BT Financial Group (BTFG) is continuing to provide services and knowledge around top adviser concerns, in order to equip its practices for the rapidly changing financial advice industry.
"They're looking for absolute direction, leadership and support, but what do they want to get out of this? Confidence," BTFG advice general manager Mark Spiers told InvestorDaily.
"The conversations we're having with planners really centre on one dominant theme, which is 'I need to spend more time with my clients'."
Spiers said the Future of Financial Advice (FOFA) reforms coupled with meeting high compliance standards, additional technical training and trying to source new clients had planners concerned they would have less time with clients than they currently did.
BTFG's model is helping advisers focus on the right client set as well as tightening business effectiveness and efficiency, as advisers struggle with what to prioritise.
"There are definitely some control freaks, but the control can easily be vested if you have the right quality people in their business, such as paraplanners liberating planners from non-productive tasks," Spiers said.
"Future success is all about client-facing time."
The other key areas advisers are concerned about are how to grow, manage and realise the value of their businesses.
Spiers said advisers were seeking business acumen more than ever, as they started to acknowledge that being stronger leaders was essential in a post-FOFA environment.
"Planners need to push through the barrier: from being a practitioner to also being a business manager and how you manage being all things to all people," he said.
"Being able to recruit, attract, retain and reward your talent appropriately are key to delivering consistency to clients and [ensuring] sustainability of the business."
In addition, planners wanted to realise the value of their business and FOFA-proof that value to ensure they could leverage off the change, he said.
