Why persistence is key to advice industry’s survival

Brisbane-based firm VISIS has celebrated its 20th anniversary, which founding partner Chris Smith started in his home office and now serves over 500 clients.

“That dream was to establish a market-leading firm that put clients and their interests first — always,” Mr Smith said.

“Starting a firm to do it the right way, sticking to this commitment and guiding the organisation to grow to the size it is today to assist more and more clients is very rewarding.”

Mr Smith now runs the company as a fully resourced advice and investment management firm alongside fellow partners Grant Dougan, Simon Davis and John O’Brien.

Since expanding to Sydney in 2019, VISIS has been able to continue to grow despite major events like the global financial crisis and the COVID-19 pandemic.

"The past 18 months have been a challenging time for all of us as we navigate the new normal," he said.

“COVID-19 restrictions have meant we’ve all had to adapt, think on our feet and change the way we work and engage with our clients. While it’s been a challenge it has also created opportunities and a chance to refine the way we operate.

“Being able to adapt to an ever-changing environment and think outside the box is crucial in this industry. However, supporting our clients to achieve their financial and life goals continues to remain at the heart of everything we do.

Last week, Lifespan Financial Planning CEO Eugene Ardino called on the government to take real action in ensuring the future of the advice industry, rather than simply talking about it.

During the latest episode of the ifa Show, Mr Ardino noted the upcoming regulations taking effect this week as an example of how the industry is not being better supported.

“Advisers and licensees, while we are in this legislation expansion phase, all we can do is put on more resources to meet those requirements and pass on those costs to consumers,” Mr Ardino said.

“What else are we supposed to do? It’s the government who is saying they’re serious about making advice more accessible. Well, they need to do things. They need to stop saying that and actually do serious things, drastic things to achieve that; otherwise, we just keep going down this path.”

Listen to the full podcast here.

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.