The market downturn has prompted many to not only rethink the level of advice they currently undertake, but those who once balked at financial advice are now showing more than just a polite interest.
For planning principals, the tight market has left many within the industry re-evaluating their business models.
Many are left with little option than to seek partnership with a fellow industry participant to survive. For others the shift in financial climate has forced them to work smarter.
For the finalists in this year's IFA Best Practice Awards, the past six to 12 months has involved working smarter.
This year's winner, Cairn's-based TFS, has spent the past 12 months working on becoming a top regional financial advisory firm.
To achieve this, TFS principal Danny Maher needed to understand how to be recognised in the broader professional community and by clients.
"We are continually developing relationships with like-minded professionals, not just in the accounting or legal professions, but also in non-traditional areas as well," he said.
"For example, we are currently doing some work with a psychologist around preparing people for retirement.
"It is these relationships that helps make us top of mind and keep us top of mind when our business partners are asked for a referral to a financial planner."
Last year's winner and 2008 finalist, Sydney-based WB Financial, also took a smarter approach to the business, particular in the area of clients.
"This is a very client-centric business and the client is at the centre of everything we do," WB Financial principal Paul Carroll said. Earlier this year the firm conducted an extensive survey of its client base.
"The client responses have led to changes being made in the business, especially to our process of viewing client performance," Carroll said.
In this week's cover story, IFA journalists spoke with the winner and all the finalists.
We hope you enjoy reading about their experiences.
