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The three main challenges facing new AFSL holders.

The three main challenges facing new AFSL holders.

Isolation, scale and new client opportunities are 3 challenges facing new AFSL Holders to maintain a profitable practice business model going forward in today’s market.

At our recent AGM members reported that ASIC are now processing AFSL applications within 7 weeks, a pleasing outcome for those who want to venture down the self – licensing path. With any new venture however, risks and challengers must be overcome, boutique members have overwhelmingly requested that the AIOFP Board develop a range of services to assist their position going forward.

Scale and isolation are two key initial issues to overcome. If an Adviser is a new entrant or has been licensed to a large Dealer Group the feeling of isolation to share information with like – minded professionals and the price of critical services like PI Cover, CEP solutions and IT/software needs to be countered. Getting access to new client opportunities is also high on the wanted list.

Venturing into your own stand – alone business space can be an intimidating experience, being a member of a family orientated Association can and does mitigate these circumstances, the AIOFP has demonstrated this over the past 25 years.

The AIOFP Board has given approval to develop a CEP service where members will get access to a total CEP solution incorporating a monthly webinar, 2 full day [non zoom] workshops in all capital cities and attendance at one of our 2 annual conferences to satisfy the requirements. The attendance at the workshops and a conference will also provide the networking opportunities to share information and develop friendships with other members to counter the isolation concerns.

The AIOFP already has a PI service to assist members of all sizes and we are in advanced discussions with some Industry Super Funds, major Corporates and Unions to provide Advice Services to their employees and members. The AIOFP’s Certified Financial Strategist [CFS] designation will also be promoted to these groups to assist the lead generation activities for members.

The AIOFP’s 25 year track record of acting in the best interests of Members and outstanding political advocacy achievements over the past 8 years strongly suggests we are the natural Association home for the independently owned Adviser sector.

Please feel free to send this information onto any Advisers who are currently considering Association membership.

More details shortly.

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