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2018 a momentous year ending with industry divided into ‘receptors’ & ‘rejectors’ says Mentor’s Dr Sinclair



As possibly the most momentous year to date in the history of Australian financial services comes to an end, advice practitioners are being divided into two very distinct groups said Mentor Education Group (Mentor) founder and managing director Dr Mark Sinclair.

 

Commenting further, Dr Sinclair said by every account, the financial services sector has literally faced a tsunami of challenges including the Royal Commission, FASEA, Productivity Commission Report, etc that in their wake has left the advice sector in particular shell shocked and polarised into camps he describes as ‘receptors’ and ‘rejectors’.

 

“The ‘receptors’ have accepted the new compliance and education reality and are embracing the fourth Industrial Revolution*, that by reengineering their practices, adapting and applying new technologies, they can ride the crest of the wave to new, exciting commercial opportunities”, said Dr Sinclair.

 

“The ‘rejectors’, mainly comprise mature age and experienced advisers, that gallantly weathered storm after storm in the past, have decided this current regulatory environment is much too much and have chosen to retire and exit the industry before 2024”.

 

This fourth Industrial Revolution of emerging digital technology breakthroughs is here, and it allows receptors to reach more people and offer them new services, and in the process greatly improve client experience and financial indicators.

 

Transforming into a digital advice practice requires passion for improving client centric processes, client experience and most importantly client outcomes by embracing new digital tools which are relatively accessible, easy to learn and cost effective.

 

For example, today’s customer relationship management (CRM) systems embody artificial intelligence, workflow management, machine learning, API integration to centralise all information and personalised (automatic) client interactions using the clients preferred communications channel, be it mobile phone, email, WeChat etc.

 

Combine this with faster internet speeds, video conferencing and compliance tools, and we have a wave of transformation which is engulfing the local and global economy at a faster rate than previously thought possible. 

 

Financial advisers are not alone with accountants, brokers, real estate agents, the legal profession and educators facing similar challenges, affirmed Dr Sinclair.

 

Riding the digital wave is not just a priority for the advice sector, but also for Mentor Education.  EduTech is fast becoming a key differentiator across the education sector and Mentor is embracing, along-side advisers, this new digital age, said Dr Sinclair. 

 

This has seen Dr. Sinclair identify and deploy within Mentor the best of breed CRM, learning management system (LMS), Student management System (SMS) and integrate across over 50 applications.

 

Business and technology transformation is in Dr Sinclair’s blood, cutting his teeth at KMPG and AT Kearney before founding Mentor in 2003, and Mentor has TV screens on every wall highlighting key metrics such as student satisfaction and response times.

 

However, it is only now in this new digital age that the enabling technology is readily accessible, relatively easy to implement and, most importantly, affordable to small and medium sized businesses.

 

As a result, Mentor is regarded as the ‘go to’ learning provider for a new and expanded range of programs, including –

- Business and Management qualifications

- Accounting & Bookkeeping qualifications

- Financial Services qualifications

- Finance & Mortgage Broking qualifications

- Real Estate Agents Representative (Victoria) course

- Diploma of Finance and Mortgage Broking Management

- Financial Planning Aged & Disability Care Adviser

- Cryptocurrency and Blockchain courses

 

Dr Sinclair continued, “Although immensely satisfied with our courses and collaborative industry programs, it is the individual success our students that we are most proud”.

 

Across all Mentor courses 2016 to 2018 – 

- the completion rate was 85.35% of all enrolments in full qualifications,

- the attrition rate 6.24%; and

- retention rate 93.76%

 

Dr Sinclair concluded, “Although 2018 will end with a sigh of relief there are still hurdles ahead for the many sectors that comprise professional advisory services – but none more so than financial advisers”.

 

“The legacy of the Royal Commission and new education / professional development requirements will, over the long run, be positive for them (financial advisers) by creating a stronger environment which, over time, will result in improved transparency, governance and business growth / success”.

 

ENDS  

 

Issued by Mentor Education RTO 21683:      www.mentor.edu.au               

 

Media enquiries:     Mr. Joe Perri, Joe Perri & Associates Pty Ltd

Tel:  +61 3 9324 0362  Mob:  +61 412 112 545  E:  jperri@joeperri.com.au

 

* The four Industrial Revolutions.      1784 First Industrial Revolution – mechanisation, steam power and weaving loom.  1870 Second Industrial Revolution – mass production, assembly line and electrical energy.  1969 Third Industrial Revolution – automation, computers and electronics.  Today Fourth Industrial Revolution – cyber physical systems, internet of things and networks.