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Client Focus or Compliance Focus?
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 […]
Make your professional designation mean something to clients
by Tony Vidler In a time where so many professionals struggle to identify and articulate their value to consumers I have to wonder why aren’t more professional financial advisers using their designations and qualifications better? Does it mean anything to potential clients? Often it doesn’t. And the reason it doesn’t is because […]
by Tony Vidler True professionals don’t just HAVE processes, they use the processes. All the time. Or should do. We need to learn from those professions where the outcome of a poor day on the job is literally life or death. That isn’t generally the case for most professional services providers, however […]
by Tony Vidler It has been proven repeatedly that providing a guarantee in your fees for prospective clients certainly helps them decide to engage – and it is not a difficult thing to do. Financial advice fees can seem to be enormously expensive to many prospective clients, and that becomes even scarier when […]
by Tony Vidler Who is paying who is becoming the biggest question in consumers minds as the public debate around fees and commissions and conflicts of interest increases in financial services. That’s a great thing for professional advisers. It is however a question that many struggle to answer adequately when commission on products […]