The Adviser Platform has put together a two-minute quiz for advisers to help them find out if their business is ready for licensing. Managing Director, Ryan Edwards, is concerned that many advisers are struggling with basic record-keeping, renewal processing and CRM management – are you one of them?

As the exciting change in regulation draws near, we’re concerned that some sections of the market are missing a real opportunity to strengthen their business.

The regulatory shift should be embraced for what it is; a chance for the industry to shine and demonstrate (and promote) the fantastic work it does for Kiwi families each and every day.

However, with any change, there are those who invest, prepare, and tackle it with confidence, whilst many others drag their feet, have their head in the sand and hope someone will come along and rescue them.

With that in mind, we’ve put together a light-hearted survey to determine where you may sit on the spectrum from ‘Ostrich’ through to ‘Ready to go…!’.

Advisers should be encouraged to look at not just how they provide (and record) advice, but also how they will resource their businesses going forward. Advisers should question how to make the transition from one- and two-man-band operations to a thriving, and growing business. Questions should also arise around time management – what are you spending the bulk of your time on, and is it the best use of your time?

For larger businesses we ask, “If you had a blank sheet of paper, what would be the most productive tasks that your team can focus on?” Many would prefer a greater focus on client servicing, but often become bogged down in the day-to-day admin. Many advisers want to grow, but don’t have the budget nor the appetite to expand their team of staff.

“With commissions under the spotlight, advisers will need to consider how they can make their business more efficient and nimble, to ensure they can grow and expand.”

Record-keeping and data management will be a huge determinant of an adviser’s ability to meet their obligations under the new regime. Many advisers really struggle with day-to-day admin and either:

  • Spend too much time on it, restricting their ability to spend time with clients
  • Avoid it, which not only creates potential compliance headaches, but also reduces the value of the database due to incomplete, inaccurate, or inconsistent client files

What options do advisers have?

  • An assistant can be employed (and paid!), trained, and managed from an HR perspective;
  • Simply knuckle down and do more of the admin themselves; or
  • Explore partnering with a service provider to tackle much of the heavy lifting for them.

With commissions under the spotlight, advisers will need to consider how they can make their business more efficient and nimble, to ensure they can grow and expand.

With many advisers signalling an exit, or a slow-down in production, there is a significant opportunity for well-run adviser businesses to not only grow, but to thrive.

With that in mind, take our two-minute quiz to help determine whether you are indeed ready to go, or whether you may have your head in the sand about the upcoming regulations.

Click here to take the quiz.

Leave your details if you wish to go into the draw to win a gift box from Cocktail Collective and have an informal discussion with the TAP team.

Ryan Edwards is the Managing Director of The Adviser Platform, a full-service platform for advisers, including admin support, CRM and regulatory and compliance advice.