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Let’s be honest with our honesty
by Tony Vidler        Disclosure is back on the regulatory agenda again, and the rules will undoubtedly be changing yet again.  There is no doubt in my mind that disclosure of costs, fees and conflicts enhances trust and professional credibility.  However, there is also no doubt in mind that disclosure can be taken so far that […]
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Why we get price resistance
by Tony Vidler        Whether we like it or not there is nearly always price resistance in delivering financial advice, and how we present our service is a large part of that problem.  It doesn’t have to be…we just need to think through the differences between “what we say” and “what they hear”.   I often […]
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How to take the “R” out of FREE Advice
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 […]
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Making the move into charging fees for advice
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 […]
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financial advisor fee strategy
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 […]
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How to explain your Process and Fee to clients
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 […]
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goldmine-in-practice
How Big Is The Goldmine WITHIN An Advisers’ Practice?
by Tony Vidler        Just how much opportunity is sitting inside the typical adviser practice?  How much new business is waiting inside that existing database?   It Is Usually A Goldmine.   A report from a couple of  years ago highlights the point: A lot of clients do not give advisers all their investable funds. […]
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advice-firms
The Next Strategic Evolution For Advice Firms
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 […]
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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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fee-discount
When – and how – To Discount Your Fees
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. […]
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