There is no doubt that a seismic shift is taking place in the financial services industry for planners and advisers. To help better understand that shift the paradigm below provides a framework for a financial services business model in say 5 years.
OLD |
NEW |
| No Business plan | Business plan completed |
| Sales Plan | Marketing Plan |
| Product/process focussed | Client relationship focussed |
| Single client centred | Family as the client |
| Sales intermediary | Fiduciary client relationship |
| Minimal qualifications | Highly qualified |
| Risk Low in sales mix | Increase of risk in sales mix |
| Single generation focus | Multi generation focus |
| Commission based | Fees for service |
| A, B and C clients | A and top end B client focus |
| Aging adviser succession strategy optional | Aging adviser succession strategy the norm |
| Some specialisation | Increasing specialisation |
| Minimal activity in aged care | Well positioned in aged care market |
| Minimal focus on generational wealth transfer | Increasing focus on generational wealth transfer |
