<<Australian Newsletter Archive>>

<<USA Newsletter Archive>>




Rising to the challenge: 5 key ways to increase your chances

“You’ve got five years to figure out what you might want to change in your service offering, your free structure, your hiring…” – Ms Kate Healy, Managing Director, Generation Next

This opinion, drawn from the findings of TD Ameritrade’s Institutional 2018 RIA Sentiment Survey, carried an important message for all US advisers – over the next five years the makeup of the US adviser’s client base will dramatically alter, with the percentage of ‘senior’ clients dropping, they estimate, by over one third during the period. They will hopefully be replaced, over time, by younger (millennial) clients.

We couldn’t agree more! Once more, this finding is, in our view, equally applicable to the Australian marketplace. Consider:

  • 55% of advised clients are aged 60+ years
  • 45% are already retired 
  • ‘Range of Services’ is currently the second lowest of nine Key Performance Indicators assessed by our CATScan client survey diagnostic
  • One in three principals are looking to broaden their suite of solutions in the next 12 months (so two in three aren’t?)

This challenge has arrived, so the question to ask now is – what do you intend to do about it? We can offer a few suggestions for your consideration..

1. Decide if you need to expand your range of solutions to incorporate the services your existing clients are now looking for, aged care and estate planning for example. This will help you to retain clients, maintain a revenue flow and give you time to make the changes you will need to make to profitably operate in the ‘new world’ of advice.

As to these new services – instead of bringing them inhouse, you may choose to refer your clients to an external, similarly aligned professional, whom you respect, trust and can work with. For many this will be an easier transition to make.

2. Get to better know the children of your clients. Are their details captured on your CRM? Do they receive your regular communications? Better still – have you met them? Can you offer them budgeting and cash flow advice and management for example?

3. Develop a clear picture of the type of new client you want to work with. What are their key features and even more importantly, do you currently have the capability to help them? Not only in terms of the services you can offer but also the cultural ‘fit’ between your business and the client – its look and feel (website, social media, staff and so on).

Discuss this ‘ideal client’ profile with your key centres of influence. Will they be able to refer such prospects to you?

4. Review your overall positioning and profile in the marketplace. Has it kept pace with the changing market in terms of its look and feel? Image and communication are extremely important here:

  • Think about your website – has it been reviewed recently and does it only contain current topical information?
  • How about your Linkedin profile – you’ve got an up to date one right? And it fully complements your offer and value proposition?
  • How are you currently communicating – is social media playing a meaningful role?

Also of increasing importance is your fee structure – is it transparent to all? Is it what new and younger clients are expecting? Does it truly represent value?

5. Start marketing; to existing clients with perhaps a new service or two, to prospects who fit your ideal client profile and to centres of influence.

Develop a sales and marketing plan for the next 12 months – ensure it’s got realistic (achievable) goals which are allocated to specific team members and are timeframed accordingly. Check that your strategies meet the expectations of millennials – particularly how you expect to communicate with them. According to another US study, the J. D. Power 2018 study – “Millennials satisfaction is 58 percentage points higher when their advisers use digital channels to communicate”!

In our view these changes cannot be rushed, but rather they need to be carefully planned for. They are ‘evolutionary’ not ‘revolutionary’.  


Who could help? Finding objective business advice

According to our Future Ready VII whitepaper, 65% of Australian practices utilise the services of an external ‘adviser’ who they consult with for objective advice and guidance at least once every three months. Here’s who they’re turning to:

  • PDM/BDM/Relationship Manager: 73%
  • CPA/accountant: 36%
  • Personal acquaintance/respected peer,:33%
  • Business coach (paid): 22%
  • Advisory board (paid or unpaid): 8%

Is it time to have this conversation with your current ‘go to’ person? Or if you’re one of the 35% who aren’t using anyone at the moment, perhaps it’s time to begin looking?


Congratulations to…

Recently we had the pleasure in being part of the judging panel in Centrepoint’s 2018 Practice of the Year Competition. A great experience, during which we visited the finalists in their offices, met their staff and generally got the chance to look ‘under the hood’ at how they ran their businesses. All round, a great experience and so encouraging to see first hand high quality, professional advisory practices in action.

Our congratulations to the 2018 finalists.


Recent blogs… more from us





Converting unique insight into practical, proven solutions

We offer a wide range of services, linked by a common goal – to improve the ongoing profitability of advisory firms. For further information about our services you can view our website or simply contact our office at


Comments are closed.