December 18, 2017

December 18, 2017 | Adviser News

Adviser Q&A: Navigating towards the future of advice

At Zurich, we’ve been partnering with financial advisers for many years to help develop resources and tools, and share best practice thinking to help ensure the continued success of the financial advice profession in Australia.

Our research whitepaper, BusinessFIT: Navigating toward the advice practice of tomorrow, is one of the most recent additions to our adviser resources and considers the fundamental characteristics of prosperous advice practices over the medium-long term, to 2020 and 2025.

It’s based on findings of a workshop we held with some of the industry’s most progressive and successful thought-leaders, where we explored the impact of changing consumer demographics and demands, increasing industry regulation and advancing technologies, and provided key recommendations for advisers to help future-proof their businesses.

Below we speak to one of our workshop thought-leaders – and one of Australia’s leading financial advisers – Adrian Patty, for his insights on the future of financial advice.


Hi Adrian, can you briefly explain to us your advice philosophy?

For me, it's not all about the money. Advice is there to give you options and ensure you can do the things you want in life, whether, it's planning for a change of lifestyle or growing the family business.

How do you see the role of an adviser changing over the next 5-8 years?

It will become even more dynamic than now. I can see much more use of psychology methods in assisting behaviour change as well as use of data analytics to help prevent detrimental outcomes for clients. It will become completely proactive, versus a stronger bias to reactive at the moment.

What do you see as the biggest challenge for advisers in appealing to the changing type(s) of client?

Peoples’ perception of value is changing. Clients are no longer just people who pay us to manage money. The new value propositions that are emerging, such as cash-flow management, now mean that a broader market for advice exists. Although, it's only available to advisers who adopt these new propositions.

What is your advice to advisers who see this change as a negative, or that it is not realistic?

They may limit their business growth in the short term, and in the long term may see a drop in business. The reality now is that without change there will be a guaranteed drop in business revenue and value.

Where do you see your own practice in 5-8 years?

Completely tech-enabled, and having clients coming to the business because of the experience their friends and family have received.

What technology are you excited about in the financial advice space?

Quite simply, the automation of everything that a person doesn't add value to or that a machine can do better.

These strategies, trends and technologies are explored in detail in Zurich’s whitepaper, BusinessFIT: Navigating toward the advice practice of tomorrow. To find out more speak to your Zurich BDM on 1800 252 650 or visit our website to download your copy today.

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