LFG's new GM on advisers and a people-first approach

Less than two months into the job, new Link Financial Group general manager Tim Larkin is already clear on one thing: successful advisers don't all need the same things from their aggregator.

That's part of what attracted him to LFG, a business he says already has a strong adviser network and a genuine commitment to helping advisers thrive.

Some advisers are focused on growth, others on efficiency, technology, client service or compliance support. For Larkin, LFG's role is to provide advisers with the support, expertise and resources they need to build successful businesses on their own terms.

"I want LFG to be the service provider of choice for advisers," Larkin recently told NZ Adviser. "It's about being able to add value to all of those advisers' businesses so that if they were looking to grow and truly be successful, LFG would be their number one choice."

For Larkin, that means providing more than compliance support and lender access. It means helping advisers build stronger, more sustainable businesses.

That ambition sits alongside a blunter admission.

"It's not necessarily to be the biggest, it's not to be the cheapest, but it is to be the best," he said.

A business model under pressure

Much of the current adviser conversation, in Larkin's view, is less about compliance and more about income. A wave of advisers has watched a familiar revenue stream shrink, forcing decisions that go beyond day-to-day service delivery.

"A number of them have lost trail revenue recently in the mortgage space, and so some of them are facing a change in their business model," Larkin said. "Now it's [about] how do we help them in this new environment and make the most of the opportunities they have with their existing client relationships and strengths."

For Larkin, the challenge isn't a lack of opportunity. It's ensuring advisers have the support, systems and capacity to take advantage of those opportunities.

Rather than arriving with a fixed playbook, he sees LFG's scale, adviser network and systems as resources individual advice businesses cannot always build alone.

"There's a wide variety, but most of them only have a certain amount of scale," he said. "There are things they struggle to be able to do internally, whereas with a couple of hundred advisers in the network, we can provide additional support and resourcing that would otherwise be difficult to access."

Beyond compliance

Given how often regulation dominates adviser commentary, Larkin's read on the issue is notably calm.

"I don't actually think it's the burning issue," he said. " "The reality is, if they're running a good business, compliance should be the outcome of good governance and good process. We've got systems and processes in place where the governance and compliance aspects of how our businesses operate are at a very high level."

Instead, he points to something closer to operational strain. Advisers are balancing changing client expectations, administration, business management and the daily demands of running an advice practice.

"They need a trusted partner," he said. "Depending on the model that they're under, they may be using our brand, have their own brand, or be a standalone FAP. They need to trust LFG and have those really candid conversations and open up about their businesses."

Building the full toolkit

Larkin sees LFG’s point of difference as its approach that stretches well beyond compliance support into the practical realities of running an advice business.

• Business planning and mentoring for new advisers
• Support that grows with advisers as their businesses evolve
• Training and capability development
• Technology solutions and business support tools
• Access to a collaborative adviser community

"Systems, processes, and technology aren’t everything," he said. "It's [about providing] the A to Z really of support. We want to have a solution in place so that no matter what an adviser's requirements are, we've got the support that can plug into their businesses."

Larkin points to LFG's support teams, training programmes and technology tools such as AdviceLink as examples of how the group helps advisers spend more time focusing on clients and less time navigating complexity.

"One of the strengths of LFG is that we're focused on helping advisers reduce friction and create more time for what they do best. Whether that's through our support teams, training programmes or technology like AdviceLink, everything we do is aimed at helping advisers create more value for their clients."

A career built on people

Larkin's path into finance was not mapped out from the start. Time spent in London sparked an interest in the finance industry, and roles growing businesses and diversification, then applied to financial services in compliance, technology and adviser support helped shape the perspective he brings to LFG.

What stood out most was the role advisers play in helping people make some of life's biggest financial decisions.

"What has kept me in the industry is the opportunity to work alongside advisers and help them navigate change, improve efficiency and grow their businesses," he said.

That experience has given him a strong appreciation for the realities of running an advice business and shaped his approach to leadership.

"I don't believe leadership is about having all the answers," he said. "It's about listening, understanding people's needs and creating an environment where they can do their best work."

Since joining LFG, his first priority has been spending time with advisers and the wider team to understand what's important to them and identify where the business can add even more value.

"LFG already has a strong culture and successful network, and I'm focused on building on those strengths."

Looking ahead

Despite the challenges facing advisers, Larkin remains optimistic about the future.

"The opportunity for advisers remains significant because people continue to seek trusted financial advice," he said.

"Our role is to make sure advisers have the support, capability and confidence to take advantage of those opportunities and continue growing successful businesses."

For advisers looking to grow, his advice returns to fundamentals.

"Focus on your clients," he said. "If you can provide a high level of service to your clients, they will be loyal. They will provide you with referrals. That is the quickest way for you to grow your business."

He also believes advisers should not have to tackle every challenge on their own.

"One of the things I like about the LFG model is that advisers don't have to do everything themselves," he said.

"We provide the support, expertise, technology and community that can help advisers grow with confidence while staying focused on their clients."

For Larkin, the foundations of any successful partnership remain the same.

"Staying true to your values," he said. "The best relationships I've built throughout my career have been where you've got shared values with those people. It allows you to build really strong, lasting relationships that transcend jobs."

This article was produced in partnership with Link Financial Group