Excellent research here on why so many advisers are so reluctant to try and generate referral business – on a one-to-one basis as well as through COI’s….
by Tony Vidler 
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.
The picks for professionals have been:
By @AdviserVoice
This article is superb for any adviser wondering what ROI there is in great client service. For example:
“…businesses with a 95% retention rate lose 5% of their customers each year. Using the customer lifespan calculation rule of thumb of 1 divided by the attrition rate[6], this gives us an average customer life span of 20 (1/0.05 = 20). Applying a 20-year lifecycle to the industry average revenue per client of $3558 (as recently revealed by Business Health[7]), we arrive at a Lifetime Customer Value of $71,160. A practice with 150 clients would theoretically therefore have a total lifetime customer value in the vicinity of $10 million...”
Just read it.
As Prospecting Gets Harder Advisers Remain Shy On Client Referrals
By @investmentnews
Is It Time To Reset Your People Plan?
By @brettdavidson
An excellent article on the value of getting great people and treating them well, rather than have a lot of people in your firm. Less is more in other words…
What The Next Generation Of Clients Is Looking For From Advisers
By @Morningstarinc
“…Millennials have grown up facing very different financial needs from previous generations. This requires financial advisors to learn how to solve a new set of problems…..”
4 Ultimate Guiding Principles For Buying A Business
By @Patrickcanion
Anyone thinking about growth through acquisition should read this – some genuine pearls of wisdom to absorb here prior to going on a buying spree…
Share them around please…they are too good to keep to yourself!
P.S. My best this week? I think it was
Sweat The Small Stuff. It is what we CAN control.
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