Welcome
Welcome to the first edition of Briefing Notes. If you’re receiving this, it’s because our paths have crossed somewhere along the way.
Briefing Notes is a collection of observations from around the financial services industry. I hope you’ll find something here worth thinking about.
The past few months have been busy: an AIOFP conference in Bali, AMAFA’s National Conference in Hobart, client visits to Sydney from our new Melbourne base, and catch-ups with interesting people across the industry.
Like many others, I spend a good part of my day reading, writing and staring at a laptop. Yet it’s moments like these – away from the screen, meeting people across the industry and listening to different perspectives – that often spark the most thought-provoking questions.
I hope you’ll enjoy the conversation.
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Innovation needs a seat belt
One thing that struck me at the recent conferences in Bali and Hobart was the sheer pace of innovation. Everywhere I looked, there were remarkable new technologies, capabilities and solutions that would have been unimaginable just a few short years ago. It's an exhilarating time to be part of the profession.
While we are talking technology, one of our clients, iExtend, recently achieved ISO/IEC 27001 (ISO 27001) certification. This had me thinking about approaches to information security management.
Recent and ever-present cyber incidents affecting major Australian organisations, including the superannuation sector, are a reminder that when technology moves as quickly as it is, information security must keep pace. It's not just an IT issue. It's fundamental to trust.
What interested me about ISO 27001 was the thinking behind it. The framework takes a comprehensive, risk-based approach to managing information security across people, processes and technology, recognising that strong security depends as much on governance, culture and continual improvement as it does on technology.
As technology continues to evolve, should we start expecting this level of discipline from every organisation trusted with our personal information?
You can read iExtend's media release HERE.
Beyond the professional year
Becoming a practice principal proved more challenging than providing advice itself.
That observation from an adviser caught my attention.
In a recent op-ed, AMAFA National Operations Manager Mario Finocchiaro explored the experiences of advisers at different stages of their careers, particularly those making the transition from employed adviser to business owner.
For this adviser, the biggest challenge wasn't providing advice. It was building a business. What made the difference was access to the right support and infrastructure: compliance systems, CRM platforms, paraplanning, virtual administration and, importantly, people who had walked the path before him. It allowed him to focus on clients while building a sustainable practice.
Mario also observed that advisers at different stages of their careers need different kinds of support. For some, it's making the leap into business ownership. For others, it's managing sustainable growth. It was great to meet some of them at AMAFA's recent conference in Hobart.
With adviser numbers continuing to fall, much of the conversation has focused on attracting new entrants. But are we paying enough attention to helping experienced advisers become successful business owners?
What more could we be doing as an industry to support that journey?
AMAFA is a 64 Media client. Mario Finocchiaro's op-ed was published in Financial Newswire and can be read HERE
Visible leadership
Exploring visibility, leadership and influence in financial services.
One of the things that resonated with me recently was an Australian Financial Review (AFR) interview with REST CEO Vicki Doyle following her AFR Women in Leadership Award. I think her approach to her career comes down to this: have a go, stick to the plan, maintain firm boundaries, prioritise your family and look after your health. What refreshing guiding principles.
Something else that caught my attention was Padua Solutions' decision to support the Women Empowering Wealth Awards for the third consecutive year.
In an industry where senior leadership is still disproportionately male, it's encouraging to see organisations consistently champion the women shaping its future. Recognition matters, but so does sustained support. Through its ongoing support of the awards and co-founder Anne-Marie Esler's contribution as a judge, Padua is helping recognise the women driving leadership, innovation and positive change across the industry.
These are exactly the kinds of initiatives that help make talented people more visible.
64 Media is currently working with Padua Solutions.
Keep it simple
A quick communications check before stepping into the spotlight.
Financial services is a complex and heavily regulated industry. Perhaps because of that, I've noticed we sometimes make our language more complicated than it needs to be. I'm not talking about industry jargon, which is often a necessary evil. I’m talking about simple, everyday words.
Take 'utilise'. I've noticed a preference for it in financial services. In most cases, 'use' is shorter, clearer and usually more accurate.
Choosing a more complicated word when the simpler one would work better doesn't make the message more sophisticated. It just makes it harder to understand.
Final sound check. Will the words I use make what I’m saying easier to understand – or harder?
Out and about
Attending the AIOFP Conference this year wasn't in my diary. But after more than 20 years in the industry, it became the first AIOFP event I'd attended and my first trip to Bali.
As is often the case at financial services conferences, men outnumbered women. That’s not unusual. What caught my attention was the camaraderie among many of the women delegates. There seemed to be a willingness to introduce one another, make space at tables and draw other women into conversations.
I don't think this is unique to this particular event. I've noticed similar dynamics at other industry conferences over the years. Whether it's because women often find themselves in the minority, because shared experiences create stronger connections or for some other reason entirely, I can’t say. But it's one of those small observations that lingers long after an event has come and gone.
Oh, and PS: I loved Bali. What took me so long?
A quick note from my other world
As many of you know, in my other life I'm the author of two historical fiction novels. Over the past year or so, some of you have asked whether I'm working on a third. Until now, the answer has been no. I didn't see that changing unless the muse struck.
Well, the great news is, it has!
All I can tell you at the moment is that I'm now spending my evenings and weekends down the rabbit hole of research. From time to time, I'll share some of the gems I unearth along the way.
Until next time, may you enjoy great conversations!