Kaufman speaks out on 'fee for service'

The New York Times bestselling author Ron Kaufman has called on Australian financial advisers to embrace a culture of service, ahead of his address at the upcoming Association of Financial Advisers conference.

In an exclusive interview with ifa, Ron Kaufman, US-based motivational speaker and author of Uplifting Service, said Australia’s Future of Financial Advice regulations are an opportunity to rethink the approach to client engagement.

“Before you can think about fee for service, you have to know what service is,” Mr Kaufman said. “Service is taking action to create value for someone else.”

Before taking action, however, Mr Kaufman says advisers have to examine their clients’ true values and their “broader financial context” – their views on how external events such as political developments and natural disasters influence their underlying financial needs and goals.