As I mentioned last week, I have been spending a lot of my time recently talking to a whole lot of owners of Financial Advice Firms in Australia.

Last week I talked about the almost universal mismatch I have seen between value articulation, pricing and profitability.

I went on to raise the question: Are Financial Advisers Charging Enough?

Today I want to talk about the impact I am seeing on the emotional state of a great number of owners of Advice firms.

To say there is a ‘mojo’ problem would be an understatement and to be direct I would put a lot of Advisers into the potentially ‘depressed’ category.

The interesting thing is that it’s not just the Advisers who are potentially about to loose a chunk of their revenue to the loss of grandfathered commissions.

There are a lot of Advisers out there who are hurt, confused and most specifically are lacking clarity with regards to their futures.

It is my opinion that Advisers have a fundamental roll in our society and as such, I raise the question ‘when should an Adviser seek Advice?’

Whilst a lot of these Advisers have a genuine reason to feel lost, the most important question is, what are they going to do about it?

At this time it is imperative that you take a step back to look at your business objectively. What worked before may not be the best stepping stone to the future.

If you are one of those Advisers who can relate to the feelings I am talking about here or you know someone in this situation, then I would encourage you to speak up or reach out.

I would also remind you that just because you are used to being the ‘objective rock’ for your clients doesn’t mean you are weak if you seek out the same help from someone else.

In fact the reason I am writing this is because I have had a large number of people reach out to me.

There is always a way to overcome any hurdles and in my experience adversity is the friend of innovation, it certainly has been for me, and perhaps it can be for you too.

In the coming weeks I plan to continue my focus on the evolution of Financial Advice in Australia. I will be expanding on some of the disastrous situations that many firms are finding themselves in and I will be touching on some pretty sensitive subjects such as:

• Evaporating Client Books
• Replacing Lost Revenue (as Grandfathered Commissions are Cut)
• Understanding Minimum Cost To Serve
• How To Price Financial Advice (Likely an in-depth webinar)