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Who are your most valuable clients?
by Tony Vidler It may seem an obvious question however understanding who the most valuable clients are to a firm is not always as simple as it seems. There is often an innate understanding of who they are however it is often not underpinned by any analysis or hard data. Even when it is […]
Not all clients are equal…well, not equal value anyway
by Tony Vidler Let’s talk about one of those elephant in the room things: not all clients are equal for a professional service firm. As human beings they might all be equal, but as clients they are not. Each client relationship has a commercial value….and a commercial cost. Each therefore has varying profitability, and […]
Some Advisory Firm’s Are “Going Out Of Business” Without Even Realising It
by Tony Vidler I have a strong sense that a lot of advisory firms are “going out of business” at the moment and don’t even realise it. For a very long time markets were going well, and commission and fee rates were at the high end of the scale, and there were plenty […]
by Tony Vidler If you want ideal prospects to choose you over any number of other highly qualified professional advisers then you must have the ability to succinctly articulate what makes working with you special. Why should they choose you? This is often referred to as having a “Unique Selling Proposition”, or […]
by Tony Vidler How much do you really think a good client is really 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 […]
Describe Your Advice Services In Practical Terms To Get More Buy-In
by Tony Vidler Advice should, almost by definition, be “practical”. Your advice services should be practical in that can be applied in the real world to achieve real differences, and any advice in any of your areas of expertise should be a clear course of action that a client can use to achieve a […]
Be like the Private Banker in order to become invaluable
by Tony Vidler To become invaluable, emulate “the Private Bankers” when it comes to combatting the multiple pressure points of rising consumer expectations, technology-driven and cost-focussed solutions, and the trend for “self management” in all things by clients. I had the pleasure of spending a little time with Dr Phillip M. Randall a […]
Where will the greatest disruption to your practice come from?
by Tony Vidler Disruption has long been a feature of financial services distribution. Disruption constantly occurs with new market entrants, product innovation, shifting strategic focus on the part of suppliers in relation to control or autonomy of distributors….but disruption has typically come from within the industry itself. Some years ago I read a piece […]
by Tony Vidler Do you remember when petrol stations competed on client service? Fundamentally they were all selling the same basic commodity, at about the same price, to anyone who drove up. That included the regulars who lived in the area and who had high lifetime value and the out-of-towners cruising through who just needed […]
by Tony Vidler There are many advisory services which most professionals can provide to clients and a distinct area of opportunity is to look at combining those services where it makes sense to do so, and up-sell a higher value package of service to clients. Up-selling is not the same as cross-selling however, and […]