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Advice businesses needed to be proactive and could not rest on their laurels if they wanted to thrive in a post-Future of Financial Advice-life insurance framework world, according to Australian Wealth Solutions (AWS) founder and principal Sam Zervides. 

  

Zervides said the challenge of staying relevant in relation to current and future trends and forecasts required business acumen, and while growth was the goal, it should be vigilantly managed so new planners and staff shared the same culture and values. 

  

He said his vision for the boutique financial planning firm, which was established in 2004, was to provide quality bespoke financial planning solutions and services to businesses and individuals. 

  

“Most importantly, we have never lost sight of our commitment to these core values as they are our columns of strength and together with our highly regarded presence and reputation in the local [Melbourne] south-eastern suburban community has resulted in a steady stream of client and alliance inquiries,” he said. 

  

He said he expected the future would be more complex for individuals and business that were seeking solutions from an overwhelming array of financial service products and offerings. 

  

“As a result, professional advice will be more important than ever to find the best solution required to address self-employed, commercial, superannuation, wealth-creation, insurance protection and retirement needs and goals,” he said. 

  

He revealed AWS would use modern technological developments to allow staff to spend more time with their clients. The company was committed to keep forging alliances, which he said he believed was vital for investing in relationships. 

  

“It is impossible for professional service organisations to be all things to all people,” he said. 

  

Service providers needed to specialise in their knowledge areas by using local networks and alliances, while also ensuring they had the client’s best interest at heart, he noted. 

  

“With such a strong local community presence and reputation as a leading financial advice practitioner, I’m confident AWS will be the preferred financial advice partner for more and more accounting, legal and real estate businesses,” he said. 

  

He added the firm would appoint a new financial planner next month.

Australian Wealth Solutions (AWS) principal, Sam Zervides, has been elected president of the Victorian branch of the Institute of Public Accountants (IPA), where he would provide input to the national organisation on initiatives, programs and policies for the benefit of the association’s members.

Zervides said he was pleased to be taking on this role at such a pivotal and important time for the profession.

“The issues that keep so many accountants awake at night is how to deal with the constant change whilst transforming their businesses to remain viable and profitable,” he said.

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“Keeping up with new standards, regulations and taxation changes; downward pressure on fees; technology; attracting and retaining both clients and talented staff; exit and succession; and work-life balance are universally accepted as the key concerns and challenges for the profession.

“Yet the solution to address all this doom and gloom is simple – ‘don’t be afraid to ask for help’. The IPA is here to help and individuals like myself are happy and willing to share our knowledge, expertise and experiences.”

Zervides said that for IPA member firms to remain sustainable, profitable enterprises by delivering holistic and relevant advice for their clients, accountants needed to become a “trusted business partner”.

“The power of the ‘trusted business partner’ will be realised through alliances with mortgage brokers, specialist lenders, investment managers, insurers, corporate solicitors, and many more; underpinning new services and facilities, that in turn generates more revenue,” he said.

“To this end, accountants will be working more efficiently, have capacity to take on more clients, and charge appropriately, for providing greater value to their clients.”