"When you run your own license and you are out there by yourself, the overwhelming feedback is that it is isolating, so you can appreciate being in a community with like-minded businesses where they can share their challenges but also best practice," Licensee Select national manager Adam McGuren told InvestorDaily.
Mr McGuren, who stepped into national manager role in late June from MLC, has travelled around the country to meet with businesses that hold their own Australian Financial Services License discuss the consequences and impact of the Future of Financial Advice (FOFA) reforms.
"It's interesting to hear how businesses are changing and what they're doing in order to meet best practice at the end of the day," Mr McGuren said.
"One business I met said they have revisited their statements of advice in order to be very clear about the client's goals and objectives and what strategies work to make them better off."
Licensees were looking for successful examples and guidance from their peers so they could leverage from insights shared by other businesses, Mr McGuren said, adding that Licensee Select had refreshed its offer in order to remain relevant.
"Our value proposition is to provide a lot of thought leadership and resources to businesses, which really enables them to run the business model that they want but providing a scale of benefits to do it cost-effectively," he said.
"The end result from their point of view is to maintain the integrity of their advice that they deliver to clients, and more importantly, spend more time with their clients."
Licensee Select supports 70 licensees nationally and was looking to add to its numbers with like-minded businesses.
