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Change Is The New Normal For Financial Advisers
by Tony Vidler Financial Advice is not going through some changes; constant change is the new normal. Whatever regulatory stuff you are going through now in your particular jurisdiction will not be an end to it. It will be ongoing. More importantly though, regulatory change is not the BIG change which will become the constant […]
Is Insurance Churn Really The Issue We Think It is?
by Tony Vidler Any time an insurance product is replaced by an adviser with an alternative one someone begins howling about “insurance churn” or “twisting of policies” and the immediate inference is that something unethical just occurred. Sometimes that is true of course, and there are undoubtedly bottom feeders in the industry who survive by […]
by Tony Vidler What you think is the problem is not always actually the problem. Sometimes the person is the problem. Sometimes, maybe, the client is the problem rather than you. Before talking about clients though allow me to use a non-client example. Picture the scene: a partner in a practice is telling me […]
by Tony Vidler Traditionally the financial services sector has been almost entirely remunerated via commission, and many advisers are now grappling with the basic question of “how” to make the transition – even if only in their minds – from working solely on commissions to charging clients directly for advice and/or service. Consumers perceived […]
by Tony Vidler Clients often want advisers to deal with just one element of financial planning…their current “burning issue” that triggered the need for advice to begin with. Getting them to engage in full advice can be tough and they need to understand what you CAN do for them, and where your knowledge and skills […]
How do you know your financial advice is suitable?
by Tony Vidler Knowing that your financial advice is suitable for a client is something that every professional adviser is willing to attest to, but proving it when challenged can be incredibly dificult. Advisers are increasingly being challenged and therefore seeking assurance that their practices are robust and will withstand such scrutiny. Whether that scrutiny […]
by Tony Vidler Which is more important when running an advice business: being effective, or being efficient? You chose Effective? Wrong. You chose Efficient? Wrong. The correct answer is that you have to balance both. In days gone by plenty of people in financial services could build a business just be being effective, regardless […]
How to create a PROCESS to validate your product recommendations
by Tony Vidler Everyday the situation arises where one adviser recommends Company A as a solution for clients, and another adviser trying to work with the same clients suggests that Company B is better. This always creates confusion for clients of course, but when it comes to deciding between insurance companies or products it […]
by Tony Vidler Buying a practice or buying another advisers book of business is, or will be, a really hot topic given the dramatic regulatory changes happening and the proportion of existing financial advisers who just don’t want to go through a few more years of change. For manyt advisers buying another practice or […]
Compliance: Here are the only 3 things that matter
by Tony Vidler Whenever the topic of the “advice process”, or compliance, comes up most advisers imagine themselves as the plane in this picture: Compiance is largely considered a burden – albeit a necessary one. As is usually the way of these things a substantial body of documentation has blossomed over the years which […]