practice management

I'm Dela Dzadey, Advisely board member
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How do you stay focused on the right client?
I think the best of us get sidetracked into helping people with their challenges, especially when that's what we've had training and experience in. I'm curious about how other advisers, or even business owners "stick to their knitting"? It's so easy to say "yes" to someone especially if things are a bit quiet but what tips…
The money is in the planning
You don’t need us to tell you that the last few years have presented financial advisers with a mountain of change, challenges and competition. It’s been consistent and persistent. And it’s not likely to slow down in any meaningful way over the next few years. So much for the owner to consider as they strive to run their…
Advice Request Best Practice
What is seen as the best practice for advisors sending through a request for advice to be prepared to the paraplanning team? I can think of some ways using cases to have a task where the advisor completes templated notes, but most businesses that I've seen the requests are still sent via email to the paraplanning…
POLL: What will impact advice accessibility the most in the next decade? ?
It is commonly agreed that accessibility of advice is currently a problem and is only set to compound over the next decade. In your opinion which of the following will have the most profound impact on advice accessibility over that period? * Data - efficiently in who needs advice and when People - professionals and support…
Efficient vs Effective
I'd love to hear the experts' views on Efficient vs Effective, please. I think we fall into the trap as business owners and advisers of focussing on efficiency at the expense of being effective. For instance, we can be super efficient at producing a review document (as measured by time taken, quality, content etc.) but, if…
Xplan TaskHub
Xplan's new TaskHub. Who has been using this and can you share your experiences please. Thanks Rob.
Benchmarking in context
Business Health is delighted to be a part of the Advisely initiative and is looking forward to providing practical, meaningful support to its community. One area where we believe we can truly bring value is through benchmarking data and, in doing so, provide business owners with the opportunity to gauge their performance…
Does everyone understand the “why”?
When working with clients, we are often asked to focus on processes and governance so the business can minimise their risks while driving efficiencies and reducing costs. We often find what happens “on the ground” could be their biggest risk. How often are you engaging with staff who are making sure the “doing” is getting…
Succession Plan - Be honest ! How prepared are you?
This is something that is so close to my heart at the moment as I am in the home stretch of realising the dream that I mapped out 8 years ago! A real mixture of emotions and this has been 8 years in the making to get to that realisation. With a number of advisers still looking to transition out of the industry over the…
Virtual office, what are your thoughts?
Back in 2020, we were forced to close our office due to Covid and the many lockdowns that Melbourne had. We quickly had to mobilised the team of 10 at that time to work from home, fortunately we predominately use M365 and Xplan, with any other software being 100% cloud based, hence no server issues, which made life a…
PY – How do we build and where do we find?
I’m proud to say we started the professional year journey about 6 months ago and feel we’re on the right path and happy we took the leap! However, I feel I got lucky finding the right person for our business and with a relatively limited pool of people going through this process (albeit growing slowly), how do we promote…
3 ways improving processes can speed up your SoA creation
Creating a Statement of Advice (SoA) is a critical aspect of a financial adviser's role, providing valuable insights to clients and ensuring regulatory compliance. However, the time and effort involved in crafting a comprehensive SoA can be substantial. While every adviser will have their own system and plans, Iress'…
I'm Paul Tynan, Advisely's M&A expert
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Navigating common challenges in advice businesses
Running a business can be very rewarding but it’s not without its challenges. And in an industry where we are faced with ongoing change that could disrupt our business, it’s important to focus time and resources to minimize disruption as much as possible. While there are many things that can be implemented, this article…
I'm Peter Worn, Advisely expert in advice process and technology
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I'm Anne Graham, Advisely board member
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I'm Selin Ertac, Advisely compliance and advice process expert
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I'm Jenny Brown, Advisely board member
Business case study: How technology can help grow your business
Increased automation not only helps to create successful advice businesses, it can also transform the availability of advice to potential small and single-issue clients. This might sound like wishful thinking but Mat Tenison, who has worked in the advice industry for 20 years, believes it’s not only possible but also not…
Business case study: Why Anne Graham sees her role as that of a life coach
Offering a rare look at the way other advice businesses operate, we spoke to Story Wealth Management’s Anne Graham to learn how a personal touch with clients has helped her grow her business. Anne Graham - an award-winning financial adviser and Advisely Foundation Member - has spent the past 30 years helping clients…
How much does your advice book need to be worth before you sell?
To fetch top dollar when selling your advisory business, how much should your financial planning book be worth? It’s a question that Connect Financial Service Brokers CEO Paul Tynan, an expert in financial planning succession and valuation, fields on a weekly basis. “Whether you own a flower shop, a vineyard or a financial…
Your 10-year exit: Year-by-year guide to building a "sellable" advice business
Preparing to move on from your financial planning business starts the day you open your doors, according to one expert. He has some advice to help you plan your transition to retirement. Earlier this year, a Melbourne-based principal of a financial planning firm exited his business after years of searching for the right…
Scams and bad actors: managing your risk
Over 90% of successful cyber attacks start with a phishing email – and that’s just one of many risks you need to manage as a financial planner, warns one leading expert. Scammers stole over $3bn from Australians in 2022. That’s just the scams we know about, according to Scamwatch, with many, many more going unreported.…
Harvard study paints the future of financial services
This article has been taken from the NMP education library which has now moved to Advisely In financial services, since COVID there has been a pivot from some financial planners, accountants and bookkeepers who are developing new ways to work with their clients. This is predominately on how to deal with government,…
Who gets a map in the misconduct maze?
This article has been taken from the NMP education library which has now moved to Advisely If ASIC’s goal is to make its regulatory framework appear less byzantine, though, the latest guidance on advisers’ new breach reporting obligations isn’t doing the regulator any favours. The refreshed obligations expand the…
How advisers are slashing up to 30% of business expenses
This article has been taken from the NMP education library which has now moved to Advisely There are some green shoots, however. For the first time, there has been a concerted effort to try and drive the cost of financial advice down and make it more accessible. And anyone that runs a financial planning business knows that…
Making the right licensee choice
This article has been taken from the NMP education library which has now moved to Advisely The topic of licensing and the long-term sustainability of the established model certainly predates the Royal Commission and Australia’s big four banks moving to exit wealth management, but it’s fair to say those two events have…
The one advice sector that’s bucking the downward trend
This article has been taken from the NMP education library which has now moved to Advisely At the time of writing, adviser movements shows many advisers have left the industry. There was, however, one area of growth: small self-licensed advice businesses providing financial planning and/or investment advice services. At a…
Why you can’t let regulation run your business
This article has been taken from the NMP education library which has now moved to Advisely In her 35 years as an adviser, 26 of which have been spent as principal of Integra Financial Services, she’s always tried to anticipate what’s coming next – whether that’s a big piece of legislation, the new standard business model…

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