Loss of Perspective Troubling Advisers

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A top business consultant says a growing number of advisers are starting to lose some key perspectives as they struggle to come to terms with financial services industry reforms.

Slipstream Coaching co-founder, Sharon McClafferty …some advisers feel as if they’re being ‘smashed’, but change also offers new opportunities for growth

As she prepares to join a National MDRT Adviser Roadshow tour later this month, Slipstream Coaching co-founder, Sharon McClafferty, has told Riskinfo she is seriously concerned about the impact on some advisers (and their businesses) that a seemingly constant barrage of negative publicity surrounding the financial advice profession is having.

When this negative publicity is then coupled with more regulatory reforms stemming from the Banking Royal Commission fallout, together with the FASEA exam and minimum education requirements, McClafferty says some advisers feel as if they’re simply being ‘smashed’.

She cautions that when the walls are closing around them, these advisers find it very challenging to maintain a balance and perspective between those constant, unrelenting pressures and the rest of their business and personal lives.

McClafferty’s strong message to advisers is to encourage them – as difficult as it may be for many – to momentarily step away from the pressures weighing them down, and to view those perceived difficulties in relation to the maintenance of both their physical and mental wellbeing and their relationships with their friends, family and business colleagues.

At the same time as voicing her concern for those advisers who are struggling to maintain these broader personal and business perspectives, McClafferty has also pointed to other advisers and advice businesses with whom she has contact, who are quietly excited about the future opportunities that this current round of industry reforms may present.

“Change has been such a constant for financial advice businesses over the last decade,” said McClafferty, “…but those advisers who can navigate their way through these reforms – and not lose perspective with the other critically important areas of their personal and business lives – will emerge in a much better position to thrive into the future.

The 2019 MDRT ‘Resilience to Thrive’ National Roadshow, which is supported by Riskinfo, will be visiting the five mainland state capitals later this month…



3 COMMENTS

  1. Sharon says that there are advice businesses who are quietly excited about the future opportunities. My concern is that this may become something of a focus for the govt, ASIC and other parties who may try to make out things aren’t that bad. However, another article in this edition of RiskInfo includes the statistics of the number of advisers leaving (15 per day), and stands in stark contrast.
    Sharon says advisers need to step back and view those percieved difficulties…Sharon, they NOT perceived. They are very real! Nevertheless Sharon is correct when she says advisers need to view things in relation to other areas of life such as physical and mental well being, etc. The thing is – life is too short to put up with what is happening to advisers. Unless these draconian laws are changed, more advisers will simply leave.

  2. A common theme that is constantly pushed by consultants, the media and Government, is that change is inevitable and good and those that accept change, will go forth and build wonderful, profitable and self fulfilling Businesses that will bring joy to all who participate.

    How wonderful and how positively naive.

    Change that brings about a positive result is always something admirable to pursue.

    To blindly accept change that brings negative results to a majority, is not change that should be embraced, it should be fought and destroyed.

    There is a tick a box mentality that has crept into Australia, that will cause long term detrimental effects for millions of Australians, yet if we believe the “experts” we should accept illogical and flawed arguments from Regulators, Government and self Interest entities and just get on with what they want.

    Wrong.

    The way to overcome stupidity, bullying and over zealous nut jobs, is to attack their ideology and turn the heat up on their arguments from the word go.

    So to all those out of touch guru’s who think that waving the white flag is the way forward, please go elsewhere and stop muddying the waters.

  3. Well, after 33 years and many hundreds of retained risk clients I can tell you i have lost pretty much all motivation for writing new business and any enthusiasm for our once great industry. 10 years ago I thought I’d be here ’til 70 at least but the way I feel now at almost 59 is that I simply cannot wait to retire at 60 and get my super tax free and sell my risk business. Thank God it is 99% insurance as I believe those renewals are safe.
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    I’d only write the very occasional new policy these days – cannot justify the trouble and risk of writing new business now – just too hard with all the compliance paperwork nonsense. As usual, it is potential clients losing out, not me. Happily I have a great income and don’t need these stinking life companies anymore. Not that I’d even want to know them after they shafted advisers with lower commissions, increase responsibility periods and more paperwork. ridiculous. By not even attempting to be good adviser advocates, the life companies have stuffed our and their industry up completely. It is beyond sad the way they’ve behaved hiding behind ASIC and other entities while they cut commissions and gave us the 2 year clause. Despicable!
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    I’m not suicidal just very disillusioned. To say I don’t care for our once great industry now would be, in all honesty, accurate. It’s an industry Jim, but not as we knew it (just for the Trek fans out there 😉

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