Monday 7 November 2011

Analogy: FOFA and Boxing?

I journeyed of for a boxing session last night and what had been trying to avoid eventuated. Mickey, the boxer, the Irish gym owner, who's thrown many a punch in his time, paired with me.

Half way through the session, I'm ready to throw in the towel, huddle in a corner and rock back and forth. This was tough. I'm ducking and weaving to no avail, getting a few good shots in myself but he'd counter.

To finish of, 20 straight punches, down for 40 burpees, then 40 punches, 40 burpees, 60 punches, 40 burpees and so on until 100 punches and 40 burpees were completed. As I started the last 100 punches, Mickey stops counting. I freak out. How many are left? Will he remember OR will I have to do more? And as I'm about to verbalise "how many?" he starts the countdown, 10, 9, 8....and I actually smile, because at that moment I reckon I have 20 more in me anyway.

Financial planners have taken lots of hits during the FOFA debate. Have they defended themselves well? Probably not. Do they need to get better at that? Probably yes, a lot better. Are they worrying about things that are coming without cause? For some yes. And are some giving up when actually they still have a lot to offer clients and society at large?

For the majority of advisers they are well prepared to take what FOFA dishes out - they already deliver services to clients that will see opt in as a non-event. But do they need to better equip themselves with techniques to defend themselves and counter punch? Absolutely.

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