2019 was a trying year for many, for a range of different reasons. As a Business Consultant for Centrepoint Alliance, I’ve had the opportunity to witness first-hand the power of peer support and collaboration, especially in times of stress or strife. Being surrounded by people who are always open to work together to achieve great results is one of the most rewarding parts of my job.
There's never a dull moment in the ever-changing world of financial advice, and this can make running your own business feel like a lonely and confusing journey. But it doesn’t need to be. Now more than ever, collaboration and camaraderie are vital to our and our clients’ future success.
Here are three ways collaboration can help your financial advice business grow to new heights in 2020.
1. Walk further, together
The old saying, “If you want to walk fast walk alone; if you want to walk far walk together,” rings very true in our industry.
Success is not all about who gets there first. In the intricate business of financial planning, you’re not only dealing with business profitability, but also changing dynamics around governance, advice, client engagement and more. Whether you’re balancing these aspects as a sole trader or with the backing of a team, hurdles are more or less a certainty.
However, learning from the experience of similar businesses can save you a lot of worry and stress. It might be as simple as sharing a tried-and-tested checklist in your business, getting an answer to a technical question, or simply bouncing ideas off someone who can offer a different perspective. You might be surprised by the great things that can happen when you reach out to your peers.
2. Strength in numbers
The current demand on advisers is onerous and the FASEA further education requirements are putting added pressure on. Meeting the new Education Standard can be a humbling and daunting experience even for a seasoned adviser. In my role, I have come across many advisers who found the process trying, yet have persevered thanks to the advice and support of their peers.
Everyone has a different way of managing the new requirement. Some dive into practice exams, while others attend preparation workshops. Further, reaching out to peers and setting up study dates have proven to be beneficial for many advisers. They work together to build a routine and support function as they re-engage in formal studies.
Creating your own peer support system will help you work through what you need to achieve one step at a time – whether you are studying or assisting a client.
3. Sharing experiences
There are times you may lose motivation or the vision to drive your business forward. At these moments you need to remember that there are others out there who have been through what you’re going through – and they’re there to help you.
Even something as simple as sharing experiences can help advisers refocus on their goals and re-energise. I know some advisers who have offered other advisers that opportunity to spend a day with them to share best practice processes. I also regularly come across practitioners who offer encouragement and a lending hand to help a business through tough times.
One of the most valued aspects of Centrepoint Alliance is having like-minded peers share their experiences in a dynamic industry. I’m proud to be part of such a collaborative financial adviser community. One that believes in building financial wellbeing for its clients and helping each other along the way.
So, if you want new opportunities to learn and grow in 2020, I recommend exploring the Centrepoint Alliance community today.