The Wealth Creation industry is changing – and it has to. Regulation is putting pressure on traditional approaches.

Significant and ongoing changes to tax laws, financial product rules, lending products, property markets, superannuation rules and our daily lives are pressuring us to perform, and require more complex financial strategies.

A successful strategy is a cohesive one where all the elements work together so the client meets their goals, within their risk tolerances. Relying on one Advisor to be abreast of all of this, at any given time of a client’s financial journey, is presents a significant challenge. Clients forced into self-managing the products, structures and assets that make up their overall financial strategy are left to hope that those components will get them to where they want to be. They may well ask what they’re paying their Advisor for. Yet this happens often – because the individual transaction managers in the client’s “financial strategy group” don’t see themselves as key contributors to an overall strategy.

For as long as I have worked in Financial Services, there has been an ongoing discussion about finding referral partners. Unfortunately this tended to focus on forming alliances for the sole purpose of gaining clients for one’s own practice. From the prospective referral “partner” the question was “what will you pay me for referring business to you”? These arrangements mostly went nowhere. At best, they resulted in a one-way street of referrals from one “partner” to others in the group.

Shifting the focus to client success

What if the focus shifted to client success? Where coordinating a greater understanding of your clients’ financial situation amongst partners and managing their ongoing Wealth Creation strategy also resulted in a steady stream of referrals?

Greater business-to-business collaboration enhances client outcomes. In particular, collaboration on client cash flow management enhances both client outcomes and referrals.

Our track record proves we provide better outcomes for our clients. We achieve this by developing a thorough understanding of their goals, then guiding their cash-flow management and spending habits to meet those goals. We also provide insight into our clients’ financial situation. This insight empowers the client’s advisors (accountants, mortgage brokers, real estate agents, insurance agents, and financial planners) to provide strategic advice when it’s most needed.

This strategy works best when client advisors work together with a shared understanding of the client’s goals. This is because each industry professional has a unique set of resources and skills. When these professionals work together, the client is the winner.

Collaboration shouldn’t dilute your client relationship. It should cement your position as their central adviser, and as the one they come to rely upon to solve their financial issues.

Let’s consider a client who is ready to buy an investment property. The conversation could start with any one of the advisors in the chain. The real estate agent who has delivered great outcomes in the past, the mortgage broker who provided the last loan deal or the Financial Advisor suggesting this course of action, perhaps in the last review meeting many months ago. It might even come from a new, proactive advisor the client meets at a BBQ.

Cashflow Management collaboration means you remain front and centre when the client makes their decision. Proactive reporting is also important – it can be linked to client financial goals, (for example an equity target has been hit, or savings goals were achieved). When reporting the win, the advisor might generate a number of leads, such as:

  • create a loan opportunity for a broker;
  • create a property purchase opportunity with a real-estate agent;
  • create an insurance opportunity for their aligned general insurance broker;
  • create an insurance opportunity for their aligned life insurance broker;
  • opportunity to discuss  ownership structures and tax strategy around  investments

To cement your role as lead advisor you must take control. This means you contact the client proactively when financial goals are met or circumstances change. The client will then trust that you have a comprehensive understanding of their overall strategy and goals and across all aspects. The collaborative approach is win/win because it brings in qualified advisors to provide advice from fields outside your expertise, but (crucially) also ensures the client sees that advice feeding into (and improving) your overall strategy – while of course generating opportunities for the advisors!

Bill Butler collaborates with Financial Advisors across all sectors to enhance client wealth creation success.  If you are seeking a partnership with a proactive hand-ons personal cash flow management service provider, then speak to Bill Butler today.


Stephen has over 20 years experience working as a strategic Financial Planner. He is passionate about assisting Financial Planning practices get proactive with strategic advice and cash management services that will drive greater wealth creation outcomes for clients.