Keep calm and carry on
By
Kate Kachor
Mon 08 Dec 2008
If nothing else can be learnt from the past six months, it's that communicating with your clients is key.
While this is indeed stating the obvious, financial planning has been given a higher profile in 2008 with the fall in share market values and portfolios weighing heavily on the minds of clients and planners alike.
Yet, there is a cloud with a silver lining on the horizon. The old adage 'keep calm and carry on' seems to perfectly fit the industry's mood.
Rather than rushing to push the panic button, a number of Australia's leading financial planning principals have suggested that going back to basics and remaining calm is the key to survival.
According to IFA Best Practice 2008 winner TFS Financial Planning principal Danny Maher, understanding your value proposition and communicating that effectively to your clients is the key.
"We've never positioned ourselves as pure investment advisers and the term coaches or lifestyle financial planners gets bandied around quite a bit these days, but our value proposition is all about delivering reliable outcomes for clients, emphasis on reliable, through personalised advice and that builds quality relationships," Maher said.
For Australian Private Capital's Michael Tratt, recognising the need to increase communication with your clients, regardless of whether you have good or not so good news, has been a key learning for his firm.
"I think what we've been through in the past year means that communication is much more important and hence why we've been much more proactive and more regular and more targeted in our message," Tratt said.
In regards to how the advice industry may fare in the year ahead, Menico Tuck's Anthony Menico believes it may well be similar to 2008, so a slow and steady approach may be best.
"I think 2009 will be another year of basically doing the right thing by the client. If you treat every client like it's your mum and dad's money then I don't think you can go wrong," Menico said.
"What goes around comes around and if you do the right thing it will come back to you."
For this week's magazine, IFA journalists conducted a roundtable with these leading advisers to get their views and opinions on the industry. We hope you enjoy their comments.
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