Michael Kitces guest posts here with fantastic observations and some analytical thinking on the opportunities for advisers to specialise and build a boutique practice around a reasonably small number of clients – well worth the read!
Information, ideas, tips…the articles for professional advisers which I spotted this week that generate fresh thinking or a deeper understanding of issues are provided here as a quick readers digest for professionals who are looking ahead.
These are the highlights from the week that you should stop and read, as they are the best I’ve seen.
There is so much good information for professional services made available each week, much of which I share, that it is very easy to forget to pause and reflect.
Each week I select the best handful and give them Tony’s BIG Ticks as being the ones that made me pause and reflect, or think further. They are sometimes thought-provoking, perhaps insightful, maybe a great sales or marketing idea or sometimes just incredibly topical.
A great article on the shifting consumer-buying journey and what that means for financial advisers…including some research-based observations on the decline of referrals and the rise of search as the consumer primary means of figuring out who or where they want to turn to for advice…
“…You can do well, by doing good. Profits and long-term value are not created by taking shortcuts. When you focus on the value you can bring to wider society, and we’re certainly in a profession that can do that, you can build a business that navigates changing times and continues to deliver for clients, suppliers, shareholders, staff and your community...”
Excellent observations on ow this particular piece of the market is changing – and that matters enormously to anyone running a practice who wants to stay in business because cyber-security is the biggest threat to advisory firms.
I reckon advisers will be spending more on data security within 3 years than they spend on compliance and regulation…so I rate it as pretty important…
If we ignore the obvious quandary created by being a socialist who wants to be wealthier than others in society and just consider how this adviser has carved out a very unique niche owrking with people who think like that, then there are lessons for anyone in how to position and consistently deliver a message that resonates with a target market.
Interestingly, it turns out that there are a lot of folk who believe in sharing wealth around…just not their wealth….who knew?