Three initiatives to develop a financial adviser’s business
By Mark Battersby, 1 Jun 16
In the first of a series of insights from financial advisers across the world, David Pugh, director of The Fry Group, Singapore, sets out three initiatives he is taking to build the business along best practice lines.
Training and competencies scheme
The third key initiative for the Fry Group Singapore development is training and competencies. There is a big difference between being a true adviser and a salesperson peddling a product. Unfortunately expats have experienced far too much of the latter and not enough of the former.
As a firm that markets itself on the quality of our advice training at The Fry Group is particularly important.
From a business management perspective training and continuous development is critical to every aspect of our business – whether that be ensuring our processes are professional, the way we present and market ourselves, or how we go about assessing and managing risks.
While we aim to attract well qualified advisers with experience in the first place we also do want to bring talent through the ranks and to help advisers to develop their skills perhaps in niche areas of advice that they wouldn’t get to develop in other firms.
To that end we’ve introduced a Training and Competencies scheme to support adviser’s development and to ensure our company aims and values are playing out. The scheme includes a rigorous assessment of the team’s skillsets, experience and qualifications and also monitors the range of advice given as well as client feedback and satisfaction levels. Everyone has a development plan in place that is constantly reviewed and is baked into the appraisal and KPI process.
As ever with training and development it’s about not being complacent and adopting a mind-set of continuous improvement.
Tags: Singapore | The Fry Group
