SEARCH
Differentiating value offerings key to practices
Differentiating value offerings key to practices
An influx of advisers to independent AFSLs combined with new government regulations mean practices will need to find ways to differentiate themselves in a number of key areas, says KnowIT Group.
Speaking at the launch of a new joint venture with registered training organisation Monarch, KnowIT Group chief executive Wayne Wilson said Australian advice practices were increasingly starting down the independent path and needing to find new ways to offer value to clients.
"There has been a relatively strong swing away from practices wanting to be within aligned dealer groups in the country and moving to independent AFSLs, and in that process what we're seeing is that there's a rush to quality and content, if you like, as a separating factor between those small or bespoke independent practices to be able to have that as part of their value proposition," he said.
Mr Wilson said the shift to "being out in an independent world where you have to have a value proposition that compels people to come to you" coupled with the recent changes to adviser education standards means advisers will need to "ramp up" their technology capabilities, education standard and knowledge base in order to compete.
"For years, advice systems have tried to reduce the time it takes to write an SOA or the like, I actually think the focus will be on the opposite now," Mr Wilson said.
"People are going to be less concerned about a system that gets something out in six and a half hours, and more concerned about getting a bespoke outcome that's not quite what the planner down the road or around the corner is offering."
Subscribe to our Newsletter
We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians
Your email address will be shared with nestegg and subject to our Privacy Policy
latest articles
OUR PLATFORMS AND BRANDS
- Accountants Daily
- Accounting Times
- Adviser Innovation
- Australian Aviation
- Broker Daily
- Cyber Daily
- Defence Connect
- Fintech Business
- HR Leader
- Independent Financial Adviser
- Investment Centre
- Investor Daily
- Lawyers Weekly
- Money Management
- Nestegg
- Property Buzz
- Real Estate Business
- Smart Property Investment
- SMSF Adviser
- Space Connect
- Super Review
- The Adviser
- Wellness Daily
- World of Aviation
EVENTS AND SUMMITS
- Accountants Daily 30 Under 30 Awards
- Adviser Innovation Summit
- Australian Accounting Awards
- Australian Aviation Awards
- Australian Broking Awards
- Australian Defence Industry Awards
- Australian Law Awards
- Australian Space Awards
- Australian Space Summit
- Better Business Summit & Awards
- Broker Daily Business Awards
- Corporate Counsel Summit & Awards
- Cyber Security Summit & Awards
- Defence Connect Budget Lunch
- Defence Connect DSR Summit
- Fund Manager of the Year Awards
- ifa Excellence Awards
- ifa Future Forum
- Investor Daily ESG Summit
- Lawyers Weekly 30 Under 30 Awards
- Lawyers Weekly Women in Law Forum
- New Broker Academy
- Partner of the Year Awards
- REB Awards
- Reinnovate
- SME Broker Bootcamp
- SMSF Adviser Technical Day
- Super Fund of the Year Awards
- Women in Finance Awards
- Women in Law Awards
- Accountants Daily Podcast Network
- Australian Aviation Podcast Network
- Broker Daily Podcast Network
- Defence Connect Podcast Network
- HR Leader Podcast Network
- REB Podcast Network
- Relative Return
- Space Connect Podcast
- The Adviser Podcast Network
- The ifa Show
- The Lawyers Weekly Show
- The Smart Property Investment Show
PODCASTS
LEARNING AND EDUCATION
MOMENTUM MARKETS NETWORK
LINKS
STAY CONNECTED
Subscribe to the Adviser Innovation eNewsletter.
