Never waste a crisis

Following the restructure (read: shut down) of BT Financial Advice, several hundred people will be in the market looking for roles. This is the first of a number of mass exits we’ll see over the next 12 months in the wealth sector. Whilst the sharemarket rewards the macro decision with a slight rise in the share price I think about the people, some of whom are friends, ex-colleagues and many others I imagine are really high calibre practitioners who find themselves at an inflection point… What next?!

In my business career I have always lived by the old adage, “never waste a crisis”. The crisis has not been wasted when it comes to the Hayne Royal Commission and a new wave of regulatory hurdles, increased customer transparency and changes to remuneration however what this new era will also create is a range of fresh new approaches to business and innovation bolstered in the midst of chaos. 

This is a challenge for businesses and individuals alike, asking themselves,

“How do I turn this crisis into an opportunity?”

Inflection points in industries create casualties but they also create new businesses, inspiring innovations, and better outcomes. I’m not saying that the point of inflection is an easy existence, it’s not, but those prepared to change through the bottom of the cycle can turn crisis into opportunity.

Having been around Financial Services for some time I’m often contacted by friends, former colleagues or just great people you’ve met along the journey to have a discussion about “What next?” usually after they’ve been made redundant or left a firm after many years as a dedicated and loyal professional. The first thing to say is that in financial services you are definitely not alone, being a victim of restructures happens to all of us. 

The important thing is what you do with this “opportunity”.

What I tell them to do is something that resonated with me in the same situation. 

"Write down the top 5 things you want to get out of your next career phase and don’t be afraid to blend your lifestyle wants, like working closer to home or travelling less.”

This exercise will give you a clear blueprint of what new work opportunities need to satisfy when they are put in front of you. It puts you in control. You don’t need all 5 to be satisfied but you would want at least 4 of your wants to be ticked! 

Repeatedly I have seen people working in large institutions use the opportunity of a redundancy payout to establish their own small businesses, in fact some of the best Financial Planning and Mortgage Broking businesses around today are directly as a result of taking a redundancy at some point in the past and setting up their own small business.

Personally when I left a large institution after 20 years one of my Top 5 “wants” was to work in a small to medium business and specifically to never go back and work at a major bank. My most recent roles have been working closely with Financial Planners and Mortgage Brokers to support them to build businesses that achieve their Top 5 wants. It should be noted that I get paid less but my enjoyment and satisfaction is far greater.

I encourage all of you who find yourself in a situation where you are made redundant as a result of a restructure, or perhaps you’ve experienced changes in your workplace which make you question your future there, to undertake writing down your Top 5 wants and then take control and make it happen! Never waste a crisis! 

Footnote following queries from planners on options available to them...

One of the joys of my current role is that I offer exactly this opportunity for those ready to take this step. Wealth Market is a business we are growing with Sam White at Loan Market that is based on the same philosophy “How do we support small Financial Planning businesses grow and achieve their Top 5?” The White Family has a terrific track record in this regard and have been supporting small businesses across Real Estate and Mortgage Broking grow for over 100 years. (A great Australian story if ever I’ve heard one.)

Our model specifically works for skilled and experienced salaried financial planners who have the ambition and capability to build their own business with strong infrastructure, processes and support. Interested? Contact me directly on 0411153388 or you can learn more about it here.