Business Challenges for the Financial Planning sector

Following the Royal Banking Commission, leaders in the financial planning sector face the critical challenge of overcoming the loss of confidence in the integrity of the sector and the accompanying public distrust of those who work within it. Fairly or unfairly, most advisers have been tainted with the same brush and leaders who can build a culture of transparency and trust with their teams and their clients will gain a competitive edge. 

There should be no shortage of demand for financial planning services if this trust is built successfully, due to the longer life expectancy of the population. By 2050 almost 23% of the population will be over the age of 65 (compared to 13.5% in 2010) and finances must be planned to last the distance. Challenges to meet this demand include leveraging technology to manage the complexity and longevity of client finances, managing services to ensure that stakeholders have digital and immediate access to data, analysis and information that informs decision making, as well as adapting to changing legislation and regulatory frameworks that either have arisen or may arise as a result of the Royal Banking Commission. All this whilst maintaining a business that is both sustainable and profitable.

With over 20 years experience in the training field and deep knowledge of the financial planning sector, we offer practical and cost effective development initiatives that quickly build leadership skills and convert this learning into lifelong habits, supporting leaders to enhance the management of their service delivery.