Neer Korn
“It’s about simplifying concepts so that people can understand and then make decisions,” Korn says. “Rather than being a financial adviser, a better way of looking at it is to become a financial partner.” The only things that change over the years are people’s priorities, says Korn, adding that this is when you start looking at the different market segments and their needs. The priorities of baby boomers are particularly misunderstood, Korn asserts, adding that no one is talking their language. “We’re accustomed to thinking that people nearing retirement will want a
very quiet, traditional life. But their attitudes are actually very similar to Gen Y – they really want to experience everything right now,” Korn explains. “The messages we send them should capture their dreams and aspirations correctly, but across the board there are marketing opportunities that are being missed. We tend to avoid seeing them as being sprightly, as they indeed see themselves.” “They want to be empowered with all the options and feel that they are making the right decisions. Rather than sharing with them facts and figures, they want to know what other people did and how it worked for them. It is about understanding their attitude to advice and their finances and then providing a service around that, as opposed to using the traditional formula of ‘we know best’.” Once financial planners understand the universal truths and then the context in which the different market segments exist, they then must learn how to communicate with each segment.
Older people tend to be more literal in their communication, Korn explains. “Younger age groups are used to communicating online, but when you’re an older Australian, you want meaningful interaction.” Korn acknowledges that the regulatory reforms are a challenge for some financial planning businesses that may have to change the way they do things, but he felt planners should seize change as an opportunity rather than an enormous burden. “It’s also a fantastic opportunity because it will elevate the entire industry to make people feel more confident that the advice that they are getting is actually valuable and reliable, and the relationships that the financial planners foster are deeper and much more holistic,” he says. Neer Korn is a guest speaker at the FPA 2011 National Conference in November. For more details, visit www.fpaconference.com.au.
Early Bird Discount The FPA 2011 National Conference will be held at the Brisbane Convention and Exhibition Centre on 16-18 November. Registration discounts of up to 30 per cent are available prior to 30th September. For more information, visit www.fpaconference.com.au.
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For more information on the Tyndall Australian Bond Fund contact your National Key Account Manager at sales@tyndall.com.au or, visit www.tyndall.com.au/AustralianBonds The value of an investment can rise and fall and past performance is no guarantee of future performance. Any information contained in this advertisement has been prepared without taking into account an investor’s objectives, financial situation or needs. Investment decisions should be made on information contained in a current Fixed Interest Product Disclosure Statement “PDS” and its supplementary PDS (“SPDS”) and applications to invest will only be accepted if made on an application form attached to a current SPDS available from Tyndall. The Responsible Entity of the Tyndall Australian Bond Fund ARSN 098 736 255 is Tasman Asset Management Limited ABN 34 002 542 038 AFSL No 229 664 (trading as Tyndall Asset Management). ‘Tyndall’ means Tyndall Investment Management Limited ABN 99 003 376 252 AFSL No 237 563. 2271_FP
financial planning | SEPTEMBER 2011 | 17