Never been a better time to be an advisory firm
HEADLINES
- Never been a better time to be an advisory firm
- Trying to articulate your value is very difficult given much of what is done is not easily measured i.e. making a client feel safe
- Don’t assume that clients appreciate all the services you deliver – check with them that the services are what they want
- Are we a price sensitive profession or not?
KEY CHALLENGES
- Getting clients that do not yet take advice engaged with the industry
- How do we provide these services to a wider market in a profitable manner
- Do you really know your top 20% of clients and what they really want from you?
- We have been in a long bull market where annual valuations have always gone up. What will your clients say when you take a valuation that has fallen and shows the fees you have taken?
- Have advisory firms swung too far away from focusing on investment returns when offering planning services when in fact clients still put investment returns high up on their agenda?
CONCLUSIONS/SOLUTIONS
- Firms need to urgently get on the front foot with clients regarding the value they add to help when falling valuations happen
- ‘We are not a mass market proposition’ so stop trying to find a way of appealing to the mass market
- Know what your top clients want from you and deliver it with a compelling experience
Expert: Nick French - Marlborough Fund Managers
Facilitator: Martyn Laverick – Soprano Consulting
