Reboots

Originally published |1 October 2018

Is the remake of a classic ever as good as the original?

I love a good reboot, Hawaii Five-0, Magnum PI, Macgyver. These are all great because the originals have been brought into the current.

But some reboots haven’t really worked. Think about the reboot of Ghostbusters or The Fantastic Four, even Batman, the way DC continually reboots.

Where am I going you might ask?

Every day I speak with advisers and a good percentage of them reminisce for the “simpler times” in advice. You know the times, right?

Before big, bad compliance professionals, like me, or the Regulator, would be all over them and they could just write business.

But were the old ways better?

If you watched the Royal Commission, you would say no.

What we have seen is that the old ways can’t work in the new environment we are in. If it is the goal of financial advisers to be professional then we need to take a professional approach.

Doctors, who have been practising for 20+ years don’t treat patients today the same way they did. Why? Because treatments and understanding has improved.

The same has happened for us, treatments, methods and understanding has evolved. We as an industry need to evolve with it.

My role, and that of every member of my team, is to help advisers to ensure their reboot is painless whilst still commercial. That way, the reboot succeeds.

Watch out in 2019, because I think there are more tweaks coming to reboot us again.