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simplifying statements of advice
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 […]
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sales-scripting
The Benefits Of A Prepared “Sales Script” (and the steps to making one)
by Tony Vidler        Everyone you talk to hates sales scripts – especially clients and prospects.  Professionals hate them nearly as much.       I love them.  And I think professionals should love them too.       It is probably one of the most under-rated “steps to success”  because there is a perception […]
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client-lifetime-value
What your clients are REALLY worth to you
by Tony Vidler        How much do you really think a good client is worth to you?   Most financial advisers will easily work through the basic formula of the average fee/sale per client multiplied by the number of transactions they have with you each year, and then multiplied by the number of years you expect […]
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free-initial-meeting
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.  […]
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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 […]
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practical-financial-planning
Describe Your Services In Practical Terms To Get More Buy-In
by Tony Vidler        Advice should, almost by definition, be “practical”.  It should be a clear course of action that a client can use to achieve a specific outcome.  Why don’t we describe our advice services that way then?   Consumers often struggle to understand what we can achieve for them (or help them achieve), […]
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SOA
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 […]
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fee-for-advice
Most Advisers Are Frogs Being Boiled Alive When It Comes To Fees
by Tony Vidler        Most financial advisers acknowledge that things are likely to change when it comes to fees, initial commissions, renewals or AUM fees and so forth in coming years.   Yet they behave like the frog being boiled.  The boiling frog story is a common metaphor used to describe the inability or unwillingness of […]
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robo-advice
Bad news for Robo-Advisers; Good news for Humans
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 […]
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ideal-balanced-practice
The Ideal Practice: Balancing Your Needs & The Clients Wants
by Tony Vidler        Heresy: The Professionals’ needs matter as much as the Clients’ wants. It shouldn’t be heresy to say this aloud of course…. But; the ideal practice is one which surely achieves this balance isn’t it?  After all, practitioners are trying to earn a living and meet the wants and needs of their own […]
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