It was great to catch up with most of you at PD days and the Principals’ briefings.  Much has happened since then and it feels great to be closing out the quarter with some momentum in readiness for the remainder of the year.

Megs tells me that many of you have registered for access to your new Business Dashboard.  Thank you to the early movers, as we begin to upload your data and business metrics, the team will work with you to identify insights and opportunities.  We’re also tracking progress on the minimum data requirements in each of your XPlan sites.  Whilst progress is going well, we have a way to go.

Earlier this week, Jaime and I had the opportunity to hear Senator Hume speak.  Amongst others, she is responsible for the ‘Digital Economy’ portfolio.  As Minister for Superannuation and Financial Services also, there is significant opportunity for our industry to use data more effectively and provide quality information and insight back to the Government about the cost, friction, and barriers to provide advice.  On the flip side, the same data can be used to demonstrate the difference you make to peoples’ lives.  To have maximum impact, our data quality needs to be impeccable.  In November 2017, the Government introduced Consumer Data Right (CDR), which gives consumers greater access to and control over their data.  CDR is designed to help consumers compare products and services, mainly with banking products, loans, credits cards etc.

However, I believe if we can increase the quality of the data we capture and control, this information can be used to inform policy and bring new conversations to the table for regulators and Treasury to hear.  For example, through the business dashboard, we can demonstrate the exact numbers of clients in our community who receive advice, the length of time they’ve been with an adviser and the growth in their wealth over this period.  This information is currently captured via various surveys and can’t be clearly quantified, making it challenging to provide useful evidence for decision makers.  We could also measure the numbers of families we impact and what this means for the socio-economic growth of Australia (well, a sub-set of).  So, the next time Megs, or anyone else in the team calls you to follow up minimum data requirements, think about the stories and proof we can provide because each of you decided to add another piece of information about your clients.

Whilst on the theme of data, you’ll see an update about CPD requirements and how to track your progress.  Kerry Fleming’s article outlines how to track and measure your CPD progress and what’s required to ensure you close out your FY21 individual learning plan.  The new Kaplan Ontrack dashboard is easy to understand and provides clear indication of how you’re tracking.  Please take the time to check your progress and plan how you’re going to complete any outstanding CPD areas.  If you need some help, please call the team and they will be happy to assist.  Those of you who have been through active review coaching sessions or contribute to certain working groups will be allocated CPD hours in specific FASEA knowledge areas.  If you weren’t already aware, the conversations and output of these sessions and working groups are assessable for CPD, because they demonstrate applied learning (fundamental in the new CPD environment).

This brings me to the Advice Process Working Group.  Thank you to the members of this group.  Represented by advisers, paraplanners and client service it is a good cross section of skills and capabilities which have helped shape the new SoA.  I’ve only seen a glimpse of this new document and it’s looking very client friendly.   I’m keen to see the final product.

Next quarter will be another focused on delivery and implementation of services and support for your business.  We’re preparing for the growth we see in the economy.  Look forward to sharing this with you after Easter.

Despite the various ‘lock down’ scenarios across the states, we hope you have a relaxing Easter break. Stay safe, enjoy the down time, and eat lots of chocolate!

Sincerely,

Annick

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