Coping with change in the wake of the Banking Royal Commission

The Banking Royal Commission has brought down a set of recommendations, most of which look likely to be adopted by the Government, regardless of who wins the next federal election.

If adopted, these recommendations may force many financial services companies to introduce significant changes to their business models, within challenging time frames and this is likely to profoundly impact the mindset of financial services professionals.

Compounding this problem are other industry changes, the overall perception of the industry and the fact that all these issues must be juggled alongside the demanding day-to-day tasks of running financial services businesses.

“At a personal level, when first faced with having to deal with all that, people can feel overwhelmed,” said Next Evolution Performance (NEP) CEO, Vanessa Bennett. “It is never easy to cope with significant change, particularly when it is imposed and largely outside our control. It takes a lot of time, effort, energy and money.

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