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What you need to know if you’re going to buy to grow
by Tony Vidler As many advice businesses reach maturity it is common to consider whether they should “buy to grow”. Should they buy another practice, or more commonly, should just buy a book of business from another practice. The typical reasons suggested for wanting to grow through acquisition are: 1. Get new […]
A financial advisers best weapon: The Meeting Agenda
by Tony Vidler One of the most powerful weapons in an advisers armory is the Client Meeting Agenda. Yet, so few use them regularly…. The client meeting agenda sets up the entire professional relationship – not just the next hour or so that you happen to be with a client. In addition; […]
by Tony Vidler A constant question for many advisers, particularly when they’ve been sitting about over a break quietly contemplating the road ahead, is what do they have to do to prepare, or adapt? Obviously there is enormous uncertainty about what lies ahead for advice businesses; some of it predictable and some of […]
by Tony Vidler How much do you really think a good client is 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 expect […]
Your FREE service is a barrier to getting the right business
by Tony Vidler Most professionals at some point offer complimentary initial meetings or consultations with clients as a “free service”. It simply isn’t true, and that in itself prevents the right sort of clients coming your way. The fundamental reason why this just doesn’t cut it with consumers is because they don’t believe it. […]
Anchors away! How to work out which clients to drop
by Tony Vidler More clients is good, right? How many are enough for a typical adviser though? 1,000? 2,000? 200? And then the plan is “drop some clients, and build it back to up whatever the ideal number is/was with better clients.” Let’s begin by challenging a big myth pervading many practices, being that […]
Should Advisers Be Selling Coffee Instead Of Client Service?
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 […]
This 1 Thing Could Lose You More Than 50% Of Your Clients
by Tony Vidler For just about any practitioner to lose 56% of their clients in a year would be a disaster. It is enough to jeopardise a practice entirely of course, but even in a best case scenario it will hurt horribly, and for quite a long time. It is a very real […]
by Tony Vidler An area that many advisers struggle with is creating interesting conversations that intrigue clients enough to want to hear more. It is all well and good getting the attention initially, but what do you do next? In the decision-making cycle most humans engage in, getting attention is simply the first step…but then […]
Professional responsibility and the court of public opinion
by Tony Vidler As the financial advice industry positively plods its way towards full professionalism one of the many issues it wrestles with is interpreting, or perhaps defining, what professionalism means. Rather than incessantly debating the meaning of the word “professional” itself we should look to other industries and learn from them about how professionalism […]