Financial advisers who are looking to grow their business must have the right systems in place and ensure their licensees provide them with appropriate services to leverage from, industry professionals have told delegates at the Association of Financial Advisers national conference this week.
"If you're thinking about growing your business, one of the most important things to consider is that the better systems you have, the better you are focused on your strategy and the better you will grow your business," Australian Financial Risk Management chief executive Phillip Young said.
"You've really got to get with it today because times are moving fast. For example, I've got some younger advisers in the network that actually send text messages to clients to remind them about a meeting.
"So you've got to have systems in place to run your business and if you don't have a system get one, because you have to also focus on seeing clients and that's how you grow your business. And if you don't see the clients, you don't grow the business."
Young said too many advisers tended to spend too much time on the peripheries of the business.
"They get weighed down in peripheries so, if you can afford it, get somebody who will handle the peripheries so that you can then focus on your plan," he said.
"You've got to focus on planning because you've got to prove to a company that you want to get involved and that you can actually provide the services. So talk to people, focus, plan and systemise - I think that's the core to growing your business."
Axa Financial Advice Network business and marketing programs national manager Sam Aylett agreed, noting that advisers should also be working with their licensees.
"If you're not self-licensed then you damn well better make sure your licensee is providing the services that you need to make your business successful, because that's their operations and partly what you pay your fees for," he said.
"Make sure they are providing services to you that are appropriate to you in your stage of business, and if that's not suitable, then maybe you should go somewhere else."
