Hamilton Island National Conference - Simon Micallef Head of Advice
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Hamilton Island National Conference
Simon Micallef
Head of Advice
ABN: 55 010 521 810
AFSL: 225982
National Conference
Welcome to the 2014
National Conference
Hamilton Island
ABN: 55 010 521 810
AFSL: 225982
National Partner Program
ABN: 55 010 521 810
AFSL: 225982
Welcome to Hamilton Island
Welcome to Hamilton Island
Hamilton Island was formed as sea
levels rose creating numerous drowned
mountains.
The Island is only 5kms from north to south and 3.5kms east to west.
30% of Hamilton Island is developed with 70% remaining in its natural state.
There are 251 berths in the Hamilton Island Marina, five hotels, various shops and a school.
The Island can accommodate up to 5000 guests.
There are 2000 jobs on Hamilton Island and 1,200 staff and residents that live on the island.
Each year the Island boasts 500 wedding ceremonies.
The average temperature during March is around 25 degrees.
ABN: 55 010 521 810
AFSL: 225982
Welcome to Conference 2014
How do I get the most from the national conference?
• Participate at sessions
• Attend all sessions and receive a minimum of 9.5 CPD points
• Meet with our business partners
• Take an opportunity to speak with our guest speakers during the break
• Don’t always sit at the same seat
• Share ideas with your colleagues
• Enjoy what Hamilton has to offer
• Relax and have a great time at our events
ABN: 55 010 521 810
AFSL: 225982
Purpose of Conference 2014
Purpose of Conference
• To bring everyone together and away from day to day activities
• Promote comradeship and further develop relationships
• To educate
• Provide the tools to build better businesses
• To share ideas
• Open communication
• Enjoy time with colleagues
• Having fun!
ABN: 55 010 521 810
AFSL: 225982
Growing in Partnership
Our theme - Growing in Partnership
The symbol expresses the view that
successful growth will occur through
partnership.
Growing in partnership also symbolises the
partnerships and new relationships that this
new head office team has formed over the
past 12 months with all of you.
The conference theme symbolises bringing
all the changes together and the growth
trajectory we are embarking upon.
Growing in partnership has been our focus.
ABN: 55 010 521 810
AFSL: 225982
Year in review
2013 can be best summarised as the
• Year of Change, Repositioning and Rebuilding the Foundations.
We encountered many challenges along the way.
Key changes made to:
• Structure
• Committees
• Personnel
• Policies and Procedures
• Adviser tools
• Governance
• Direction
• Value Proposition
• New Services
• Consultative committees so advisers can build and own the adviser tools
In addition:
• A new PI insurer
• Cleansing program to improve governance
• Regulatory change
ABN: 55 010 521 810
AFSL: 225982FPSA Building value
Evaluation and alignment Re-engineering Program
Strategy Business Planning & Foundations for
Development Strategy Implementation growth
Transition office
Stress test
foundations.
from Melb to Syd. Business Strategy Business Planning Robust dealer
group offering.
implementation
Undertake Strategic
Adviser voice Strategic review imperatives. Strategy focus. Executive
survey. leadership team
Ensure key Operational Project change secured.
Practice appointments programs such as
Visitations. within leadership
imperatives.
Value Proposition, Business Growth
Business Profiles. team. Change programs Service offering, performance
Program
commence, focus FPSA way of doing tracking to plan.
Practice Snapshot. Commence on Practice
realignment and Management and
business and Focused practice
consultative
Assess and change strategy. Governance. committees.
and adviser
evaluate. recruitment.
Regular comms.
First 5 months Next 2 months Next 6 months
We are here
Identify synergies, drive efficiencies, and align.
Leverage NAG. Build Scale. Build quality.
Establish the foundations for growth
ABN: 55 010 521 810
AFSL: 225982ABN: 55 010 521 810
AFSL: 2259822014 FPSA Focus
FPSAs 2014 focus is on :
• Service excellence
• Adviser recruitment
• Practice Management growth opportunities of our existing practices
• FPSA Way of Doing business
• Technology
Practice Recruitment
We have built a strong pipeline of potential practices to recruit which are at various stages of
the cycle comprising 23 practices and 50 advisers.
Welcome
We welcome our newest financial planning practice, Steve James of Generation Beyond.
ABN: 55 010 521 810
AFSL: 225982Industry Trends – Composition of Advice
Comparator results of 58 Dealer groups
In 3 and 5 years’ time, what % of Advice provided will be General Advice, Personal
Scaled Advice and Comprehensive Advice?
Changes to the nature of Advice
over five years:
Personal Advice – Comprehensive -45%
Personal Advice – Scalable +60%
General Advice +36%
ABN: 55 010 521 810
AFSL: 225982Industry Trends – Outlook of Advice
Face to face, Telephone and Web Advice
Initial Advice Ongoing Advice
What percentage of initial advice will be What percentage of ongoing advice will be
Face to Face, Telephone and Digital / Web? Face to face, Telephone and Digital / Web?
+175% +91% +250% +86%
+35% +9% +53%
0%
(19%) (15%) (24%) (20%)
ABN: 55 010 521 810
AFSL: 225982Industry Trends – Telephone Advice v Web Advice
Initial Advice delivered by Ongoing Advice delivered by
Telephone or Digitally Telephone Digital Telephone or Digitally Telephone Digital
Current 82% 18% Current 83% 17%
In 3 years’ time 67% 33% In 3 years’ time 64% 36%
In 5 years’ time 55% 45% In 5 years’ time 51% 49%
ABN: 55 010 521 810
AFSL: 225982Industry Trends – Are we moving fast enough with technology
Nearly all respondents felt that the industry is not
moving fast enough with technology in the financial
planning industry.
ABN: 55 010 521 810
AFSL: 225982Industry Trends – Impact of FoFA
• Over the last 12 months:
47% of respondents believe that FoFA has negatively impacted productivity by 10%
25% estimating a negative impact of 20% or more
19% saying “no change” to productivity, and
9% reported an improvement of 10% in productivity
• Over the next 12 months, respondents indicated a reversal where 55% anticipate that FoFA
will positively impact productivity by 10%.
• The estimated cost of implementing FoFA over the last 12 months was $7,500 per Adviser.
• Respondents indicated that the time to prepare an SOA non complex comprehensive plan
today as opposed to pre FOFA has varied:
22% believe it takes 30%+ longer
11% stated it takes 15% longer
56% advised that it has stayed the same
11% noted it is quicker by at least 30%
ABN: 55 010 521 810
AFSL: 225982Industry Trends – Average fees charged (for a $250,000 portfolio)
Paying for Advice
Assuming a $250,000 portfolio for an accumulation client, respondents were asked to estimate
their current charges to consumer for face-to-face Advice.
Face-to-face Advice
• $2,660 for Comprehensive advice (with a high of $10,000)
• $1,260 for Limited advice (with a high of $5,000)
• $1,770 for Annual Review (with a high of $5,000)
Telephone Advice
• $1,220 for Comprehensive advice (with a high of $5,000)
• $570 for Limited advice (with a high of $2,500)
• $760 for Annual Review (with a high of $3,000)
ABN: 55 010 521 810
AFSL: 225982Challenges ahead
• Ongoing regulatory change
• Technology
• Pressure on pricing as clients seek cheaper advice models
• Increase in Professional Indemnity Insurance
• Increased litigation
• Exclusion clauses to mitigate PI payouts
• Advice delivery advancements
• Rogue advisers or Licensees bringing about industry reputational issues
• Succession of our financial planning businesses
• Finding quality personnel
• Emerging businesses entering the market, for instance Mortgage Choice and cranking up of industry fund
financial advisers
• Practices aligned to a major institution will continue to have limitations imposed upon them – our major
opportunity
• Maintaining key staff - Head Office and Adviser Practices
• Must remain agile
• Dealer Groups need support and backing from a parent company to ride all waves of the market – we
have this!
• Failure to change
• Inadequate support in government to deregulate
The biggest risk of all is not anticipating the challenges or the risks. At FPSA we want to stay ahead of
the game to ensure the business and our advisers are equipped to grow and overcome potential
obstacles.
ABN: 55 010 521 810
AFSL: 225982FPSA National Awards
At our gala dinner we will issue our first National Awards.
Categories includes:
1. National Practice of the Year
2. Professional Standards and Compliance Excellence Award
ABN: 55 010 521 810
AFSL: 225982Master of Ceremony
Please welcome our Master of Ceremonies
Peter Boston
ABN: 55 010 521 810
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