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Who Does That Adviser Work For?
by Tony Vidler Which financial adviser is going to be right: the one who charges a fee; the one who is “free”; or; the one charging a commission? Or is it the one who does all of these? Well I suggest that it depends on what you are hoping for and what you […]
by Tony Vidler Being properly valued for your expertise and eliminating the time-wasting tyre-kickers is an ongoing problem for most financial advisers. That is even more true for those making the transition from purely commission-based remuneration to generating fee-paying work where they are charging for that time or expertise. Managing the remuneration transition whilst also […]
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 The easiest way for advisers who are worried about trying to charge fees for their expertise or time is to sell a service which is not product related at all. This seems daunting to the many financial advisers who have “grown up” in an environment where they were paid by commissions […]
The Coach Gets The High Fees, Not The Adviser, So Be A Coach
by Tony Vidler As more financial advisers move into fee-based work the great dilemma is working out what fee level is right for them and their clients. There are a number of easy ways of working out what fee level is profitable, and it is usually easy enough to work out what fee […]
by Tony Vidler Many advisers have difficulty explaining their fee basis, and the client advice process, in a clear and logical way. It becomes a barrier to engaging clients, and undermines our professional image, when we fumble and stumble on a fairly straightforward part of being in business. As with most things […]
by Tony Vidler Here’s a simple strategy for getting paid fairly for the advice you give….and I mean getting paid for ALL the advice you give…every step of the way. There are broadly three possible parts to any client work: 1. Planning 2. Implementing, or “putting in place” any planning recommendations 3. Ongoing […]
by Tony Vidler There’s a classic cartoon that shows the way forward for advice firms when it comes to how they must evolve. It is called “The evolution of an entrepreneur” and even though it is aimed at those starting out, it captures where the advice industry has come from and where it currently sits […]
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 […]
by Tony Vidler As a general rule I don’t recommend that a professional discount their fees, as it tends to undermine their entire value proposition. Discounting fees usually moves a professional from being an expert with highly specialised and valuable knowledge to someone simply selling hours of billable time in a consumers mind. […]