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Are you struggling with the whole 'fee' conversation with clients? Is your business at risk of losing clients and revenue? This presentation is specifically designed for financial advisers in the Australian market who are wrestling with the impact of FOFA and the need to create a substantial point of difference in the market. This presentation will address the questions above and also look at: - the market opportunity - how to create a much more powerful value proposition - the importance of a better client engagement proposition - the benefit of a much stronger client relationship - the ability to meet and exceed FOFA operational requirements - the ability to transition your business to a fee-for-service based practice You will be introduced to Optimum Advice and how Iridium Financial Services are driving a new standard of excellence, a new benchmark, for financial services markets globally, based around an entirely new and unique methodology and business practice. One that can be easily implemented in any business for both existing and new clients. Optimum Advice is a comprehensive business transformation program designed specifically for financial advisers. It's a simple 5 step program that includes everything you'll need to completely revitalise your business. Get better client outcomes, generate more revenue and catapult yourself way ahead of the rest of the advice community. Everything is included - training, mentoring, tools, template documentation and emails, scripts, communication, complete work flow process, as well as ongoing 1:1 monitoring, mentoring and coaching. It will position you at an entirely different level with your clients and future-proof the value of your business. If you're interested in finding out more about how Optimum Advice could fit your business, email [email protected] and book in for a 1 hour business audit and discovery consultation.
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OPTIMUM ADVICE E N G A G E – A D V I S E – I M P L E M E N T
- The New Financial Advice Standard
WHO IS REX WOOD
Rex Wood
•Marketing, M&A, startups
•IT&T, Media, Financial Services
•Intersection of innovation & entrepreneurship
•12+ years in Australian financial services
•Brings first hand experience adapting to world leading legislation
IRIDIUM FINANCIAL SERVICES
“Our purpose is to drive change—to create the new standard for financial advice which leads the market and sets a new global benchmark”
• Practices with 2 or more advisers • With current revenue - $150k+ per
adviser • Wanting to grow business • Who are ‘client outcome’ focused, and • Open to learning
ADVISERS: We specialise in working with…
NOW!
What market forces?
ECONOMIC • Legislative changes in Financial
Services • Upheaval in revenue generation • Business revenues falling • Business valuations falling • Advisers leaving the sector
SOCIAL • Customer centric • Outcomes not products • Shift in consumer sentiment • Ban on commission • We’re on a change continuum • Bi-partisan support—it won’t be
revoked
CUSTOMERS ARE LOOKING FOR:
• Authenticity • Transparency • Clarity • Trust • Social responsibility • Certainty
TECHNOLOGY Consumers can: •Find, research and buy products •Work out the ‘WHAT’, but not the ‘HOW’
It’s no longer about products-it’s all about implementation
THE CHALLENGE
• 58% not preparing for retirement*
• Funds at retirement:
Plan=$512k+ vs No Plan=$112k+*
• 42% aged 55-64 expect govt
contribution #
* - HSBC – The 2013 Future of Retirement – Australia Report # - ASFA – Feb 2013
THE ADVISER RISK
• Complacency -“It’ll never happen”
• Consumer push-back
• Slow to reform
• Falling business valuation
THE OPPORTUNITY
• Greenfield market – Lead, don’t lag
• The ‘middle market’ will be deserted in favour of HNWI and Ultra HNWI
• Many advisers will struggle with Fee Disclosure Statements
• FOFA
PROBLEM… How do you engage the market profitably?
Doing more of the same old thing… …is no longer an option
CLIENT MEETING ANALYSE
SOLUTION
IMPLEMENT
REVENUE
THE OLD ADVICE
PARADIGM
SINGLE PRODUCT
FOCUS
THE CURRENT PRODUCTION LINE HAS REACHED IT’S USE BY DATE
• Product linear • Product focused • Commission orientated • Doesn’t address complexity • Revenue is ‘back loaded’
Financial life is not simple…
It’s very complex and takes time to sort out…
reducing debt
investing
cashflow
travel / holidays
retirement
property
saving insurance
structuring finance
mortgages
tax
spending
family
pensions
estate planning
…and everything is interconnected
LIFE IS FULL OF COMPLEXITY
LINK BETWEEN COMPLEXITY AND SIMPLIFIED SOLUTION
We need to simplify things… not complicate them further
We need an elegant yet simple solution…
one that includes everything in the process
IT’S TIME TO DO THINGS DIFFERENTLY
“You’ve got to start with the customer experience and work back toward the technology—not the other way around”
We need to go right back to the beginning… …completely re-engineer the process from the ground up
TURN EVERYTHING ON IT’S HEAD
“Optimum Advice is not about simply tweaking a few things around the edges of an existing business.
It’s about business transformation.
A fundamental and profound shift in the philosophy, methodology and detailed process of running a business that has client outcomes as its core guiding principle.
Anything less and the market will leave you behind.” Rex Wood – Iridium Financial Services
REVENUE
DEVELOP
CLIENT STRATEGY
PRESENT STRATEGY
AGREEMENT TO PROCEED
PRODUCT IMPLEMENT
PRODUCT IMPLEMENT
REVENUE
OPTIMUM ADVICE
non-product specific REVENUE
HOLISTIC FOCUS
REVIEW & ADJUST
CLIENT MEETING
Then implement stage by stage… making the complex simple
Always with focus on the outcome
Holistic, easy to understand, jargon free
Outcome/goal focused – they’re at the centre
They get a long term financial ‘coach/partner’
40 week implementation program
Ongoing ‘Coach & Mentor Meeting’
FOCUS—increase financial net worth
CLIENT BENEFITS
End-to-end business process & IP
5 Step implementation process
Comprehensive training & education
Ongoing coaching and mentoring
Continually monitor, measure, refine, adjust
FOFA ready
ADVISER/BUSINESS BENEFITS
Lead the market – point of difference
Multiply revenue threshold
Introduce fee based revenue
Grow business value
For existing & new clients
Save time & money – PROVEN process
YOUR RESULTS
THIS IS A GAME
CHANGER
Time to create a point of D I F F E R E N C E
Do you want to lead or follow?
“Innovation distinguishes between a leader and a follower”
Do you want to innovate?
OPTIMUM ADVICE E N G A G E – A D V I S E – I M P L E M E N T
www.iridiumfs.com.au
02 8188 1968
Do you qualify for Optimum Advice? Contact Iridium for an initial Business Discovery & Analysis conversation
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