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The Art Of Giving Suitable Advice
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 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 It is tough to get clients and prospects to follow our advice a lot of the time, and it makes a huge difference if we can figure out how to be more effective when giving recommendations. More people will follow our advice, we help more people get the outcomes they are […]
by Tony Vidler The mantra of “customer is king” is rubbish. And I keep hearing it from professionals as if it were a commandment which, if breached, will send you straight to hell. A King or Queen supposedly has absolute control. While we know that may not be constitutionally correct in most countries […]
Re-think what you THINK you know about your customers
by Tony Vidler I think that it is time to re-think what advisers think they know about their customers. Insurance is sold, it isn’t bought, right? People don’t value advice, right? Really? If you haven’t had a look at the excellent “World Insurance Report 2016” by Capgemini then you should, […]
by Tony Vidler For all the emphasis upon removing conflicts in client fees there is little being said about value-based pricing in professional services, and yet it is a concept which is most likely to match the clients perception of value with the professional’s desire to avoid conflicted models or time-based billing. Perhaps […]