Originally published | 25th June 2019
As most will know that read my blogs, I like to use pop culture to explain compliance concepts.
As I end a week’s holiday in Japan, I thought I would use my experiences this week to discuss the need for us all to move out of our comfort zone.
I started in this industry when FSR commenced in 2004. It was a scary time then for a lot of the industry because there was a transition from customer advice records to Statements of Advice.
There was the implementation of s945A (Reasonable basis for advice) and the know your client, know your product rule.
The industry grew from this and developed.
Then in 2013 we had FoFA introduced and the ethical duty to act in a client’s best interest became a statutory duty.
The industry had to get out of its comfort zone and move forward.
Then comes the Royal Commission, and the ramifications that we as an industry are seeing as a result of Justice Hayne’s final report.
Every time that we as an industry has an opportunity to grow it is an opportunity to get out of our comfort zone.
As I said at the start of my post, my recent holiday saw our family travel to Japan and it was an opportunity to get out of my comfort zone.
Not because I haven’t travelled to Asian countries before or because of the foreign language but it was the first overseas trip my family took since my wife was diagnosed with stage four metastatic melanoma.
I could have said no and been comfortable at home, just in case something happened, but it was important for our family’s growth that we went, and we all pulled together to make it memorable.
So too is the here and now of our industry.
Will you provide advice the way you always have, or will you step out of your comfort zone in an effort to grow.
Use the opportunity of the Best Interest Duty to always put the client as number one.
Use the impending implementation of the code of ethics to put yourself ahead of your competitors.
Use all of the challenges that are thrown out at us as an opportunity to move outside your comfort zone.