These past couple of years have been tough for our industry. A pandemic, the Hayes Royal Commission and the countless legislative challenges that follow means life and business are in a state of flux. While we aren’t sure of what the future holds, there are opportunities that we can control to help us face this brave new world stronger than ever.

Focus on what you can control
It has been all-too easy to get caught up in the challenging news and changing tides of our industry right now. We’ve felt it too. The endless lobbying for legislative change – in the midst of a global pandemic, no less – has been enough to see many business owners fall into (understandably) exhaustive patterns of rumination, frustration and stress, which intensifies the longer the cycle continues and, more importantly, adversely affects their businesses. Much of what is happening on a global scale is out of our control, and while advocating for change for our local industry is important, it’s equally important to keep an eye on small-scale opportunities that will help your business thrive.

A once-in-a-generation opportunity
As markets emerge on shaky ground post-pandemic, the demand for advice among everyday consumers has jumped exponentially. It’s predicted that by 2025 3.1 million* households will demand financial advice, with most of them wanting ongoing advice. The current stats show that there will only be enough advisers to serve up to 2 million of those households. The question is, is your business in a position to scale quickly to meet this opportunity?

*Source: NMG Consulting Future Advice Models Report, April 2020

To prepare for this demand it’s important that your business foundation is strong and that you and your team are clear on your objectives. Not sure where to start? Here are a few pointers:

  • Are your current systems and processes strong enough to withstand rapid growth? What do you need to bolster these? Are there more efficient processes you could implement?
  • Do you have a clearly defined strategy that targets profitable clients? Even after years of working with regular clients, it’s worth sitting down to revisit your service offering and the messaging around that, to ensure you’re reaching this audience in the most appropriate way.
  • If a merger/acquisition opportunity presents itself, is your business positioned for a smooth transaction? A big part of this is ensuring you have the right support around you to help you seek the right opportunities that are strategic and cultural fits for your business, conduct your due diligence, and plan and execute the transition.
  • Are you supported by the right team structure, or do you need other resources?

Continue to invest in yourself
The foundation of your business is only as strong as the leadership and management you can deliver. Success starts with a positive, abundant mindset, so it is extremely important to invest in yourself. This might mean upskilling, qualifying your soft skills, or participating in wellbeing programs.

It’s also important to seek support from industry peers, who understand the challenges of the current climate and are also looking at ways to grow. In this last year we’ve run virtual workshops with psychologists and other health professionals for our clients as a way of bringing together our community but also to ensure that everyone feels well supported as they chase their own success.

Yes, there’s still a long road ahead before we see real industry reform, but if we shift back our focus on new customer needs to build our business and influence, the collective impact we can make is significant.