Should planners get into business consulting?


According to Robbie Bennetts, financial planners who advise business clients need to go beyond just managing their personal wealth, but should also consider providing advice on cost savings within their clients’ businesses.

Bennetts, the former managing director of Professional Investment Services and now managing director of computer and multimedia company onPlatinum ICT, believes that planners will not serve the best interests of their corporate clients if they do not help them achieve savings within their companies.

He said he believes the goals for clients’ best interests are about to change, so not only do planners and accountants have to think about super, life insurance, savings, to retirement planning and to all asset classes, they would also have to think about the business expenses of clients.

Bennetts said he believed planners risked exposure for not acting in the best interests of the client if they didn’t address such an important topic.

In doing so, he claimed that if an advisor could find a way for a business client to save up to $ 3,000 per year in business-related expenses, that would equate to earning power of $ 1 million.

“Your client will be better off for it, they will appreciate being told that this equates to having a substantial amount of additional funds available to them and ultimately it will dynamically increase the revenues of the consulting firms and from their dealer groups, if applicable, “Bennett said.


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