Interview with Brett Davidson, FP Advance
This month Brett Davidson, Chief Executive of FP Advance, talks to us about his experience in the industry and his interests outside of work.
When was FP Advance founded and why did you make the decision to start up your own business?
FP Advance was founded in April 2005. When I moved to the UK in 2004 I originally took a salaried role with a GE business but found the larger corporate culture unsatisfying. I had done some research before moving here and felt there was a potential opportunity to use my skills. It was a leap of faith but I was pretty unhappy in my other role so took the plunge.
What did you do prior to FP Advance?
I joined the Australian financial services industry in January 1991 as a tied agent with Profile Financial Services in Sydney. Over the next few years I qualified as a financial planner and Profile decided to embrace the financial planning concept as its core business. I became an equity partner in the business and was there until December 2003.
What does a typical day look like for you?
The days vary but a typical week involves 2-3 paid consulting days, one administration/clean up day and a writing day with some business development meetings scattered amongst all that.
What do you think are the main issues affecting financial planners and their clients today?
Speaking very generally there are two key groupings of advisers; those who have developed a coherent and compelling client proposition (usually based around financial planning) and those who are yet to do so or are working on it right now. The first group (maybe as little as 5% of the industry) are facing challenges at a more sophisticated level, around how to manage their businesses more professionally. The second group, perhaps another 35% - 50% of the industry are still very much focused on completing their client proposition work.
You could add a third group who are not focused on either of these issues but many of them I expect to disappear as the RDR deadline approaches.
How will RDR affect the industry over the next 3 years?
There is no science to this, but my guess is that about a third of the industry will disappear with some of these morphing into salaried roles with banks.
What would you be doing if you were not involved with FP Advance?
It is hard to say because this is my life's work at present. Probably working somewhere else in the industry but involved in helping advisers effect business change.
What do you like doing outside of work?
I like to keep fit although that goes in fits and starts and I love my ski holidays. If I had my way FP Advance head office would be in the Alps with all clients coming to visit us, but that feels some way off.
If you could choose any 3 guests to invite to dinner, who would you choose and why?
Ghandi because he would just be 'great craic' and Nick Cann for his humanity and spirituality. Actually I might have that the wrong way around. Also, Aaron Sorkin the creator of the West Wing (my favourite show of all time) just to pick his brain about life and politics in Washington.
What is your favourite saying?
Treat people as you would expect to be treated.
What is your favourite website and why?
The Ring Magazine Online as I'm a huge boxing fan and always checking out the latest boxing news.