Author: Naomi Christopher
I’ve been at Implemented Portfolios for nearly a month now, and if there is one question that has continuously been asked of me, it’s “what exactly does Implemented Portfolios do?”
A simple query, yet at the crux of it lies the very reason that I joined the team. If there was ever a time to effectively communicate the value of financial advice services, it’s now.
For those who know me well, you would be familiar with my (sometimes over-zealous) desire to elevate the value of financial advice. (I’ve got at least 5,567 tweets to prove it. Hehehe).
You may have heard me and plenty of others (particularly from the tech world) talk about a future where financial advisers sit at the “centre of their clients’ financial universe” – that it’s not just about super switching, stock picking and transitions to retirement. That it’s about helping everyday Australians live the lives they’ve always dreamed of.
So, when people ask, ‘what does Implemented Portfolios (IP) do?’, it’s quickly become a two-part answer. Yes, at the core of our service proposition is a world class Managed Discretionary Account service, with flexibility, individuality, and practice efficiency being some of the cool features making it unique.
At the risk of sounding explicit… Actually, with the intent purpose of being so – IP provides a scalable, individually managed account (IMA) service, which allows advisers to spend less time in the back office and more quality time with their clients.
However, it is the second part – the part that encouraged me to grab this opportunity with both hands and run with it, that is the business’ fundamental purpose.
That is – to see the relationships between advisers and clients develop and flourish; to help advisers break free from the pure “investment manager” mould and step deeper into the role they were designed to do – helping their clients live their best lives.
At the heart of IP, the people who founded it and have worked hard to help it grow, is a mission to drive better advice experiences and outcomes for both advisers and clients.
Very similarly, some of the things financial advisers ‘do’ (particularly in the day-to-day running their businesses) can sound a little different from their overarching purpose.
‘Cashflow management’, ‘Aged Care’, ‘Insurance’ and ‘Debt Reduction’ sound a little different from ‘helping people lead financially happy lives’.
The things we ‘do’ and the outcomes we achieve are linked – no doubt. But they aren’t one and the same. And for the most part, I don’t think they’re received in the same way.
When it comes to communicating value, particularly in financial services – I think we can all agree with Simon Sinek that we could lean a little bit more on our purpose, on the why of what we ‘do’, rather than merely just ‘the doing’.
Having witnessed a giddy desire to positively evolve our industry, both within the company I work for now and within so many of the organisations and advice practices that make up our tightly knit community, I can’t help but believe that the future looks bright for financial advice.
So maybe, the challenge for us all then is to stop and think before we answer, the next time somebody asks that age old question, ‘what exactly do you do?’
Let’s make sure we don’t just list the ‘doing’.
Let’s make sure we also reveal ‘the brightness’ gleaming on the other side of ‘do’.