compliant advice Archives

The Essential Soft Skills Needed To Influence

by Tony Vidler To influence others requires softs skills rather than hard core sales skills and techniques. The financial adviser is supposed to be an influencer…our role is to influence others to make better decisions than they would otherwise have made. In order to become a more effective adviser the ongoing development of the […]

How to validate your preferred solutions

by Tony Vidler Most experienced advisers have preferred solutions that they go to first. But the variety of preferred solutions from those very good advisers often concerns regulators and industry observers…and that’s usually because there is a process lacking for validating those preferences. Everyday the situation arises where one adviser recommends Company A as a […]

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 usually. In fact the proverbial “Statement Of Advice” has become anything but a “statement”. It generally takes the form of a tome… And a “tome is a scholarly work…usually large, heavy and laborious in its detail“. […]

Compliant Advice: Here are the only 3 things that matter

by Tony Vidler Whenever the topic of compliance, or the “advice process”, comes up most advisers see themselves like this: Everyone is throwing everything at you with the sole intention of destroying you, right? As a consequence, compliance is largely considered a burden. As is usually the way of these things a substantial body […]

Compliance Can Be Torture For Consumers

by Tony Vidler Compliance has a lot to answer for. Compliance can be torture for consumers, and that is not good for them or the industry. One of the truly negative consequences of evolving best practice advice standards is the trend to torture clients with excessive paperwork. Now torture is a rather harsh word, and […]

Compliance & social media use for financial advisers

How Advisers can remain compliant while using social media

by Tony Vidler The difficulty of using social media but remaining compliant as a financial adviser seems to be a concerrn cited as a reason to not use social media by those advisers. Various aspects of “compliance” are cited: the provision of best practice advice, privacy constraints, or legal responsibilities to a corporate stakeholder, […]

If It Is Not Simple, You Are Not Working Hard Enough

by Tony Vidler It takes a lot of work to make complex advice simple and succinct, and nowhere is this more apparent than in the creation of a financial plan or Statements of Advice. Those 40 page plans, or worse those 80 page plans and pieces of written advice, are barriers to consumer engagement […]

Best Practice Advice Means Meeting Client Expectations Too, doesn’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 do. In fact, there is a distinct probability that the gap between what professionals call best practice advice and what clients expectations of best practices are continue […]

How Much You Know Is Not That Important

by Tony Vidler Professional financial advisers know way too much to be used in any given client meeting or engagement. Yet too many think that how much you know is what matters. One of the great skills of the super successful professionals in fact is figuring out what stuff they know which is not […]

What is YOUR Risk Tolerance as an Adviser?

by Tony Vidler It seems to me that it is worth advisers asking themselves what their risk tolerance is as business owners given all the market and regulatory changes that have occurred in a reasonably short period of time. When contemplating what changes should be made in response to more regulatory reform or fundamental industry […]

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