Advisers should be given a seat at the table, licensee says

Speaking at a Thought Leadership Forum in Sydney, Intelligent Planning managing director Phil Osborne said it is important that a variety of advisers share their input on challenges impacting the industry, ensuring industry leaders are not the only ones with a voice.

Osborne said advisers should be consulted to better understand the challenges of the industry at every level, rather than only listening to those at the top.

“We want to make sure that we’re learning from advisers, the people who are actually out there at the coalface with clients. We don’t want to be just sitting up in an ivory tower directing traffic,” he said.

“We don’t think anyone has a monopoly on good ideas. You learn from people with years of experience, and we all benefit from that. But you also learn from people who might have less experience but who have a fresh take on the issues facing the industry.”

Emphasising Intelligent Planning’s commitment to maintaining its advice firms’ autonomy, Osborne said they are given the flexibility to function with minimal interference.

“We believe in allowing advice practices to be what advisers want them to be. Our role is to make sure they are compliant and accountable. Anyone can buy a suit off the rack, but it’s never going to be a custom fit. You go to a bespoke tailor for that. We believe it is similar with financial licensing offers,” he said.

During the forum, advisers were invited to share their thoughts on issues currently impacting the advice industry:

1. On qualifications and accreditation – soft skills are just as important

While qualifications and accreditation are vital to being regarded by the public as professional, proficiency in “soft skills” is equally important – not just from a business practice point of view but also in helping clients improve their financial literacy and better understand the work being done.

2. On technology – technology should not be driving advice practices

As useful as technology is, an advice practice should never be driven by what a particular technology can, or more importantly can’t, do.

3. On professionalism – a professional reputation is earned

Being a member of a profession isn’t enough. Gaining a reputation as a true professional, just like gaining respect, is something that is earned by actions.

“We will be working with our advisers to implement these ideas, where they consider them important to their business,” Osborne said.

In January, Dirigere Advisory relaunched as Intelligent Planning offering financial licensing through the Dirigere licensee.

Speaking at the time of the announcement, Osborne said the decision to relaunch was a response to a gap identified in the market.