What is AFAN all about? This has been the question we get asked every day, particularly as more people get to know our name through our increasingly popular webinar series #ComfortablyDisturbing and our ever-present branding and voice in the Financial Services community.
As costs rise and income diminishes in our industry, it has become almost impossible to run a single operator Risk practice.
The new education requirements thrust upon us has caused turmoil and to this day our industry bodies are presenting us all with two options only: 1) get a degree; or 2) get out!
Many advisers are frustrated and we believe that our industry bodies have not done enough to convey our side of the argument against the regulators and decision-makers.
A 3rd option for Risk Advisers is now available. Over the last year or so I have been working very hard to bring together a number of highly accomplished specialists who will bring their particular areas of expertise not only to those clients who I look after, but also the wider community here in south-east Queensland.
CONSIDER HOW OTHERS DO THINGS
Picture a medical practice if you like, where there is a common reception & waiting area, & where patients can come in to see their own GP. When the ailment is beyond the knowledge of the GP then he/she will refer the patient to a particular specialist.
Well the concept is the same for those advisers/planners who join AFAN. We will all share staff, resources, & (where practical) premises.
Clients will continue to see you (their ‘GP’) initially but, when their issue is beyond your area of expertise, you & they will have direct access to a specialist within the group.
THE WAY OF THE FUTURE
Rather than personally entering into expensive, long-term leases you will have access to office facilities & simply share in the costs with your AFAN colleagues.
Many advisers have clients with elderly parents/grandparents. At some stage your clients will be required to make a decision about their elderly family members, however they alone will not normally be the sole decision-makers for their loved ones. Often they will make decisions jointly with their siblings, and this is where the real opportunity lies.
SPECIALIST SERVICES FOR BETTER VALUE
That one discussion with your clients about the Aged Care & Estate Planning needs for their parents/grandparents will lead to the opportunity to provide an entire suite of services to the whole family unit. You & the AFAN team providing a complete range of services to four generations of the one family.
You can keep your existing brand, should you wish, & simply hitch your business on to AFAN, you can enter into a succession arrangement with AFAN or you may want to acquire equity in AFAN. There are a number of options for consideration.
Apart from the obvious benefits of cost-sharing, those who do join will also share in the knowledge & expertise. Those who are offered & choose to acquire equity in AFAN will share in the profits of the group.