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Becoming a specialist is something we all strive towards. Even as an adviser, you may want to specialise in a specific area – but we often overlook the rationale behind why we want to work with a specialist. At its core, dealing with a specialist means that you are not paying for them to work across multiple aspects. Rather, you want them to have a deep understanding of the areas that you require help in.

At Planlogic, we have used the hedgehog concept to perfect the advice production process over a 10-year period. We have focused on aspects that are invaluable to this process, and have gone deep into these to deliver better outcomes for our clients (and in turn, the end clients). This means that you are not paying to train our team or waiting for them to get up to speed with the tasks that you want completed.

To provide a great example – a highly capable and well-trained assistant adviser recently raised a question about why we had included a replacement of product table in the advice. Because we specialise in the IOOF framework, we were able to cite that this was a requirement of the standard. This was a highly beneficial outcome for the client – this simple exclusion could have resulted in an adverse impact if the advice was vetted, or worse, picked up by a regulatory hand.

The advice process is filled with bumps and turns. Depending on your knowledge of what these mean, they could quickly become landmines or cliffs that can seriously harm the longevity and value of your business. If you would like to discuss any of this further or learn which landmines and cliffs we can help you navigate, simply reach out to me or book a time and I’ll be happy to get in touch.

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