Quickfire Q&A — Peter Mancell from Mancell Financial Group

In this series, we’re asking financial advisers around the world to share some of the lessons they’ve learned in the process of building successful businesses.

Here’s Peter Mancell, founder of Mancell Financial Group. Based in Tasmania, MFG oversees more than $250 million for its clients.

Who has had the biggest impact on your professional development, and why?

Academics Sharpe, Markowitz, Fama and French for teaching me that 1. risk and return are related, 2. diversification is an investor’s best friend and 3. factor-based equity investing coupled with discipline deliver great long-term results.

For you, what is the most valuable thing a financial adviser can offer?

Clarity about what’s most important and where the client is headed; insight into what is getting in their way, how they can do better and how much brighter their future can look; and the confidence that is created by working in partnership with a caring professional adviser.

What has been your biggest regret as an adviser or business owner?

Taking 20 years to learn the answer to Question 1 above, and being misled for two decades into believing that financial institutions have the people who can see the future.

Which decision has had the most positive impact on the growth of your business?

Our decision to pursue a path that is independent of institutional partners.

What is the biggest mistake that business owners make in building a successful advice firm?

Not looking for what is changing and expecting the status quo to be good enough.

Should traditional advisers view robo advice as a threat, an opportunity or both?

It could be any of those three answers, but for those advisers who create and maintain great client relationships, it could well be a non-issue.

What sort of content do you share online?

We have our own blog on our website, and we also share Regis Media videos via LinkedIn and Twitter, and directly with our client base.

What is the most important lesson you’ve learned from your professional use of social media?

You must do it — or get someone else who is better skilled at it to do it for you.

What is the one piece of advice you would give to someone starting out as an adviser today?

Take the moral high ground, put clients’ interests first and don’t compromise your beliefs.