Lessons from the BT US study tour

In October 2022, BT hosted ten successful financial advisers on a study tour of the United States. The 2022 BT USA Study Tour revealed many insights into financial planning in the US and Australia, as they met with senior leaders of the US industry and compared notes.

The financial advice industry in America is changing rapidly, and over the past five years there’s been a shift away from transactional services to broader ongoing advice.

The best US firms are growing, adding more services outside of pure investing and increasingly working as a team rather than as a group of individuals.

Here are a few insights and lessons learned by advisers from the study tour:

Successful practices of the future will likely be personalised to the needs of investors, serving them a broader range of solutions.

Work hard to make clients understand that they are paying for the adviser’s time, perspective and coaching and focus conversations on long term goals and values.

Don’t assume that your clients know about all your broad services – it’s not their job to know that list, it’s yours to tell them in case they need those other services at a future date or someone they know does.

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Read more key lessons from the US advice market and how practices can get ahead of the game here at home in our US study tour white paper.

Jason Harwood, CEO of Lifewealth on Ethos ESG

In this podcast, Jason Harwood, CEO of Lifewealth, chats about his visit at Ethos ESG, a fintech platform that provides data and analysis on the impact of companies for value-based investing as well as his thoughts on the learnings gained from the tour.

Pat Duke, Director and Principal Adviser, Integral Private on Amazon and Blackrock

In this podcast, Pat Duke, Director and Principal Adviser from Integral Private Wealth, shares some key takeaways from his time at New York Stock Exchange, Amazon Web Services and Blackrock.

Steve Fort, Head of Advice, Invest Blue on Amazon and Blackrock

In this podcast, Steve Fort, Head of Advice at Invest Blue, reflects on the things he learned from the Amazon Web Services and Blackrock visits.

Stephen Furness, Director, MGD Wealth on Morgan Stanley

In this podcast, Stephen Furness, Director at MGD Wealth, chats about the conversations he had with people at the Morgan Stanley group as well as the things he learned from the speakers at the in-dept sessions to help grow his business.

Tony Vikram, Principal Financial Adviser, Affinity Private Advisors on Invesco

In this podcast, Tony Vikram, Principal Financial Adviser, Affinity Private Advisors, talks about his favourite session by Invesco to help improve client conversations about goals and values.

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This document has been created by Westpac Financial Services Limited (ABN 20 000 241 127, AFSL 233716). It provides an overview or summary only and it should not be considered a comprehensive statement on any matter or relied upon as such. This information has been prepared without taking account of your objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation and needs. Projections given above are predicative in character. Whilst every effort has been taken to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not consider known or unknown risks and uncertainties. The results ultimately achieved may differ materially from these projections. This document may contain material provided by third parties derived from sources believed to be accurate at its issue date. While such material is published with necessary permission, Westpac Financial Services Limited does not accept any responsibility for the accuracy or completeness of or endorses any such material. Except where contrary to law, Westpac Financial Services Limited intends by this notice to exclude liability for this material. Information current as at 10 December 2021. © Westpac Financial Services Limited 2021.