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Legal profession model labelled the future for financial advice
The financial advice industry will likely take after the model used within the legal profession, according to the founder of an Australian fintech company.
Emma Musgrave
Speaking to Lawyers Weekly’s sister publication, ifa, Map My Plan founder Paul Feeney said the financial advice industry is under pressure to change and move away from existing business models.
“We’ve got to take the approach that we’re just advocates for our clients’ wellbeing and try to help them achieve their goals, and along the way there may be one-off services or solutions that we need to provide to them, but we can’t be focused on transactions anymore, we need to focus on what the outcome is for them, and the by-product of that will be implementing strategies for them.”
Mr Feeney said one likely result of this is a shift in the way the industry operates, which will bring it more in line with the way the law industry runs.
“The way I see the industry going is to be much closer to the legal profession. You have a look there, they’ve got generalists, but then they’ve also got specialists with narrow, deep knowledge in one certain area, but they come together to create a firm that can deliver on anyone’s needs,” he said.
“We’ve got to be prepared to say ‘let’s allow people to go on this journey alone’ and be here as a resource that can help them when a live event or trigger happens that makes them need a certain service.”
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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