Financial Observer: Professional Bodies Back New – NMP closes in on 600 adviser participants

No More Practice’s 30 Day Business Challenge has attracted more than 560 participants since its launch, as advisers look to the education initiative to enhance their business practices.

“Since we launched seven weeks ago, over 560 advisers have joined the challenge,” Evolution Media Group chief executive Vanessa Stoykov told financialobserver.

“And the interesting thing is we’re still getting three to four advisers a day [registering for the program].”

The interactive online education initiative enables advisers to reflect on their leadership, business purpose, strategy, structure, objectives and priorities, and culminates in the implementation of a business plan to address these issues.

“Over half [of participants] are now up to implementation [of a business plan] and a lot of advisers are really looking at diversification in the future, like how to harness social media to enhance their operations,” Stoykov said.

The challenge has garnered support from major dealer groups including Securitor, ClearView, Suncorp Financial Planning, Guardian Advice, CBA Financial Planning and Count Financial, which have all participated in the program’s rollout.

“Six major dealer groups have run pilot series and three major industry bodies have promoted it [to their members],” Stoykov said.

CPA Australia, the Mortgage and Financial Association of Australia and FPA have backed the program, with the FPA offering 10.5 continuing professional development points to members who complete the initiative.

Through participating in the challenge, advisers developed a concise business plan, focused on the key outcomes of their business and gained access to industry experts to help them to achieve their goals, Stoykov said.

“With education a rising focus, [advisers] want to know how to develop a better business,” she said.

“There’s so much negativity in the industry at present, but still lots of quality people and really good information.”

The No More Practice franchise is in production for the second season of its investment series, which is set is screen in March next year.

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This article was published by the Financial Observer 10 November 2014 by Elizabeth Somerville.

View this article via the Financial Observer.

The No More Practice 30 Day Business Challenge is now available via www.30daybusinesschallenge.com.au.