Advisers to the wealthy are often technically superb – This applies to accountants, lawyers and financial planners. But what they all too often lack is adequate soft-skills training.
From 1994 to 2007 private wealth in Australia grew by an average of more than 8% per annum, according to the Australian Bureau of Statistics. This is a phenomenal growth rate, even when the latest downturn is taken into account.Dealers Group
This burgeoning group of wealth owners in Australia face complex issues that involve family members, business partners and others. They need a new type of adviser, one whose technical skills are matched by their ability to empathise with and act in trust for their clients – to act as their Fiduciary.
Dynamic HNW (high net worth) group – Fitzpatricks and producers of innovative events for financial advisers – Dealers’ Group, have teamed up to create a soft skills training programme for specialist advisers to HNW family groups and business owners. Called the Lead Adviser 7-Step Training Programme this two-day course aims to “seamlessly mix the soft and hard skills demanded by wealthy clients”. With a strong focus on emotional intelligence and how to use it effectively in family wealth scenarios, the training programme is a first outside of the Fitzpatricks group of advisers.
“This new breed of advisers are the future for private client services and family offices” said Richard Milroy, Director at Dealers’ Group. “Accountants, planners and lawyers need this training. They may be technically proficient, but that’s not what the client is paying them for. The client or family is paying them to think for them – to take their headaches away and act on their behalf. To do this properly they need to understand the complex web of inter-personal relationships and be able to come up with solutions that help the family group move forward.”
The 2-day course takes a systematic approach to combining the ‘soft’ and ‘hard’ skills, breaking it down into 7 complimentary disciplines. For example using emotional intelligence techniques for gaining clients’ trust combines with a legal understanding of fiduciary responsibility as a trustee; or complex asset protection strategies combines with the communication skills required to make sure the client understands what is being proposed. According to Scott Fitzpatrick “being a Lead Adviser means being at the center of your clients’ universe. It means better business, higher fees and better clients without relying on product sales for your income”.
“The FPA and others have seen the writing on the wall regarding the fees debate. I would challenge all practitioners to use this downturn to their advantage. Resource up and reposition now.” said Milroy. The courses are being run through August in Sydney & Melbourne. Places are strictly limited to 30 per intake.
Please contact Richard Milroy on 02 9555 5240 or Scott Fitzpatrick on 07 5599 1999 for more details.
Web site of this new training programme: http://www.dealersgroup.com.au/p3_Events.html?&event=50/?=sm.
For further information contact:
Richard Milroy
02 9555 5240
www.dealersgroup.com.au/?=sm
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