Adviser relationship skills crucial in current economic climate

Consumers have very real concerns about the state of the global economy and specifically, the effect it is having on their portfolios and the realisation of their goals and objectives. Now more than ever, they need good financial advice to avoid making costly decisions, although the state of the markets, the well-publicised demise of Storm Financial, and ongoing public denouncement of financial advisers by Industry funds all combine to undermine the trust that advisers have with their existing clients, and create a poor framework for which to build trust with a new client.

Interpersonal communication skills and client relationship management are vital attributes of any good adviser, although there are very few training programs designed specifically for financial planners to develop and improve their skills in these areas. Sue Viskovic, Managing Director from Elixir Consulting will be presenting on these very issues at the upcoming Kaplan Professional Financial Adviser Roadshows.

“Advisers who have an ability to connect with their new and existing clients on more than just a superficial level – indeed, those who can create and develop real relationships based on trust, gain much greater mutual satisfaction from their client relationships. Their clients feel more secure with their financial affairs and advisers find they are able to deliver better quality advice because they are privy to a better knowledge of their client and they understand ALL of the issues they face. This of course leads to longer, often inter-generational relationships with their clients, and ultimately a better financial outcome for their clients”, says Sue.

“There are some very specific skills and techniques that are required by advisers to communicate what are often complex, and particularly in the current environment, disconcerting issues with their clients. This workshop will give advisers some skills and techniques that they can take back to their office and put into practice immediately.”

Sue’s presentation entitled “An effective and client-focused approach to sales, communication and relationship skills” is one of the sessions in the agenda for the Financial Adviser Roadshow appearing in Brisbane on the 16th and 17th of February and Melbourne on the 24th and 25th February.

Register at www.kaplanprofessional.edu.au/FAR or call 02 9080 4080 for more information.

Senator Sherry to address financial regulation conference

Senator Nick Sherry, Minister for Superannuation and Corporate Law, will speak on the Federal Government’s latest responses to global financial market turmoil at the Financial Services Regulation Summit in Sydney on 29-30 October.

In his presentation he will discuss the $10.4 billion fiscal stimulus package to bolster the Australian economy and measures to strengthen our financial system with a guarantee on bank deposits.

The Minister will also update the conference on the Government’s recent release of its draft bill focused on improving the disclosure of covered short selling.

He will outline and describe in detail the Government’s progress in transferring the regulation of consumer credit from the states to the Commonwealth and what that will mean for consumers and business.

Senator Sherry will speak on Day 2 of the conference, to be held at the Sydney Harbour Marriott.

Jerry Markham, Professor of Law at Florida International University at Miami, will speak on proposals for regulatory reform in the United States, and regulatory models.

Other speakers include David Bell, Chief Executive of the Australian Bankers’ Association; Rosemary Johnston, Regulation Ready Manager with the Property Investors Association of Australia; and Phil Naylor, CEO of the Mortgage & Finance Association of Australia.

http://www.iir.com.au/financialregulation

To arrange a media pass, request more information or arrange speaker interviews please contact:
Nigel Dique – Informa-IIR 02 9080 4108; 0423 024 819; nigel.dique@informa.com.au

Estate planning cuts through the cycles

Recent share market falls underscore the need for financial planners to include estate planning in their portfolio of services, says lawyer Michael Fitzpatrick.

“Too many financial planners neglect estate planning when it should be at the heart of client service,” he says.

“Without an estate planning service, financial planners aren’t doing the whole job for their clients, and have no real strategy to navigate through good times and bad.”

Mr Fitzpatrick says that with superannuation funds preparing to post their worst returns in 20 years, having had $20 billion wiped off their value, planners can expect a grilling by their pre and post retiree clients.

“One question they can almost certainly expect to be asked is, ‘why am I paying fees when my returns are negative’.

“Add to this the fact that many clients have a propensity to generosity in good times, gifting money to their families and leaving very little for themselves when the inevitable cyclical downturn occurs.

“An estate plan structures clients’ affairs during their lifetime to take account of events like share market falls. It also takes account of a host of other issues like physical incapacity, taxation and how to ensure wealth passes smoothly on death to intended beneficiaries.

“An holistic service that includes these important elements and does not depend on the performance of funds will demonstrate value and better secure client loyalty.”

Michael Fitzpatrick, principal of Clarendene Estate Planning, will conduct a workshop at the Kaplan FAR08 Financial Adviser Roadshow, to be held on 19-20 August at the Harbours Edge Event Centre, Darling Harbour, Sydney. The event will focus on pre and post retiree and estate planning solutions.

Website: www.iir.com.au/far

Financial advisers to benefit from new conference format

The Kaplan Professional Series of conferences for financial advisers and accountants have been overhauled to make them more relevant and practical.

A major change is more time allocated to speaker presentations and workshops for more thorough treatment of topics.

There will also be more emphasis on hands-on learning sessions such as workshops, panel discussions and case studies.

And anything remotely resembling a sales pitch will be outlawed.

The conferences will commence with a workshop at Sydney’s Harbour’s Edge Events Centre on 19-20 August. Money Management will be the official publication.

Michael Fitzpatrick, one of the key Kaplan Professional speakers said: “I’m excited about the new format.

“Having attended and given countless seminars over the years I’ve often felt frustrated by having to fit in a 40-minute time slot.

“For a lot of the areas and issues, you just can’t get into the meat of a subject in less than an hour and a half.

“It’s important to do justice to important issues, to give time where it really is deserved, especially when you’ve got a good speaker.”

There will be national conferences on self managed superannuation funds (SMSFs), Tax Planning Strategies and Advising on Risk and Insurance.

There will also be the Kaplan Professional Financial Adviser’s Roadshow, workshops that will address estate planning and pre- and post-retirement planning.

The aim is to hold them in various states for the convenience of financial planners. The first, at Sydney’s Harbour’s Edge Events Centre on 19-20 August, is to be chaired by Mike Taylor, the Managing Editor of Money Management.

Mr Fitzpatrick said: “The workshop on death and taxes will be an exciting opportunity for financial advisers or those responsible for providing financial advice to the modern family.

“It will enable them to come to grips with the way in which modern death duties, and back door taxes like capital gains tax, can intrude significantly into the wealth of widows and children of deceased clients.

“The workshop will allow a close hands-on approach to how to identify these taxes, how they may apply in individual cases, and what strategies are available to the adviser to help deal with and minimize these taxes.

“It’s a crucial role for advisers. Unless they know what they’re doing, they won’t be able to do their job properly.”

More information: www.iir.com.au/far

Nigel Dique, Media Officer
Telephone: 02 9080 4108
nigel.dique@informa.com.au