{"id":57710,"date":"2021-09-27T12:21:48","date_gmt":"2021-09-27T02:21:48","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=57710"},"modified":"2021-09-28T19:51:07","modified_gmt":"2021-09-28T09:51:07","slug":"five-lessons-from-the-uk","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2021\/09\/27\/five-lessons-from-the-uk\/","title":{"rendered":"Five Lessons From the UK"},"content":{"rendered":"

The Australian financial advice industry is facing a great wave of suppressed demand; a wave of change and one of opportunity and there are lessons that can be taken from countries which are well ahead us, the 2021 AFA EVOLVE conference<\/a> heard.<\/p>\n

Andrew Inwood<\/strong>, founder and principal of CoreData<\/a>, told the virtual conference attendees that the Australian industry doesn\u2019t need to reinvent the systems and processes it needs to be successful as he mapped out the changes he has seen in the UK market, which he believes is five years ahead.<\/p>\n

First up is making the technology remove the work. He pointed to the \u201cinteresting and intense\u201d relationships UK advisers have with their tech platforms by making sure they are powerful and drive systems inside the business.<\/p>\n

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Andrew Inwood …the UK market has taken a lot of risk off the table…<\/figcaption><\/figure>\n

Inwood says the technology, for many businesses, is “streets ahead” and it\u2019s the disciplines and processes around technology that has made the difference.<\/p>\n

Some UK business had to be transformed which meant changing people and processes and getting new people to adhere to the processes.<\/p>\n

Inwood says the next thing was better relationships between the networks (as the UK calls\u00a0 licensees) and advisers. The British have found a way to make the networks and advisers much more aligned in outcomes.<\/p>\n

He sees this as a big brother, little brother relationship as unless the advisers are happy and getting the processes they want the licensees will not be successful. A joint view of the world is important.<\/p>\n

Inwood’s third point was that while risk is much the same in the UK, they have taken a lot of the risk off the table by letting the process do the work and de-risk it.<\/p>\n

If any error happens it\u2019s ‘was the process wrong or followed’ or is something systemically wrong or is there fraud inside the business?<\/p>\n

\u201cBy setting up the process to do the heavy lifting, by signing off with the regulator, by making sure it\u2019s really transparent it removes a lot of the risks that exist inside the business now.\u201d<\/p>\n

…the industry is doing a powerful job of anchoring the value which they create…<\/p><\/blockquote>\n

His fourth observation from the United Kingdom is that the industry is doing \u201ca very powerful job of anchoring the value which they create…we fumble this away routinely as an industry.\u201d<\/p>\n

He says advisers routinely don\u2019t talk about the value they create but need to find a way to remind people that every quarter they have added value to the process and the relationship.<\/p>\n

He adds that communicating this has to become a fundamental part of what is done on a regular basis.<\/p>\n

The final thing for the Australian industry, he says, is getting beyond the work and, getting to the brand, giving people an emotive reason to choose them. The rest of the world is a long way ahead in creating a brand that pulls people to them.<\/p>\n

On this marketing front he says all great businesses:<\/p>\n