The financial services sector has been making a strong push to increase financial literacy over the past several years, and, according to one adviser, the key to doing this is through adviser collaboration - particularly between those who operate in different sectors.
Ikonik founder Camilla Tumai said she has seen financial literacy improving over the past few years, but that there is still a lot of improvement to be made - and a lot of that comes down to how well advisers can take customers on the ‘advice journey.’
“I think financial literacy has been improving, but I do feel that there is still a lot of work to be done around that, and a lot of that work needs to be done in our space,” Tumai commented.
“We need to be working more collaboratively if we’re going to achieve the outcomes that we want.”
“If we want to create the ultimate client experience and take them on that journey of finding financial independence, whether that’s through KiwiSaver education, helping them into home ownership or helping them protect their family’s future through insurance - the key to that is really collaboration,” she explained.
“I’ve gone from being a one-man band adviser to running a full adviser business, and the ‘end phase’ for me is all about collaboration.”
Ikonik recently joined up with another brokerage, AdviceFirst, and Tumai said that some people questioned her decision to “let go” of the independence of running a sole brokerage. However, she said the opportunity for collaboration was significant, and ultimately, clients are the ones who feel the benefit.
“I’ve recently joined forces with another adviser business, and so many people asked me why I did that,” Tumai said.
“For me, collaboration means scale, growth and sharing of ideas, talent and resources. All of those things together create opportunities for us to be able to make a real difference, so I put it to advisers that we do need to be connecting and talking to each other more.”
“If you’re doing only mortgages, you can increase your customer experience by connecting with other advisers who can have conversations with them about insurance, for example,” she added.
“We have organisations within our industry that are amazing at running educational programmes, creating awareness and sharing knowledge, but there’s a disconnect with the actual customer. You have to give them the confidence to seek advice and make good decisions.”
