AFS Group (AFS) is set to report a record first half profit for the 2009/2010 financial year, as it warns of the consequences for those dealer groups who have not adapted to the Global Financial Crisis.
Group CEO and Managing Director, Peter Daly, says AFS has weathered the worst effects of the GFC, but predicts those dealers who have not adapted to changing times will find it difficult to survive:
… those organizations that did not evolve or responded effectively, will cease to exist …
“The past 18 months have represented an unprecedented period of considerable challenge and change for the financial services industry and those organizations that did not evolve or responded effectively, will cease to exist in the post GFC era,” said Mr Daly.
AFS points to its strategy of investing substantially in its practices’ training and development programs during the last 18 months in particular as a key element to its present strong position:
By way of example, Mr Daly points to the success of its Business School, which focuses on refining business proficiency rather than financial planning skills, whose recent participants have reported an average income growth to their practice of 25%.
The AFS Business School forms one component of the development strategy and programs that AFS reports it has structured for its practices, which includes an AFS ‘Summer School’ (an extension of its Business School), bi annual sales schools, Boards of Advice, PD Days, product symposiums, Principal’s weekend, annual conference, client seminars and technical and tactical workshops.
“By proactively supporting and directly working with our practices, they are very well positioned to maximize their strategic, market, client service and commercial objectives and success,” concluded Mr Daly, who also confirmed the Group was seeking a public listing in 2013.
