000 to $85,000 plus super for the role they’re filling. They reworked their numbers at $94,775 ($85,000 plus super), but they soon discovered their actual problem was much greater than the $16,725 gap.
Is Your Advice Worth the Investment? Here's How to Ensure It
The VBP Consulting team collectively spend many hours every week working with advisers in the art and science of getting their pricing models right. Part of this process involves understanding the true cost of advice, but this is only one step in the exercise. Cost does not equal value. An important part of the art in pricing is to look from the client’s perspective to determine what value they will gain from the advice and service provided.
Reflect, plan and achieve: It’s a powerful time of the year for financial advisory firms
For firms seeking to enhance their results in the upcoming financial year, active engagement in strategic planning – and involving the entire team in the process – is essential. There's never been a better time to run a financial advice firm.
4 Things I Wish I Was Told About Goal Setting
Goal setting. You’ve heard all the one liners…. ‘If you don’t know where you are going, you’ll end up someplace else’ ‘Fail to plan and you plan to fail’ ‘A goal is a dream with a deadline’ In my post “The problem with goal setting”, I reveal the single biggest contributor to achieving your goals, and why writing them down just isn’t enough.
The Pitfalls of Inconsistent Leadership
Written by Lana Clark Change: The constant in financial services. So, is it reasonable to think that changing tack in strategy or leadership is beneficial? Leadership is critical in every business, influencing its culture, performance, and overall success. Effective leadership requires a clear vision, consistency, and the ability to inspire and guide others.
It’s okay to turn away potential unprofitable clients
An ideal financial planning client has between $2 million and $8 million to invest, is happy to pay substantial annual fees, takes advice, turns up to annual reviews and is a pleasure to deal with, according to Back Office Hero principal Mark Lewin. These clients should produce an average profit margin each of $7000 based on them paying fees of between $8000 and $35,000 a year and will be likely to happily refer new clients to the firm, he tells Professional Planner.
The Seven R’s of Successful Referral Relationships
Referrals from trusted sources are the preferred way for most clients to find their financial advisers. However, some advisers struggle to create fruitful referral relationships while others have real success in developing deep, sustainable, and profitable relationships with key referral partners. In this article, we will discuss the Seven R’s of Successful Referral Relationships to enable advisers to deliberately cultivate active and prosperous relationships with other advice professionals.
The Foundations of a Resilient Advice Business
We all know the upheaval that the financial advice profession in Australia has experienced in recent years, with many advice firms struggling amidst increasingly complex regulatory and legal obligations. Adviser numbers have dipped below 16,000 and it is widely predicted that this number has further to fall in the years ahead. Many who are left are suffering from ‘change fatigue’ and in desperate need of inspiration and the confidence to implement different business strategies.
Five Ways Advisors Can Get Their Mojo Back
The last few years have been long and hard for many in financial services, with difficult markets, legislative change, squeezing margins and negative publicity creating a perfect storm that for some, has robbed them of their drive and energy. This is the opening sentence of an article that we published over a decade ago, in RiskInfo magazine in 2012; and the only thing we’d add to that perfect storm today to bring it up to date might be ‘education requirements’.
Advice upheaval requires more than tinkering around the edges
It may only be February but the theme for the 2023 is focusing very clearly on making it easier for financial advisers to serve their clients and, critically, for clients to have access to advisers. While there have been no immediate changes introduced yet as a result of the Quality of Advice Review, there has been almost universal acknowledgment that there must be systemic change in order for the system to work – both for consumers and for planners. This can’t just be tinkering at the edges.
More Than Money: Making Sure Your Biggest Asset is Protected
Resilient advice firms recognise that their staff are not only their biggest cost in the business, they are also their biggest asset, and pose their biggest risk. Just as your client value proposition (CVP) defines what your clients will pay you for, your employee value proposition (EVP) is what will attract and retain quality people. In the midst of a global skills shortage, applying a conscious focus to invest in your biggest asset and build your EVP is imperative.
‘Cherry on top’: Build organic growth before pursuing M&A
Scale has become a buzzword for advice practices but for businesses to grow, it must be done off the back of organic growth according to a panel discussion. “Always prioritise organic growth over M&A… [an acquisition] should be the cherry on top,” Macquarie Group head of new business Jamie Melville told the Professional Planner Advice Practitioner Summit. Alteris Financial Group epitomised this philosophy – after building organically it made the decision to pursue M&A.
The 7 Key Things Resilient Advice Firms Are Considering
Written by: Graham Burnard 2023 looks set to be a tremendous year of opportunity in advice, so we’ve gathered the top seven elements that every advice firm should have in their planning for 2023, when they’re back on deck and ready to think about maximizing their success. Every firm will have different priorities based on what’s happening in their own business, but every firm should have revenue and expense targets set so they can make conscious business decisions.
‘It shouldn’t be growth at any cost’: The balancing act of staff management
Owners of financial planning firms are mindful of hiring the right person to build healthy culture and retain staff as well as create a good training environment for others, according to three diverse businesses. Brisbane-based boutique firm Dalton Financial Partners has $2 million annual turnover and three offices employing 12 staff, headlined by three Certified Financial Planners who are backed by locally employed paraplanners and client service staff.
More than money: Making sure your biggest asset is protected
Sue Viskovic Resilient advice firms recognise that their staff are not only their biggest cost in the business, they are also their biggest asset, and pose their biggest risk. Just as your client value proposition (CVP) defines what your clients will pay you for, your employee value proposition (EVP) is what will attract and retain quality people. In the midst of a global skills shortage, applying a conscious focus to invest in your biggest asset and build your EVP is imperative.
An Elegant Way To Receive More Qualified, Warm Referrals
There are many advisers in a position at the moment of being so inundated with new client enquiries that they have a waiting list of people wanting to see them. AND we are also coming across some advisers in the opposite situation. They’re looking to grow their business and wondering how they can best find the right type of clients.
How Can You Afford To Turn off Clients That Are Paying Way Less Than Your Minimum Fees?
Despite the fact that there are not enough advisers left to serve the clients who need them, we know there are some advisers who find themselves in a situation where they’ve been too busy serving their existing clients to worry about finding new ones.
The foundations of a resilient advice business
We all know the upheaval that the financial advice profession in Australia has experienced in recent years, with many advice firms struggling amidst increasingly complex regulatory and legal obligations. Adviser numbers have dipped below 16,000 and it is widely predicted that this number has further to fall in the years ahead. Many who are left are suffering from ‘change fatigue’ and in desperate need of inspiration and the confidence to implement different business strategies.
How can you afford to turn off clients that are paying way less than your minimum fees?
Despite the fact that there are not enough advisers left to serve the clients who need them, we know there are some advisers who find themselves in a situation where they’ve been too busy serving their existing clients to worry about finding new ones.
10 Things That Make a Successful Financial Advisor Business Plan
A business plan is one of the most powerful tools you can use to help your business evolve and grow so you can achieve the outcomes you want. Financial Advisers know all too well, the power of planning – and see the impact of it every day with their clients achieving greater outcomes as a result of their foresight to make a plan.
Why It's Time for Financial Advisors to Re-Evaluate Everything
Written by: Graham Burnard It is easy to get focused on dealing with short term issues and to loose sight of the longer term business goals you are aiming for. Admittedly, a large number of these current issues are significant and are having huge impacts on staff, clients and the overall business performance. However, one of the hallmarks of successful businesses is their ability to navigate these short term challenges while still remaining focused on their long term goals.
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