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Written Advice: Should it be Clear? or Concise? Or Effective?
by Tony Vidler When it comes to communicating our advice to clients we are guided by the words used by the regulators, or law, to guide us in how that should be framed or delivered. Or we think we do. The written advice, be it financial plans or Statements Of Advice being […]
Your FREE service is a barrier to getting the right business
by Tony Vidler Most professionals at some point offer complimentary initial meetings or consultations with clients as a “free service”. It simply isn’t true, and that in itself prevents the right sort of clients coming your way. The fundamental reason why this just doesn’t cut it with consumers is because they don’t believe it. […]
by Tony Vidler The most challenging area of financial advice which is subject to perpetual testing is the question of “suitability”. WHY was a particular piece of advice appropriate for a particular client? What factors were considered, or even discarded, that led to a particular recommendation as being the right advice? It is an […]
Sanity Check: A Statement Of Advice should be a “statement”
by Tony Vidler When it comes to providing advice in writing to a client there is undoubtedly unnecessary complexity. In fact the proverbial “Statement Of Advice” has become anything but a “statement”. It generally takes the form of a tome… A “tome is a scholarly work…usually large, heavy and laborious in its detail. A […]
Meeting Client Expectations Is In The Clients Interests Too, isn’t it?
by Tony Vidler What constitutes “Best Practice” advice process is a constant work in progress, but it does not develop as rapidly as either technology or client expectations. In fact, there is a distinct probability that the gap between what professionals call best practice advice and what clients expectations are will continue to widen. […]
by Tony Vidler There’s 2 key problems for the robo-advisers: they generally don’t advise, and nor have they evolved enough to substitute for human-to-human communication. Artificial Intelligence may well change all that, but for now it is bad news for robo-advisers as the human consumers still overwhelmingly prefer to communicate with humans in […]
by Tony Vidler Today’s professional knows way too much to be used in any given client meeting or engagement. One of the great skills of the super successful professionals in fact is figuring out what stuff they know which is not useful to any particular client, and then not using it. That shouldn’t […]
by Tony Vidler I support a compliance focus 100% ….but I support a client focus 100% too. All too often it is impossible to achieve 100% for both simultaneously though. Where does a professional compromise? Or does one not compromise? I think this picture captures the challenge of delivering compliant “best […]
Scope Creep: The Number 1 Problem In Fixed Fee Advice
by Tony Vidler “Scope Creep” is the killer for the Holy Grail of professional services business models. That ideal model which so many aspire to is having clients who agree to ongoing fixed fees, and the practice income rolls in month after month. Fixed fee advice being delivered on an ongoing basis is a […]
by Tony Vidler More and more advisers are doing joint work with clients and many still haven’t figured out a way to fairly apportion the responsibilities or revenue for long term success. Everyone begins with great intent and all focus is on doing the best they can for a client. Often the bulk […]