Several wake-up calls were made during the Financial Services Council’s Future Ready conference, in Queenstown on June 14th. The first, and perhaps the most shocking, was delivered by John Botica, Director of Market Engagement and Acting Director of Regulation at the FMA. Botica explained that only 50% of current transitional licence holders had either completed or commenced their application for full licence status. That means half of all the financial advice businesses currently in operation have not even commenced the full licence application process. They need to do so by the end of September this year to be reasonably assured of achieving full licence status by 15 March next year. We encourage everyone to get moving with this process.
Clayton Copleston, of Heathcote Investments, pulled no punches in telling the advisers in the audience that they needed to focus on how to add value. That did not mean index trackers. It meant accepting the reality of lower returns and the need to constantly demonstrate value above merely achieving an index value.
Tony Stephens, of Business Health, underlined the fear that some advisers have of asking their clients what they think of the service that they offer. Advisers need to be able to articulate how they add value.
Sam Tremethick, Chief Partnership Insurance Officer at AIA, shared some sobering statistics about adviser mental health which reflects the uncertainty and pressure that regulatory change and COVID-19 has brought upon the adviser sector. Sam suggested that advisors look to mentorships and make time away from work to recover.
Congratulations to Richard Klipin and the FSC team on another excellent event. We’re looking forward to the FSC Conference 2022 in September.
Pictured: Trisha Edmonds, Head of Advisory Distribution Funds at ANZ Investments, interviews Clayton Coplestone, Principal at Heathcote Investment Partners; Sam Tremethick, Chief Partnership Insurance Officer at AIA; and Tony Stephens, Principal at Business Health, on how advisers can get Future Ready.