Global expansion should be explored by Australian financial planners as part of their long-term growth plans, according to Professional Investment Services (PIS) chief executive Robbie Bennetts.
Speaking at the Association of Financial Advisers national conference in Queensland, Bennetts encouraged planners to consider Asia.
With 1 million Australian ex-pats and 4 billion locals in Asia, which is 60 per cent of the world's population, there is a huge potential client base.
In Asia, insurance sales attract commissions of up to 240 per cent, however, the commission structures are very haphazard and there have been numerous financial disasters.
"The opportunity to implement the Aussie model is just massive. Asia is such a big market. If you're a person who has vision and who wants to really grow your own horizons go to Asia," Bennetts said.
"Planners should seek business opportunities where financial services regulation is imminent, for example Turkey. They should also go where future growth accumulation is strong, in other words, where individuals, not companies, are becoming very wealthy such as China."
When PIS advertised for a financial planner in China eight weeks ago it received 1470 applications.
Low production costs, access to accounting firm clients, potential partners and cultural fit are also important factors.
Singapore, Sri Lanka, Hong Kong, Malaysia and Dubai all present good opportunities for Australian financial advisers.
PIS, working with Axa and Malaysian regulator Bank Negara, managed to break an insurance company cartel to enable its 300 advisers to sell risk.
Japan, Taiwan, India, Philippines and Thailand should be approached with caution, according to Bennetts.
Australian advisers must ensure they are licensed to work in a foreign country otherwise they could be stung by the law, he warned.
