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Numbers Don't Lie: So Why Don't We Look at Them First?

Maribeth Kuzmeski from Producersweb.com discusses results-based numbers and how decisions shouldn't be made without considering them if they are available. Some things to take into consideration include:

  1. Future sales
  2. Referrals
  3. Website analytics
  4. Social media analytics
  5. Marketing events

Read more here.

Advisers should take heart, they are not alone in using the 'golden gut' approach - some insurers will sometimes ignore available data to make a call based on a hunch or belief. That can be lucky, determined, and show leadership - or it can be dim, ignorant, and create problems. Ultimately, decisions about your business are made by the people responsible based on what they believe, but at Chatswood we think that belief should be informed by data. 


Get Ready for 2016: Year End Checklist for Advisers

Producersweb.com published this year-end checklist for advisers including:

  1. Be thankful to your clients
  2. Keep your calendar full of appointments
  3. Consider hosting a "client appreciation" event
  4. Purge/organise
  5. Review 2015
  6. Plan for 2016
  7. Take time off

FAA Reviews February Forums

Following the release of the Options Paper the FMA jointly with MBIE are hosting a series of workshops to discuss options for improving the operation of the Financial Advisers Act 2008 and the Financial Service Providers (Registration and Dispute Resolution) Act 2008.

Workshops are to be held in Auckland (10th February), Wellington (11th February) and Christchurch (16th February). 

Click here to register and to find out more.


Why Digital Upstarts Won't Win Advice Race

This article on Financialplanning.com suggests that the overall online advice market (in the United States) will top $650 billion by 2019. 

According to Chip Roame, managing partner at Tiburon Strategic Advisors says “There are 22 [independent] robo-advisors this year, and we expect that to be 10 firms by 2019, partly because of consolidation and partly because they will simply run out of venture capital before they can turn the profitability line.” 

It is a non-trivial matter getting the volumes required to become profitable as a robo-adviser. In New Zealand that is even harder. Systems here will have to be affordable enough to turn a profit in a market where the numbers of purchasers will be in the thousands, or tens of thousands, not millions. 

Clearing regulatory hurdles is another issue, as our current legal framework does not permit robo-advice. 


Advisers See Social Media Driving Client Acquisition

A study was conducted by LinkedIn and the Financial Planning Association and included 1,242 financial advisers and 1,021 consumers who use advisers and make financial decisions for their households.

Financial Advisor magazine reports "While fewer than 5 percent of clients used professional or social networks to find their current adviser, 21 percent say professional and social networks will be important going forward. That number doubles for those clients under the age of 45. Similarly, 33 percent of clients age 65 or older use LinkedIn, but usage nearly doubles to 62 percent among those clients in the 18-to-44-age bracket."

Read the full article here.


Holiday Season Opening Hours

he Chatswood office will be closed from the end of day today until Tuesday the 5th of January. If you have any urgent matters please call Russell on 021 764 606. We wish you all a safe and happy holiday. Thank you for your continued support in 2015 and we look forward to working with you all in 2016. Quotemonster and Quality Product Research Hours are at this link