5 reasons why you are not flying business class

Please note the following article is general advice only and may not reflect your current financial situation. Please refer to the Disclaimer on our website for more information – http://www.financialservicespartners.com.au/information/disclaimer

Have you ever been at the airport waiting to board your flight, watching business class passengers get on first with their own express lane to check in? Or have you been ushered to your seat by the air-hostess via the business class section just to highlight what you are missing? If you have ever wanted to fly business class once in your life, then this article is for you. Here are the top 5 reasons why you probably aren’t flying business class and tips on how to make that dream a reality.

1. You are paying too much tax – There are two things guaranteed in life, death and taxes. We all have to pay to tax but the question is- are you paying too much? Most of us are because we do not have all the facts on tax. The ATO have a great blog that explains some of the items that you can claim like sunglasses, your electricity bill and more. A financial adviser could assist you in reducing your tax by devising a financial strategy tailored to you.

2. You don’t have a financial plan – Your financial plan should allow for budgeting but also have some wriggle room to enjoy the fruits of your labour. On a calendar try to map out weeks where you decide to indulge yourself, like the business class ticket to see the ballet at the Sydney Opera House or to watch your favourite sporting team in a grand final. I am not saying that this should be a weekly occurrence, and remember you should be saving more than you are spending.

3. Your investments are not working for you – There is nothing worse than a bad investment. Make sure you have armed yourself with the tools to know when your investments are going south so you can pack your bags and get out.  You don’t always need to get out, sometimes it is better to stick with it, ride out the storm and wait for conditions to improve. By having a regular review with your financial adviser to ensure your investments are aligned to market conditions, your strategy and tolerance to risk your investment performance can help you get a little closer to that dream.

4. You can afford it but don’t think you deserve it – I have so many friends, acquaintances and contacts that simply don’t know when it is time to indulge in either a holiday or a new car. In fact, I have been that person on many occasions. What is the use of working so hard for the money you earn, but not enjoying any of it? I speak to so many financial advisers that say that this is the case with many of their clients who feel guilty about spending a little bit of money on themselves when they can more than afford it. Take a good look at your financial plan and try and fit in some time for you and remember you are worth it!

5. You can’t get a raise? Fly business class instead – Negotiating with your employer about the benefits of flying business class is a big one. In the economy we are in at the moment employers are less likely to be giving out hefty pay rises but may be looking for lower cost solutions to keep you in their company. So, if you can’t negotiate a raise why not negotiate a business class ticket for that next national flight. Flying business class you have more of an opportunity to get more work done, you well be well relaxed and fresh and ready to take in the most amount of information as possible.

If you take anything away from this article it is to work with your financial adviser to review your financial plan and know that you have earnt that business class ticket to your next destination. Give yourself the chance to indulge in some of the finer things in life and know that you still have more than enough money for that rainy day.

For more information on how a financial adviser can help you reach your business class dream please call one of our FSP team on 1800 006 216.

Recommended Reading:
Claiming Tax Deductions
http://www.ato.gov.au/individuals/pathway.aspx?sid=42&pc=001/002/013
Savings Goal Calculator
http://www.financialservicespartners.com.au/tools-and-calculators/managing-my-money/savings-goals-calculator

 


Financial Services – Our upcoming Adviser Events

Visit us at the AFA Conference- Exhibition 28:

For Advisers who are attending the AFA conference on the Gold Coast on Sunday 28th October until Tuesday 30th October please come and visit us at Exhibition Stand 28.

Come and say hello to General Manager Matt Brown, Practice Development Manager Kim McDonald and Practice Development Manager Allan Crane who will be managing the stand over the 3 days- and don’t forget to enter our guessing competition for your chance to win an iPad 2.

Personal Development Days:

Please note the following dates of our Personal Development days for our Advisers and their support staff as the dates are fast approaching.

Brisbane: Thursday 22nd November 2012: Location TBA
Melbourne: Tuesday 27th November 2012: Location TBA
Sydney: Friday 30th November 2012: Location TBA

The Personal Development Day will be followed by icelebrate drinks, details to follow.

Please RSVP to our November PD Days and icelebrate drinks by this Wednesday 24th October 2012 to Maree Sullivan- msullivan@fspgroup.com.au

Save the date- ilearn 2013:

Our ilearn 2013 conference at the Hyatt Regency, Sanctuary Cove is fast approaching.

Our registration site will be launched over the next few weeks but in the meantime, if you could please save the dates: Wednesday 6th March- Friday 8th March 2013.

Event and flight information will follow in due course so keep an eye on upcoming editions of our Focus Point e-newsletter.


Financial Services Partners launches FSP DNA

Financial Services Partners has announced the details of its new value proposition, FSP DNA, to enhance engagement with existing advisers and attract new advisers to the group.

In announcing the new proposition, Financial Services Partners Chief Executive Officer, Charles Smith said: “The impending Future of Financial Advice (FoFA) reforms have created a fiercely competitive marketplace, where dealer groups need a very compelling offer in order to retain and attract advisers.

“FSP DNA offers advisers quality dealer services that represent exceptional value. It is an appealing and sustainable proposition that will enable us to set up our dealer group for future growth.

“We believe our proposition is market leading and will be attractive to a broad range of advisers, including those advisers from boutique firms with their own Australian Financial Services Licence (AFSL) who are looking for support through FoFA. FSP DNA also offers excellent value for those advisers who specialise in Self Managed Super Funds (SMSF). It is another example of the benefits available to advisers as a result of institutional ownership,” Mr Smith said.

FSP DNA provides advisers with an integrated approach to supporting their business development. It covers business building tools, advice processes, Xplan and paraplanning, investment philosophy and platform strategies, Life Risk and Wealth specialist support, marketing and communications, professional standards and development, and remunerations support. At the centre of the FSP DNA value proposition is choice.

Mr Smith said: “The FSP DNA is about having the right people, the right processes and the right technology in place to help our advisers look great in the eyes of their clients. The elements of the FSP DNA which the adviser chooses to engage with will help define who they are and what kind of business they operate.”

The launch of the FSP DNA marks the beginning of a new paradigm for Financial Services Partners. Financial Services Partners has set up an adviser micro website from their public website to introduce the FSP DNA offer (www.fspdna.com.au).

“The initial response from advisers has been extremely positive. The new terms have also drawn the interest of advisers outside of Financial Services Partners and we are currently in the process of transitioning four new firms into the group,” Mr Smith said.


Recognising our Customer Service Champions

The Financial Services Partners Customer Service Awards are a big part of our company culture. Each year, we ask our advisers to nominate a member of their support staff who they think have demonstrated customer service excellence in the last 12 months. These awards allow us to recognise the staff within our adviser practices who have helped deliver great financial advice experiences to clients.

Presented at our ‘ilearn’ professional development conference at the beginning of each year, the Financial Services Partners Customer Service Awards presentation dinner is without a doubt the much anticipated event of the conference.

Financial Services Partners would like to take this opportunity to congratulate our 2011/12 Award winners:

  • Stephanie Rennie – FSP Canberra (joint winner) NSW/ACT
  • Alexandria Mooney – Equilibrium Wealth (joint winner) NSW/ACT
  • Leah Hunter – Delmase Pty Ltd, Western Australia
  • Tammy Warmeant -Intrinsic Financial Planning, South Australia
  • Jane Bowey – FSP Sunnybank, Queensland.

The Financial Service National Customer Service Award 2011/12 was award to:

  • Leah Hunter of Delmase Pty Ltd, Western Australia.

The Financial Services Partners Practice Manager of the Year Award 2011/12 was awarded to:

  • Marg Jones –  Pinnacle Risk Insurance, Victoria.

Help us recognise the best
If you’ve experienced great service and follow up from one of our adviser’s staff, please be sure to mention it to your adviser. We’re now on the look out now for next years Customer Service Award winners.

 


XPlan enhancements improve adviser efficiency and client experience

Financial Services Partners has launched a suite of XPlan enhancements to assist their advisers deliver more comprehensive written advice to their clients and improve practice productivity.

The enhancements include a new Statement of Advice (SoA) XPlan Wizard which incorporates more than 80 advice strategies across 19 areas of advice, including debt management, gearing, self managed super funds, aged care and life insurance.

The wizard contains clear advice strategies to enable advisers to more effectively communicate their recommendations to clients. This is supported by client-friendly graphs and diagrams, and educational material on a range of financial planning topics. Overall, it will lead to a more efficient production of SoA documents.

Financial Services Partners Chief Executive Officer Charles Smith, said the new Wizard would deliver on the group’s ongoing commitment to help advisers provide quality advice for their clients.

Mr Smith said: “The new SoA Wizard will provide advisers with clearly defined strategies that support the basis for their advice. It will also reduce the time it takes to prepare the SoA and the size of the SoA. Clients will be better informed and more comfortable with the personal advice provided. A client who is better informed is a client that is better serviced; that’s a positive outcome for both adviser and client.”

Planned for a late February launch is the Financial Services Partners Review Snapshot Wizard, which will include client snapshots, economic updates, detailed investment commentary and additional financial projections.

“Our Review Snapshot Wizard has been designed to make our advisers more efficient come review time and reduce the manual workarounds often associated with producing reports.” Mr Smith said. “This means our advisers can focus on what is most important, providing the best strategic advice thinking to their clients’ needs.”

The Financial Services Partners ilearn conference commences on 29th February and will include a number of training sessions to help advisers use XPlan to its full potential.

 


CEO sets the pace for 2012

Financial Services Partners Chief Executive Officer (CEO), Charles Smith, confirmed the group’s strategic initiatives for 2012, which will focus on business protection and growth in a Future of Financial Advice (FoFA) environment, new dealer group terms and adviser recruitment.

Mr Smith said: “Our strategic initiatives for 2012 are geared towards ensuring our advisers have the confidence they need to run their practices in a post-FoFA world. We want to improve productivity and ensure our advisers have the right systems and processes in place to continue providing quality advice to their clients.”

Financial Services Partners is offering two programs to its advisers to assist in the process of transitioning their practices to a fee for service model. Fifty Financial Services Partners advisers are currently enrolled in OnePath’s Valuing Advice for Growth workshops, which cover key areas such as client value propositions (CVP), service offers, pricing and how to have explicit pricing conversations with clients.

This is complemented by Financial Services Partners own Client Directed Experience program, which uses a proven advice pathway to help advisers enhance client engagement. This includes providing advisers with sales scripts and structured business processes such as how to utilise staff to build greater efficiencies, how to create a practical fee for advice model and a client discovery process that allows advisers to demonstrate the value of their advice.

“The Valuing Advice for Growth and Client Directed Experience programs have made the thought process behind implementing a fee for service model much clearer for our advisers,” Mr Smith said.

“The Client Directed Experience program has laid the foundations for a coherent and supported advice pathway, and adviser feedback has been overwhelmingly positive. Our advisers say they are better placed to define the value of the services they offer and improve client engagement.

“We believe advisers who have strong client relationships and a clear advice value proposition will ultimately be the winners in a post-FoFA world,” Mr Smith said.

In addition to ensuring advisers are FoFA ready, Financial Services Partners has also been working on new dealer group terms that will be officially launched at the group’s conference in late February.

“Just as it is essential for advisers to review and refresh their value proposition, it’s also essential that licensees review their value propositions for advisers. Our dealer group terms will be more competitive than before and we’ll have a greater focus on delivering the services that matter to advisers to enhance their position with clients,” Mr Smith said.

Financial Services Partners believe that the new terms and revitalised value proposition will provide them with a competitive recruitment advantage in 2012.

“We expect recent investments in research, lead development and the XPLAN evolution will be positive for new adviser and practice recruitment, in particular, attracting firms from groups which haven’t offered advisers FoFA readiness support or full dealer services,” Mr Smith said.


The Good Adviser Blog

The Good adviser blog offers practice principals and advisers the opportunity to follow Financial Services Partners online to get a feel for the kind of dealer group we are. You can expect to see highlights from Financial Services Partners events and professional development days, experience FSP DNA – our value proposition to help you deliver quality advice in action – and of course general news and developments.

One of the unique aspects of being a part of Financial Services Partners is our culture. In many groups, there is competition between advisers. This is certainly not the case at Financial Services Partners. Like our advisers, we realise that there is a lot to be learned from peer to peer idea exchange.