In episode one of the myprosperity@home series, myprosperity Director, Chris Ridd, sits down with Integral Private Wealth Founder and Chairman, David Simon, to discuss how David is coping managing his wealth management business remotely from home amid the fallout of COVID-19.
Today we are pleased to launch myprosperity@home: an insightful video interview series presented by Chris Ridd, myprosperity Director. The series uncovers stories from many great myprosperity partners on how they are coping with managing their advice businesses from home.
With the world of business going into hibernation and everyone now forced to work from home, just about every aspect of our professional life has been thrown into turmoil. You hear stories and experiences from different people about how they are coping in this new remote world where “social distancing” is now a strangely familiar term in our vernacular.
My experience with remote working, otherwise known as “teleworking”, actually dates back to my Xero days when in 2012 I was appointed to the Federal Government’s Telework Advisory Panel. The mission of this panel was to help inform the (then Labor) government on policy initiatives that would encourage businesses to embrace telework and thereby effect positive social, economic and environmental changes. Benefits identified back then included work-life flexibility for employees, reduced traffic congestion, less carbon emissions, increased workforce participation amongst regional, elderly & disabled members of society and so on. These topics and many more were discussed at the Telework Congress in Melbourne in 2012
When I reflect on my participation on that panel, our biggest challenge was in convincing businesses across the board that telework was a good thing, based on all the reasons outlined above. However in 2013, our mission suffered a high profile setback with announcements, first from Yahoo and then Hewlett Packard, both declaring that “working from home” was overrated and insisting that their staff perform duties in the office. As noted by then CEO of HP, Meg Whitman, “We now need to build a stronger culture of engagement and collaboration and the more employees we get into the office the better company we will be.”
There’s no question that having staff physically working in the office and collaborating face-to-face has its benefits, but what if that was not possible? In my 2 years on the advisory panel never did we plan for or even conceive that perhaps one day companies may not have a choice. So as I sit here 8 years on, in the midst of a global pandemic as a result of Covid-19, it’s clear that telework is no longer a cultural nice-to-have but rather, a mandatory and very sudden workplace reality.
In recent weeks I’ve been reaching out to my network of advisers to understand how they are coping with life away from the office from managing staff, engaging clients, implementing processes remotely and using technology. It has become clear that some are dealing with this crisis better than others. On a positive note, what I’ve discovered amid the stress of a global pandemic is that there really are some great practices and ideas worth sharing. So in the spirit of “working remotely” I decided to develop this (Zoom) video series that I’ve dubbed myprosperity@home.
As we remain in lockdown over the weeks ahead, possibly months, I will be speaking with a number of myprosperity’s financial planning and/or accounting partners to learn how they are coping with this new social distancing reality. How are they working with clients? What are they helping them with? How is their business faring during these trying times? Are there new opportunities that arise from working remotely and how is technology helping them to connect with the outside world? Importantly, how are they staying healthy in both mind and body.
I look forward to sharing these stories with you, and of course, I welcome your input and insights as we go on this unprecedented journey together… albeit from a safe distance 🙂
Written by Chris Ridd, Director of myprosperity
The spread of COVID-19 is changing the way we live, work and communicate. It’s sparked economic uncertainty which is already impacting businesses and people on an emotional and financial level. During this time, accountants and financial planners will play an important role as a trusted adviser to their clients, securing their financial well-being in a time of uncertainty.
We want to give accountants and financial planners the tools to navigate these difficult times, so that their clients can feel more secure about their financial future. In doing this, we’ve updated the wealth portal to give all of your clients the following:
We’ve created a really easy process for clients to update and store all of their financial information in one place so that they can not only have peace of mind, but their accountant or financial planner can go through their finances piece by piece, together.
Following the wealth check, clients will be able to access a wealth report in their client portal which they can send to their trusted adviser. The wealth report is a really simple way for clients to give their adviser their whole-of-wealth assessment, which will guide them to providing the most meaningful and holistic advice.
Naturally some people will be concerned about their estate plans, in particular, some of your older clients and their parents. If their needs are straight forward we have made available a free online basic will that only takes minutes to create.
We’ve covered the 5 most popular client personas seen in financial services but what about the worst types of clients? From tyre kickers to time-wasters, we take a look at the 5 client types you probably want to avoid!
This client persona thinks they know it all. From financial products to high yielding investment strategies, these clients make you wonder why they sought advice in the first place. They are self-proclaimed market-beating experts that love to rival professional advice.
Constantly comparing, testing, searching and inquiring but never committing. The tyre kicker looks like a prospect but they are really just window shoppers. These pseudo clients can eat up large portions of your time only to jump ship to get a cheaper deal elsewhere. They tend to make purchases purely based on price, except no price is ever low enough.
Constantly rescheduling, cancelling and turning up late or not at all. No response Norman is painfully hard to get a hold of and rarely answers his phone or his emails. Sometimes found in family offices, these types of clients struggle to voice their opinions and can make arranging family finances a nightmare.
Verity is very enthusiastic – and expects 16% returns. While she wants financial advice, she doesn’t necessarily want to follow it. Results driven and extremely ambitious, this sort of client wants instant results and struggles to adopt a long-term view. With a tendency to think with the heart, they reject logical recommendations and are known to make rash decisions.
Ian is the opposite to Very Impatient Verity who doesn’t listen to advice. He wants to know every detail and asks to hear the same advice over and over. Slow to take action and fast to change their mind, these clients are risk-averse and need constant reassurance on the implications of each decision.
While these types of clients may be less-than-ideal, that doesn’t necessarily mean you shouldn’t work with them! A tailored engagement strategy can help you cut through their quirks. Get in touch today to learn how a client engagement platform can help you drive practice efficiencies, build lasting relationships, and impress even your toughest critics!
If you look after small business clients, you’ll understand the importance of identifying their needs in order to deliver what they want – and expect. We’ve covered some of the most common client personas in the industry. Now, we’re taking a deep dive into the business owner persona, Basil – get to know him below!
Basil is a small business owner and family man. For the last 5 years, Basil has been the proud owner of a craft beer brewery which has grown substantially in size. But as his company has grown, keeping on top of his business finances and understanding his financial situation has become increasingly complex. As an accountant, how can you go that extra mile to engage and add value to business owners like Basil?
There are more than 2.2 million small businesses in Australia, with the sector making up 96% of the nation’s businesses. The most common industries for small businesses are construction (17%) and professional, scientific and technical services (12%). The 2018 Australian Accounting Industry Survey found accountants are considered the most important professional service provider by all SMEs and for good reason. Almost 9 in 10 SMEs have relied on accounting services at some point, and astonishingly, nearly a quarter of businesses don’t believe they have the financial literacy to run their business.
Someone who can talk their talk
Effective communication is fundamental in any mutual beneficial accountant / business owner relationship. Communication within small business is often largely verbal and informal, and studies have found accountants who are adept at communicating in this day-to-day style are more likely to be favoured by small business owners-managers. You can help clients see the value you provide by keeping things simple and avoiding jargon. Utilising a client’s preferred channels for communication (such as phone, mobile app, social media, etc.) is also an important component to building strong relationships.
Business strategy advice
What business owners want from their accountant has changed over time and has undeniably led to accountants wearing many hats. Business owners no longer want their accountant to just crunch numbers. They’re seeking someone who can see the whole picture and provide business advice, such as virtual CFO services, goal setting and technology systems. 1 in 5 SMEs expressed they would like their accountants to help with business strategy in addition to the services they already provide.
A proactive service provider
Business owners are busy people; they often compromise family life and work long hours. More often than not, they don’t have time to investigate the areas of their business that could function better. Clients don’t just want business advice when they ask for it, they want their service providers to understand their situation and pre-empt potential risks. In fact, failing to adapt to a client’s changing business needs is perceived as one of the most common reasons SMEs change their professional services firm.
Become a strategic technology consultant
The industry shift away from traditional accountancy services towards business consultancy has been a hot topic touted by many leaders in the industry (such as Xero, MYOB and Sage). From simplifying payroll to improving productivity, business owners are turning to cloud-based technology to save time and improve their bottom line. In the face of technological change, there’s a big opportunity for accountants to seamlessly provide advice on the best business tech stack.From CRM platforms to automated invoice systems, it’s likely the technology used within your firm can help simplify your clients’ businesses too. Advising clients on how to review and implement the right tech for their small business, particularly if you’re already using these tools yourself, is an easy way to add value as a strategic consultant and drive new efficiencies for your clients.
Help them see the bigger personal wealth picture
Most business owners go into business to build personal wealth and ultimately, live a good life. However, because for many so much of their wealth is tied to their business, they don’t often think about how to grow their personal wealth outside of that (or the risk involved in not diversifying their income). Taking into account their wider financial picture and broader life goals is an easy way to help them understand the financial intersections between business and personal, and position yourself at the heart of their financial world.
For example, in a recent blog post for business owners, The Blue Rock highlighted that business owners often think they don’t need superannuation because in effect, their business is their super. However, superannuation can be a great way to build wealth by implementing a tax effective strategy to extract profit out of the business and into super – something which ultimately could end up benefiting the business.
Getting a comprehensive view of a client’s financial position – from assets and liabilities to goals, insurance status, and estate plans> – doesn’t need to be hard. Talk to us today about how the myprosperity wealth portal can help you get the information you need quickly and efficiently, then leverage powerful data across your entire customer base to uncover revenue opportunities.
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