6 minute read
What will 2017
from ASSET MARCH 2017
by ASSET
JESS WAHLSTROM, MONEY EMPIRE
Over 2017, we definitely see potential for growth in the advisory space. We find the market is flooded with typical transactionbased services and we want to be able to build strong relationships and provide service-based advice.
WHAT DO YOU EXPECT TO BE THE BIGGEST HURDLE?
Our biggest hurdle this year will be the ever-changing market, particularly around lending criteria and restrictions, along with compliance.
We don't feel like we'll do anything particularly differently at Money Empire - it's more about continuing to assist Kiwis to achieve their financial goals, be it buying their first home (or third!), protecting what’s important to them, or gaining more structure and clarity in their day-to-day finances.
GAVIN DIXON, BRITANNIA
Around the need for retirement planning for pre-retirees. There will be big changes to retirement – both social (what you want to do and why) and economic (how do you pay for it) over the next decade or so – driven also by political factors. As an industry and company we need to ensure we are there to help people plan.
Our core UK pension transfer business will remain an integral part of our overall retirement offering. There remain good numbers of skilled migrants coming from the UK and one of the key areas for them in settling into New Zealand is about sorting their finances and in particular about domesticating their UK pension.
WHAT DO YOU EXPECT TO BE THE BIGGEST HURDLE?
The biggest hurdle is ensuring that our clients feel they can have honest financial conversations with us. People vary hugely in the way they look at the future and we need to be objective in our advice so as to best help them plan for the future in a way that is relevant and meaningful.
This year it will be about several things but all aimed at getting people to think more about their retirement – what they want, how they should go about it and how their investment through Britannia can help.
NICKI SPENCE, SPENCE ASSETS
I see potential for growth everywhere! The challenge for me is actually deciding where to channel my efforts, because almost no matter where you look at the moment there is opportunity.
WHAT DO YOU EXPECT TO BE THE BIGGEST HURDLE?
I think the biggest hurdle for me (and potentially a lot of other advisers as well) is going to be staying focused on core business while also staying informed about (and compliant with) the changes that the new legislation may require. Changing too early as a reaction to the release of the draft could potentially be just as bad as changing too late if it isn't in the right direction.
I'm going to take more time off!
DEATH OF A SALESMAN?
The new legislative regime may be going back to the future.
When the Financial Advisers Act review options paper
from MBIE came out and had “agents” mentioned as a possible adviser classification it certainly got me thinking.
I, along with many who I still know in the industry started just like that – as agents. For me it was Government Life but there was plenty of choice – from memory there was 37 life companies back then in 1977.
And as we were very much seen as “salespeople” back then I thought it would be interesting to see if anything has really changed.
The classification has now changed to “representatives” but the intent remains the same.
The primary business of every business is to stay in business – don’t think much has changed there!
And to do that you have to get and keep customers. This is usually interpreted to mean that you have to sell what you have.
“Nothing happens until someone sells
something” : While there may be confusion who first said this from Henry Ford to Peter Drucker, there is little doubt that even in this age of the internet, social media and other forms of direct marketing, personal selling is still a major tool used by financial services firms.
It may be reducing things to callous simplicity to say so, but the fact is that everybody is selling something the minute he or she opens his or her mouth. All of us are constantly selling something, even if only our skills and personalities.
But some people sell professionally – it is their life, their bread and butter.
Selling is as basic to society as metabolism is to life and since our society is committed to the system of free enterprise you would think that salespeople would be honoured citizens- we keep the system in good shape, keep the wheels of industry turning.
But we are not – especially in the financial services sector – many surveys just do not rank us let alone trust us. We now have the debate on the “client’s best interests’” going on
and so it should.
There is a natural difference of interests between sellers and buyers – not necessarily a “conflict of interests” but a natural difference. The seller knows more about the product or service than a buyer. The seller is an expert, the buyer often, at best, a well-informed amateur.
When the seller-buyer relationship is just a transaction the buyer often has some suspicion. This has been borne out in surveys where clients say that “commitment” is missing too often from advisers ie the “I’ll keep in
touch – yeah right!”
Those professional salespersons who dig deeply enough at interview time, discover the real needs of the client, can reduce this suspicion and raise the positive element of satisfaction. In this process the seller will also sell more, keep more and above all create and get more customers.
So my ad for some more financial services professionals: ▶ The need for financial services professionals in NZ is huge to service and “sell” products and services to a growing marketplace. ▶ Providing financial services is challenging and rewarding as a career. The industry is large and diverse with many choices to match your skills and interests. ▶ You will find enjoyment and satisfaction in helping others. Helping families or individuals take steps toward doing the right thing with their money because you educate them – you will make a difference in people’s lives. ▶ Nearly everyone is a potential client! Think about it. Who doesn’t need advice on life and health insurance, mortgages, debt consolidation, retirement planning, investment, estate planning… ▶ You and only you will determine your income level. You get to choose how hard you work, how long you work and how many clients you want to work with.
I think I might reapply!
