The vast majority of financial advisers felt optimistic about their future but many saw political and legislative shifts as having the single biggest impact on their business, according to polling conducted during the recent Association of Financial Advisers (AFA) National Practitioner Roadshow.
The roadshow used live polling at each stop in the seven city tour which attracted 1600 advisers and where 93% of attendees stated they felt more optimistic about their future as a financial adviser.
AFA General Manager Member Services, Partnerships and Campus AFA, Nick Hakes, said the live polls also sought adviser responses on a number of key areas with 59% of attendees stating political and legislative shifts had already had the greatest impact on the way their advice is delivered, compared to 22% who voted for technological shifts and 9% who voted for societal shifts.
“…93% of attendees stated they felt more optimistic about their future as a financial adviser”
The poll also asked advisers about their ability and willingness to change and if there were beliefs, biases or habits that would have to change for them to move forward, which received an 84.7% positive response, while only 15.3% disagreed.
“The message from our speakers, and what was evident in our Live Poll, is that advisers need to invest in themselves to adapt, to collaborate with their peers and to cultivate a culture where they can gain fresh perspectives and new ideas,” Hakes said.
This was further borne out with a poll that asked how advisers would spend $50,000 in their business if success was assured. 31.6% stated they would spend it on technology to improve the client experience, followed by technology to improve efficiency (31.1%), then team development (14.3%).
The roadshow was used by the AFA to launch its focus for the coming year, looking at adaptive change which Hakes described as “…a process of challenging our beliefs and ways of thinking; to question the effectiveness of continuing to do the same things in the same way that we are used to when the paradigms for financial advice have changed”.
I wasn’t able to attend these roadshows. Glad to see the majority of financial advisers who attended felt optimistic about their future. They should be. I am proud to be part of such a great community. Keep up the great work everyone.
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