tag:blogger.com,1999:blog-78124551059574640662024-03-09T06:16:51.005+13:00Tony Vidler, Strictly Business LtdTHIS BLOG HAS BEEN MOVED TO A NEW PLATFORM.
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You can also visit www.strictlybiz.co.nz for more useful tools, information and articles for professional advisers.Tony Vidlerhttp://www.blogger.com/profile/05982691311785528851noreply@blogger.comBlogger45125tag:blogger.com,1999:blog-7812455105957464066.post-76230734653537654562012-09-14T09:31:00.000+12:002012-09-14T09:32:28.126+12:00Blog Has moved!!<span style="font-size: large;"><span style="font-family: Arial,Helvetica,sans-serif;"><b>Thanks for visiting the Blog...<u><i>BUT WE HAVE MOVED!</i></u></b></span></span><br />
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<span style="font-size: large;"><span style="font-family: Arial,Helvetica,sans-serif;">All the existing posts have been transferred, and it is a lot easier to search for them than ever before. It is also easier to share them with others, or to follow new blog posts as they are put up.</span></span><br />
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<br /><div class="blogger-post-footer">All blogs are the personal views and opinions of Tony Vidler, Strictly Business Ltd, only. They should not be attributed or linked to any other organisation or business that Tony or Strictly Business Ltd may work with at any time.
For more great ideas on how Strictly Business can help your professional advice business perform better and grow, visit www.strictlybiz.co.nz</div>Tony Vidlerhttp://www.blogger.com/profile/05982691311785528851noreply@blogger.com0tag:blogger.com,1999:blog-7812455105957464066.post-77807949888020016672012-08-16T10:16:00.001+12:002012-08-16T10:16:30.462+12:005 steps to playing it safe<div style="color: blue;">
<span style="font-size: x-small;"><i><span style="font-family: Arial,Helvetica,sans-serif;">By Tony Vidler</span></i></span></div>
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<a href="http://1.bp.blogspot.com/-3Jhai6jpmEs/UCwMjBfTX-I/AAAAAAAAATE/2YXydXDAzOI/s1600/inspection.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="137" src="http://1.bp.blogspot.com/-3Jhai6jpmEs/UCwMjBfTX-I/AAAAAAAAATE/2YXydXDAzOI/s200/inspection.jpg" width="200" /></a></div>
<span style="font-family: Arial,Helvetica,sans-serif;">How does an adviser play it safe when it comes to proving that they have acted in the best interests of the client?</span><br />
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<span style="font-family: Arial,Helvetica,sans-serif;">There are 5 key things that the adviser must do - <i>and be able to evidence afterwards</i> - to show that they have worked for the benefit of the client, and not acted out of self-interest.</span><br />
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It comes down to being able to show that you "know your client".</div>
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Knowing your client (as a principle of regulatory testing) is about understanding the clients situation and needs in order to provide suitable advice that is most likely to <i>help them</i> achieve <i>their objectives</i>.</div>
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The 5 things an adviser must do in order to play it safe, and be able to show they have been working in the clients interests, consist of 3 process steps and 2 ethical considerations. They are:</div>
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1. Identify the objectives and needs of the client, together with showing they know the clients financial situation</div>
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2. There must be clear instructions regarding what advice is being sought, or offered.</div>
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3. The relevant client circumstances need to be understood and documented.</div>
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Gathering the right information and having clear understanding with the client, as outlined in these three steps, will go a long way towards satisfying future critics. However, to ensure that you are REALLY working in the client's best interest, two further tests can be applied.</div>
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4. Did the adviser to attempt to find out more
information regarding the client's circumstances if it could be considered "reasonably
apparent" that the information provided by the client was inaccurate or incomplete?</div>
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<span style="font-family: Arial,Helvetica,sans-serif;">5.
Does the adviser have the competency and expertise to provide the advice required? This is effectively a self-assessment on the advisers' part - but hey, we know whether we know enough to do the job properly really don't we? </span><br />
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<a href="http://4.bp.blogspot.com/-De8LOlI2PDE/UCwMj0GjfCI/AAAAAAAAATM/AfHT7Ghq8TA/s1600/know+your+client.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="400" src="http://4.bp.blogspot.com/-De8LOlI2PDE/UCwMj0GjfCI/AAAAAAAAATM/AfHT7Ghq8TA/s400/know+your+client.jpg" width="380" /></a></div>
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<span style="font-family: Arial,Helvetica,sans-serif;">In reality, the ethical tests are never applied - unless the regulator comes knocking for an audit, or a customer expresses dissatisfaction. Both of those circumstances can happen at any time, so you do have to apply these tests. If you find yourself as an adviser thinking "I don't think I have the knowledge to do that really well"....then you really should decline to try and provide the advice. Otherwise you are inviting future dissatisfaction and problems.</span><br />
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One of the key things that is often misunderstood by financial advisers is that you will rarely be playing in terribly unsafe territory because of product non-performance (e.g. problem insurance claims, investment market losses) - IF your process is sound. The adviser will be judged primarily on the basis of the processes they can prove to have used, and the extent to which they have demonstrated the principle of "the clients interest first".</div>
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To play it safe as an adviser therefore there are 2 big things to do:</div>
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* have a process showing you understand your client, their circumstances, and objectives</div>
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* conduct yourself honestly - especially in assessing your own competency</div>
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<i>further reading:</i></div>
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<b><span style="color: blue;">Best Practice: ASIC doesn't expect perfection</span></b></div>
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<a href="http://www.professionalplanner.com.au/regulators/best-practice-asic-doesn%E2%80%99t-expect-perfection/"><span style="color: blue;"><span style="font-size: small;"><span style="text-decoration: underline;"><span style="font-style: italic;"><span style="font-weight: bold;"></span></span></span></span></span>http://www.professionalplanner.com.au/regulators/best-practice-asic-doesn’t-expect-perfection/</a></div>
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<a href="http://1.bp.blogspot.com/-ls9tVyDr_Zg/UCwMiUIGqWI/AAAAAAAAAS8/urpxS6isZBw/s1600/imagesCAFOSKU4.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="240" src="http://1.bp.blogspot.com/-ls9tVyDr_Zg/UCwMiUIGqWI/AAAAAAAAAS8/urpxS6isZBw/s320/imagesCAFOSKU4.jpg" width="320" /></a><br />
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<span style="font-size: small;"><b style="font-family: Arial,Helvetica,sans-serif;"><span style="background-color: white; color: blue; font-size: small;"><i><u>Like this?</u> Then </i><i>share it</i><i> with others...or visit <a href="http://www.strictlybiz.co.nz/">www.strictlybiz.co.nz</a> for loads more useful and interesting information</i></span></b></span><br />
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<br /><div class="blogger-post-footer">All blogs are the personal views and opinions of Tony Vidler, Strictly Business Ltd, only. They should not be attributed or linked to any other organisation or business that Tony or Strictly Business Ltd may work with at any time.
For more great ideas on how Strictly Business can help your professional advice business perform better and grow, visit www.strictlybiz.co.nz</div>Tony Vidlerhttp://www.blogger.com/profile/05982691311785528851noreply@blogger.com0tag:blogger.com,1999:blog-7812455105957464066.post-14187350223888600682012-08-14T13:49:00.000+12:002012-08-14T18:18:37.978+12:00Should we care about the public interest?<br />
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<i><span style="font-size: x-small;">by Tony Vidler</span></i></div>
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Should financial advisers care about the public at large? The people who are NOT our clients? Those who don't pay us anything?</div>
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Absolutely.</div>
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When one considers "professionalism", and the attributes that define a professional, you quickly come to the conclusion that a unique characteristic of the genuine professional is a commitment to the public interest.</div>
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If you are a financial adviser who is committed to being a professional, you have a social responsibility that extends beyond just those clients who can afford your services. In plain terms, you have a responsibility to make available your professional expertise to members of the public who have genuine need of your knowledge, but who cannot necessarily afford to access it, in order to improve the standing of the profession itself whilst rendering service to society.</div>
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It is a principle of professionalism....one of the hallmarks that define a professional. It is referred to as pro bono, or more correctly:</div>
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<u><b>"Pro bono publico</b></u> (English: <u>for the public good</u>; usually shortened to pro bono) is a Latin phrase generally used to describe professional work undertaken <i>voluntarily</i> <u>and</u> <i>without payment or at a reduced fee as a public service</i>. </div>
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It is common in the legal profession and is increasingly seen in marketing, technology, and strategy consulting firms. Pro bono service, unlike traditional volunteerism, uses the specific skills of professionals to provide services to those who are unable to afford them."</div>
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<span style="font-size: x-small;">(source: http://en.wikipedia.org/wiki/Pro_bono )</span></div>
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One would like to think that all good citizens care about the public interest, and will do something to benefit wider society generally with the donation of their own time and expertise. A huge part of our society does exactly that - contributing their time and effort to coach sports teams, raise funds for disadvantaged members of the community, work together to build facilities for the common good and so on. <br />
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Undoubtedly our society would be a far more difficult environment, and less pleasant to live in, if it wasn't for the good citizens who donate their time and effort to making their part of society a better place by looking beyond their own immediate needs and pleasures.</div>
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Many financial advisers have contributed to their society in the same way over many years - they too coach the kids, fund raise, provide foster homes, mentor troubled youth and everything else that solid members of society do.</div>
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We have the ability to provide practical help however that not all other caring members of society can do however. By sharing our knowledge and skills with those who might never be able to access good financial advice, we can create inter-generational change.</div>
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Helping a family with poor financial literacy to learn how to create assets and self-sufficiency, or escape crippling high cost debt, or understand how to create a dignified retirement for themselves....these are things which not only change the lives of those you help, but also the lives of those who they in turn influence and are responsible for.</div>
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Sharing our skill and knowledge in this manner is very rarely done by the financial advisory industry - and for many good reasons. It does cost the adviser personally to provide such service - even if that is only in an "opportunity" cost. There is the potential for public cynicism and cheap accusations of the adviser engaging in such programmes as a "marketing exercise". The adviser potentially incurs the regulatory risk despite the absolute not-for-profit nature of the work being provided.</div>
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However, the potential benefits to financial advisers collectively of creating - or enhancing - public confidence through providing pro bono assistance to those in need are worth these risks. <br />
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The elevation of the professional standing of those who commit to the public good over and above their own commercial objectives is satisfying and personally fulfilling at the very least. The difference you can make in people's lives though - and ultimately in the lives of their dependents - is incalculable.</div>
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A word of caution though: the same duty of care and professional diligence obligations must be taken when providing pro bono advice.</div>
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Apart from the very obvious need to minimize the business risk to the adviser, there is a higher level of public scrutiny placed upon the actions of the professional when engaged in providing such service.</div>
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Demonstrating your professional expertise and professional conduct while working in the public interest is what actually defines the Professional in the eyes of the public.</div>
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Financial advisers should grasp such opportunities to work together on pro-bono projects. It's what separates the really good advisers from the rest.</div>
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<span style="font-size: small;"><b style="font-family: Arial,Helvetica,sans-serif;"><span style="background-color: white; color: blue; font-size: small;"><i><u>Like this?</u> Then </i><i>share it</i><i> with others...or visit <a href="http://www.strictlybiz.co.nz/">www.strictlybiz.co.nz</a> for loads more useful and interesting information.</i></span></b></span></div>
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<b>P.S. </b> Here is a blatant plug for a campaign being run by the Commissioner for Financial Literacy and Retirement Income here in New Zealand, that a number of professionals have agreed to assist with by providing pro-bono advice to members of the public during Money Week 2012. </div>
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<i style="font-family: Arial,Helvetica,sans-serif;">(<u>Disclosure of interest</u>: I have volunteered, and I would dearly love to see a thousand advisers participating!) </i><br />
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http://moneyweek.org.nz/</div>
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<b>For Consumers: If you want to talk to a professional adviser for free during Money Week you can call the IFA on 0800 404 422 or go to </b></div>
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<br /><div class="blogger-post-footer">All blogs are the personal views and opinions of Tony Vidler, Strictly Business Ltd, only. They should not be attributed or linked to any other organisation or business that Tony or Strictly Business Ltd may work with at any time.
For more great ideas on how Strictly Business can help your professional advice business perform better and grow, visit www.strictlybiz.co.nz</div>Tony Vidlerhttp://www.blogger.com/profile/05982691311785528851noreply@blogger.com0tag:blogger.com,1999:blog-7812455105957464066.post-13942166800360303142012-08-07T11:51:00.000+12:002012-08-14T05:19:44.458+12:00Why Dirty Harry wouldn't win a Gold Medal<div style="font-family: Arial,Helvetica,sans-serif;">
<span style="color: blue; font-size: x-small;"><i>by Tony Vidler.</i></span><br />
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<span style="font-size: small;">One of the great movie lines spoken by the character Dirty Harry was "<b>a man's got to know his limitations</b>". A line which always seems to apply to financial advisers.</span></div>
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<a href="http://3.bp.blogspot.com/-Cn2QZVg2ezY/UCBW8XRs8_I/AAAAAAAAAMk/lQ6-JL_DuR0/s1600/dirty+harry+1.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="http://3.bp.blogspot.com/-Cn2QZVg2ezY/UCBW8XRs8_I/AAAAAAAAAMk/lQ6-JL_DuR0/s1600/dirty+harry+1.jpg" /></a><span style="font-size: small;">But this doesn't apply to Olympians does it? </span></div>
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<span style="font-size: small;">I am captivated by the incredible achievements of humans that is demonstrated at the Olympics, and their ability to continually re-define their (apparent) limitations. </span></div>
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<span style="font-size: small;">You cannot help watching them, admiring them, and then wondering how you can apply what they know and do, to the non-Olympic and mere-mortal world we live in.</span></div>
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<span style="font-size: small;">At the London 2012 games 2 athletes standout for me personally, on the basis of how they continually have re-defined their own expectations (or self-limitations). </span></div>
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<span style="font-size: small;">Michael Phelps must be considered one of the greatest athletes of all time, and his record is remarkable. The second athlete to stand out for me is also a swimmer - who did <u>not</u> win a medal.</span></div>
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<a href="http://4.bp.blogspot.com/-a0Dzr5Z1YAg/UCBW9z8rZZI/AAAAAAAAAM0/6SHQX1xd0dA/s1600/phelps.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="299" src="http://4.bp.blogspot.com/-a0Dzr5Z1YAg/UCBW9z8rZZI/AAAAAAAAAM0/6SHQX1xd0dA/s400/phelps.jpg" width="400" /></a></div>
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<span style="font-size: small;">Lauren Boyle, from New Zealand. What a remarkable young lady - and the epitome of a "champion".</span></div>
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<span style="font-size: small;">She came 4th in the 800m freestyle final. But to get there she had to continue, race by race, to swim faster than she had ever swum in her life. Breaking her own national records to get to the final, and then under the immense pressure of the final of an Olympic glamor event, she lifted another notch again. And at the end of the race, was she upset at getting 4th? Not on your life...she recognized that she had challenged her own beliefs, re-defined her apparent limitations, and found a new confidence and performance level.</span></div>
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<span style="font-size: small;">So what do Lauren & Michael Phelps have in common?</span></div>
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<a href="http://1.bp.blogspot.com/-kEwmROt6m5o/UCBW9CH1-NI/AAAAAAAAAMs/bUW6bv476Wo/s1600/lauren+boyle.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="400" src="http://1.bp.blogspot.com/-kEwmROt6m5o/UCBW9CH1-NI/AAAAAAAAAMs/bUW6bv476Wo/s400/lauren+boyle.jpg" width="332" /></a></div>
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<span style="font-size: small;">Well, they both have a coach that they listen to and learn from. They apply process and systems to enhance their training and "professional development". They take advice from their mentors. It is up to them to put that advice into action and performance though.</span><br />
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<span style="font-size: small;">According to a study of Olympic Champions here are their common denominators for success:</span></div>
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<span style="font-size: small;"><b><u><span lang="EN-US">Characteristics of
Champions<br />
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</span></span><span lang="EN-US" style="line-height: 150%;">An ability to cope with and control anxiety.</span><span lang="EN-US" style="line-height: 150%;"></span></span></div>
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</span></span><span lang="EN-US" style="line-height: 150%;">Confidence </span><span lang="EN-US" style="line-height: 150%;"></span></span></div>
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<span style="font-size: small;"><span lang="EN-US" style="line-height: 150%;"><span style="-moz-font-feature-settings: normal; -moz-font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span><span lang="EN-US" style="line-height: 150%;">Mental toughness/resiliency</span><span lang="EN-US" style="line-height: 150%;"></span></span></div>
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</span></span><span lang="EN-US" style="line-height: 150%;">Sport intelligence</span><span lang="EN-US" style="line-height: 150%;"></span></span></div>
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<span style="font-size: small;"><span lang="EN-US" style="line-height: 150%;"><span style="-moz-font-feature-settings: normal; -moz-font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span><span lang="EN-US" style="line-height: 150%;">An ability to focus and block distractions</span><span lang="EN-US" style="line-height: 150%;"></span></span></div>
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</span></span><span lang="EN-US" style="line-height: 150%;">Competitiveness</span><span lang="EN-US" style="line-height: 150%;"></span></span></div>
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<span style="font-size: small;"><span lang="EN-US" style="line-height: 150%;"><span style="-moz-font-feature-settings: normal; -moz-font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span><span lang="EN-US" style="line-height: 150%;">A hard-work ethic</span><span lang="EN-US" style="line-height: 150%;"></span></span></div>
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<span style="font-size: small;"><span lang="EN-US" style="line-height: 150%;"><span style="-moz-font-feature-settings: normal; -moz-font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span><span lang="EN-US" style="line-height: 150%;">An ability to set and achieve goals</span><span lang="EN-US" style="line-height: 150%;"></span></span></div>
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<span style="font-size: small;"><span lang="EN-US" style="line-height: 150%;"><span style="-moz-font-feature-settings: normal; -moz-font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span><span lang="EN-US" style="line-height: 150%;">Coachability </span><span lang="EN-US" style="line-height: 150%;"></span></span></div>
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<span style="font-size: small;"><span lang="EN-US" style="line-height: 150%;"><span style="-moz-font-feature-settings: normal; -moz-font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span><span lang="EN-US" style="line-height: 150%;">High levels of dispositional hope </span><span lang="EN-US" style="line-height: 150%;"></span></span></div>
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<span style="font-size: small;"><span lang="EN-US" style="line-height: 150%;"><span style="-moz-font-feature-settings: normal; -moz-font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;"> </span></span><span lang="EN-US" style="line-height: 150%;">Optimism</span><span lang="EN-US" style="line-height: 150%;"></span></span></div>
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<span style="font-size: small;"><span lang="EN-US" style="line-height: 150%;"><span style="-moz-font-feature-settings: normal; -moz-font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;"></span></span><span lang="EN-US" style="line-height: 150%;"> Adaptive perfectionism</span><span lang="EN-US" style="line-height: 150%;"></span></span></div>
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<span style="font-size: x-small;"><b><span lang="EN-US">Source: <i>Psychological
characteristics and their development in Olympic champions. </i></span></b><i><span lang="EN-US"></span></i></span></div>
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<span style="font-size: x-small;"><b>Gould, D., Diffenback, K., &
Moffett, A.</b></span></div>
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<span style="font-size: small;">If you want a self-improvement checklist of things to work upon, you will not find a much better list than this one.</span></div>
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<span style="font-size: small;">On this basis, would that excellent pistol shooting Dirty Harry have got a gold medal? </span></div>
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<span style="font-size: small;">I don't think so...at the very least because he wasn't too "coachable", or open to learning. There are a couple of other attributes that he didn't share with the Olympians either, and we can't overlook his tendency to adopt a cynical "me versus the world" attitude combined with a mindset of "my way is the only way, and winning is everything". Brute force as a method of problem solving also has its limitations too I guess.</span></div>
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<span style="font-size: small;">What led me down this line of thought in recent days is the realisation that there are more business owners like Dirty Harry than there are business people thinking and behaving like Olympians.</span></div>
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<span style="font-size: small;">Champions challenge themselves, and are continually focused on incremental improvement, open to new ideas and learning, and reinforce all they learn with sheer hard work. </span></div>
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<span style="font-size: small;">Any professional advisers or professional service firms looking to develop or just get business ideas and inspiration should think about adopting the mindset of an Olympian rather than Dirty Harry. </span></div>
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<span style="font-size: small;">You don't have to actually get a gold medal or be first in the world to be a champion. You only have to have seen Lauren immediately after NOT winning a medal to realise that.<b><br /></b></span></div>
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<span style="font-size: small;"><b style="font-family: Arial,Helvetica,sans-serif;"> http://www.3news.co.nz/No-medal-but-still-glory-for-record-breaking-Boyle/tabid/1706/articleID/264158/Default.aspx</b></span><br />
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<span style="font-size: small;"><b style="font-family: Arial,Helvetica,sans-serif;"><span style="background-color: white; color: blue; font-size: small;"><i><u>Like this?</u> Then </i><i>share it</i><i> with others...or visit <a href="http://www.strictlybiz.co.nz/">www.strictlybiz.co.nz</a> for loads more useful and interesting information.</i></span></b></span></div>
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: Arial; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;"></span></b><div class="blogger-post-footer">All blogs are the personal views and opinions of Tony Vidler, Strictly Business Ltd, only. They should not be attributed or linked to any other organisation or business that Tony or Strictly Business Ltd may work with at any time.
For more great ideas on how Strictly Business can help your professional advice business perform better and grow, visit www.strictlybiz.co.nz</div>Tony Vidlerhttp://www.blogger.com/profile/05982691311785528851noreply@blogger.com0tag:blogger.com,1999:blog-7812455105957464066.post-37916790935155876392012-07-31T19:56:00.000+12:002012-08-14T05:46:16.450+12:00Will you marry me?<span style="font-family: Arial,Helvetica,sans-serif;"> </span><span style="color: blue; font-size: x-small;"><i>by Tony Vidler.</i></span><br />
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<span style="font-family: Arial,Helvetica,sans-serif;">I have no idea what the actual statistics would be, but I am willing to wager that the success rate of popping the question "<i>will you marry me?</i>" onto a prospective partner who you have not yet dated is probably pretty low. </span><br />
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<a href="http://3.bp.blogspot.com/-MGXRJLC-fPI/UBeKEs0SctI/AAAAAAAAALo/iTxFV-67Z50/s1600/marry+me.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="http://3.bp.blogspot.com/-MGXRJLC-fPI/UBeKEs0SctI/AAAAAAAAALo/iTxFV-67Z50/s1600/marry+me.jpg" /></a>If you've dated for a bit, the odds get a bit better, though only marginally so. If you've been engaged for a while and everyone knows what the end game is, then the odds are pretty good that you will get a "<b>yes</b>" to "will you marry me?".</div>
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How does this apply to financial advice? Well...the biggest problem with financial adviser marketing is the tendency to pop the "<i>will you marry me</i>" question to people who haven't decided yet whether they want to spend a Saturday night with you. </div>
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This lies at the heart of dealing with a common adviser question: "<b>How can I make my marketing more effective</b>?"</div>
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Before answering this question though it is important to understand a more fundamental question: <i>What is the difference between marketing and selling?</i></div>
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Many advisers seem to think that these are one and the same thing. Or, if pressed a little further, "marketing" is often confused with "advertising". Marketing does include advertising... as it also includes having a clear value proposition, understanding the target market, the branding of the individual and the branding of the business entity, and a number of other things.</div>
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Thinking bigger picture though; marketing is really about <u>creating opportunities</u> to gain a client or some new business. Selling is the process of converting that opportunity into an actual piece of business that your accountant can see.</div>
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To answer the question posed at the outset then, one has to understand that while there may be many components that go into creating really effective marketing, the underlying question that the adviser is really asking is <i>"how can I create more opportunities to engage with people who would be willing to take the actions I would recommend"?</i></div>
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The part that <u>really</u> matters in this underlying question is "<u>opportunities to engage with people</u>". THAT is the piece that you must concentrate upon to create "more effective" marketing. This revelation is the point where advisers often say "aha, I get it" and their marketing efforts lift as they begin to focus upon creating new opportunities to generate future new business. It makes sense to them that if they are able to attract attention, and engage with people, then they begin to establish a relationship of trust. Surely having done this the prospective client will take my advice and work with me?</div>
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It is at this point though that the bulk of such marketing efforts fall down in a heap.</div>
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The reason? Lack of patience and understanding of the engagement process. It's akin to having a couple of Saturday night dates and then wondering why the dream date doesn't want to marry you yet. A lot of adviser businesses at this point are creating a lot of Saturday night dates....but there's no follow through. It's just lifting the initial activity level really.</div>
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Engagement (in this business sense) is really about inter-acting with people on a regular basis in a way that they feel comfortable with <u>until they decide</u> they want to be with you. Your marketing purpose is to get, and then hold, their attention and build their level of interest in what you have to offer in the way of valuable advice and solutions. At some point in the engagement process you - or more likely some other event unrelated to your marketing and positioning - will trigger "desire" on their part to act.</div>
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That is when the marketing process is finished, and selling begins. Although, if your marketing and engagement process is done well, the reality is that there is very little selling involved. </div>
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The necessary level of trust and credibility in you as the right adviser has already been established. The rest is process and technical competency being applied to the clients' need. </div>
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The reality for a financial adviser business though is that engagement is forever. The actual marriage part - your client buying you or your solution at some point - is actually just a moment in time. It is a purchase. A transaction. A fait accompli....if the engagement was a fulfilling one.</div>
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Engagement with clients, for the successful advice business, is long term. Once you have them as clients, then the engagement and ongoing interaction becomes even more important, as they can add significant value to your business if you can move them from supporting you to the point where they are advocates for your business.</div>
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<span style="font-family: Arial,Helvetica,sans-serif;">To make your marketing more effective - to get better results for your business - stop asking the marriage question. It's not about the big moment and the big "sale". Build systems and processes to engage people in a way they feel comfortable with, and share information and insights, and help them help themselves.....and </span><u style="font-family: Arial,Helvetica,sans-serif;"><b>they</b></u><span style="font-family: Arial,Helvetica,sans-serif;"> will want to take it further!</span><br />
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<span style="font-size: small;"><b style="font-family: Arial,Helvetica,sans-serif;"><span style="background-color: white; color: blue; font-size: small;"><i><u>Like this?</u> Then </i><i>share it</i><i> with others...or visit <a href="http://www.strictlybiz.co.nz/">www.strictlybiz.co.nz</a> for loads more useful and interesting information.</i></span></b></span><br />
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<br /><div class="blogger-post-footer">All blogs are the personal views and opinions of Tony Vidler, Strictly Business Ltd, only. They should not be attributed or linked to any other organisation or business that Tony or Strictly Business Ltd may work with at any time.
For more great ideas on how Strictly Business can help your professional advice business perform better and grow, visit www.strictlybiz.co.nz</div>Tony Vidlerhttp://www.blogger.com/profile/05982691311785528851noreply@blogger.com0tag:blogger.com,1999:blog-7812455105957464066.post-10414153271634934552012-07-26T10:26:00.000+12:002012-08-14T05:47:51.154+12:00What are your clients REALLY worth to you?<div style="font-family: Arial,Helvetica,sans-serif;">
<span style="color: blue; font-size: x-small;"><i>by Tony Vidler.</i></span> <br />
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How much do you really think a good customer is worth to you?</div>
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<a href="http://1.bp.blogspot.com/-3zdub6DqaVA/UBBwSPA1CDI/AAAAAAAAAKs/GX-DKySz6U4/s1600/Unknown.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="132" src="http://1.bp.blogspot.com/-3zdub6DqaVA/UBBwSPA1CDI/AAAAAAAAAKs/GX-DKySz6U4/s200/Unknown.jpg" width="200" /></a>Most financial advisers will easily (<i>I hope!</i>) work through the basic formula of the average fee/sale per customer multiplied by the number of transactions they have with you each year, and then multiplied by the number of years you expect to work with them (<i>see graph below</i>). </div>
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That is all simple enough - if you know these averages and key business metrics for your firm.</div>
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But is that the total measure of what a good customer is worth to your business?</div>
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How many referrals to other great customers could you get from a really happy customer over the expected lifetime of the relationship? What <u>extra</u> value can be attached to your brand, or business value, from having great advocates in your clientele?</div>
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How about a working example for a typical adviser who looks after their clients well and provides great value....</div>
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Let's assume that your client pays monitoring and service fees of $500 in fees each year (not all that much really) to you, and on average your customers require (significant) new advice every 3 years or so at about $2,400 per time. So that's another $800 p.a. on average - meaning that the average annual revenue is about $1,300 p.a. for a happy client valuing your advice.</div>
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If you provide good service and advice they will be working with you for the rest of your working life - call that another 15 years for this example. </div>
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So far this happy client that paid $2,400 in initial planning fees and provides ongoing revenue of $500 p.a. has an apparent lifetime value to your business of $19,500 - which in itself is pretty impressive.</div>
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However if that happy client refers other good clients to your business then their value to your business exponentially increases. It is not as simplistic as using the same formula above for each additional referral, because over time (if your expected business time frame remains the same) then each new client in subsequent years has a lower incremental value, and it would be wildly inaccurate to attribute every new customers own "lifetime value" to the referring client . But the acquisition cost per referral will be lower than most other forms of marketing, so that saving can in fairness be attributed to the lifetime value of the original referring client.</div>
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A typical advisory firm might spend (say) $250 in marketing for each new client it brings in each year. so using the client example from above, there is another $7,500 in "value" in that client providing the referrals.</div>
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Not bad really....that $2,400 initial client is now looking like they have a lifetime value of $27,000 to your business over the next 15 years.</div>
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But the REALLY big value is within the impact these advocate customers have on your overall business valuation. To illustrate the point let's continue with some further really simple assumptions.</div>
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If an adviser business had 500 clients, averaging $1,300 p.a in revenue (as above), it has a nice little turnover of $650,000 p.a. gross. Depending on what valuation methodology is used, and what market conditions are prevailing, that business valuation might typically be (say) $975,000. However, premium value is attached to those businesses where there is strong loyalty, constant referrals, and turnkey business operations. The valuation on such a business (in comparison to one with little referral business and strong client loyalty) could be expected to be closer to $1,600,000 - <i><u>a difference of $625,000 in this example</u></i>.</div>
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That can be the difference for a retiring advice firm business owner between having a great boat to play on in their good retirement, or just having a retirement.</div>
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The concept of "lifetime customer value" is not just a simple one of how much revenue they generate for your business. You should also be thinking about how much those engaged and happy customers can SAVE your business. Get it right though, and it really becomes a matter of how much more your business is worth because you have happy and engaged clients that love dealing with your firm. </div>
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<span style="font-family: Arial,Helvetica,sans-serif;">That's where the real value is.</span><br />
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<span style="font-size: small;"><b style="font-family: Arial,Helvetica,sans-serif;"><span style="background-color: white; color: blue; font-size: small;"><i><u>Like this?</u> Then </i><i>share it</i><i> with others...or visit <a href="http://www.strictlybiz.co.nz/">www.strictlybiz.co.nz</a> for loads more useful and interesting information.</i></span></b></span><br />
<br />
<br /><div class="blogger-post-footer">All blogs are the personal views and opinions of Tony Vidler, Strictly Business Ltd, only. They should not be attributed or linked to any other organisation or business that Tony or Strictly Business Ltd may work with at any time.
For more great ideas on how Strictly Business can help your professional advice business perform better and grow, visit www.strictlybiz.co.nz</div>Tony Vidlerhttp://www.blogger.com/profile/05982691311785528851noreply@blogger.com0tag:blogger.com,1999:blog-7812455105957464066.post-23672192086058644572012-07-23T10:51:00.003+12:002012-08-14T05:51:00.730+12:00Some customers you don't want...<span style="color: blue; font-size: x-small;"><i>by Tony Vidler.</i></span><br />
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<span style="font-family: Arial,Helvetica,sans-serif;">Understanding the needs of different types of customers is essential in order to get your value proposition, service offering and process </span><i style="font-family: Arial,Helvetica,sans-serif;">a</i><span style="font-family: Arial,Helvetica,sans-serif;">s </span><i style="font-family: Arial,Helvetica,sans-serif;">RIGHT as you can </i><span style="font-family: Arial,Helvetica,sans-serif;">to attract the right types of customers for your business</span><i style="font-family: Arial,Helvetica,sans-serif;">.</i><br />
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<a href="http://2.bp.blogspot.com/-t0THD1dM_eA/UAx8HO4xr7I/AAAAAAAAAKY/VbNR0atKmq8/s1600/relatiuonship.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="http://2.bp.blogspot.com/-t0THD1dM_eA/UAx8HO4xr7I/AAAAAAAAAKY/VbNR0atKmq8/s1600/relatiuonship.jpg" /></a>Broadly speaking there are two groups of potential customers; </div>
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1. Transactional focus</div>
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2. Relationship based</div>
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The engagement, or "sales", process is quite different for each group.</div>
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Traditionally most advisers have been trained to deal with the transactional customer - which is hardly surprising. Most of today's advisers were trained by product manufacturers in the past whose sole concern really was selling products. Today's professional adviser sells their expertise and time, and while there are often product solutions involved in the process they are not at the center of the advisers' value to the customer.</div>
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The customers with a transactional focus are pretty much focused on short term decision making. They are essentially driven by price, or immediately perceived value for the price they have to pay. In the absence of exceptional value in relation to other potential suppliers of advice or product solutions, they will focus on price alone.</div>
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Their greatest concern is paying more than they think they should right now. As such, they will compare potential suppliers, or advisers. They will haggle and express dissatisfaction at ANY price in a bid to get the best price-value they can. They will question every recommendation, conduct their own research, ignore the commercial value supplied to them in time and effort by advisers, and be swift to complain of any perceived shortcomings.</div>
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Why would you deal with them if you are a professional adviser? The very thing that differentiates you and adds value lies within your expertise and skills. The core adviser value is not in the products you happen to suggest at any given time - and it is certainly not in the price of those products (which you cannot control much of the time in reality anyway).</div>
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The customer with a relationship focus may not articulate their needs in this way - they don't look for an adviser they can have a relationship with as such. They do however understand that today's advice or product solution is simply a step in a much longer or larger process for them. That is, they anticipate needing ongoing advice, service or solutions. As such, their greatest fear is making a wrong choice. That is quite a different motivator - and therefore underlying need that must be addressed and resolved - than the transactional customer.</div>
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The entire emphasis of your process is fundamentally different with each type of customer.</div>
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Traditionally trained advisers that retain an emphasis upon product as their core offering will naturally attract transactional customers - with all the haggling, stress and tyre-kicking that comes with that. Advisers do so because the focus of their marketing and advice process is on that non-consumer-friendly process of "selling & closing". </div>
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<span style="font-family: Arial,Helvetica,sans-serif;">If you shift the focus of your marketing and positioning to one of engagement and building trust with customers you will attract those who value your ability to help them avoid making wrong choices, and with whom you will have much longer and valuable relationship with.</span><br />
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In the group of customers that seek relationship-based advice, there is significant lifetime customer value (which is a separate article in itself) for the the adviser business. Those who seek transactional solutions focused on price are not really the clients for individual advisers of the future. They will be the customers of the institutions that specialise in providing mass-market, not overly personalised, product solutions at the cheapest price they can get away with.</div>
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The business future for the professional adviser of tomorrow is in letting the transactional customers go to the institutions, and focusing on those who are more concerned with making wrong choices. THEY are the ones who will value expertise and advice. </div>
<br />
<span style="font-size: small;"><b style="font-family: Arial,Helvetica,sans-serif;"><span style="background-color: white; color: blue; font-size: small;"><i><u>Like this?</u> Then </i><i>share it</i><i> with others...or visit <a href="http://www.strictlybiz.co.nz/">www.strictlybiz.co.nz</a> for loads more useful and interesting information.</i></span></b></span><br />
<br /><div class="blogger-post-footer">All blogs are the personal views and opinions of Tony Vidler, Strictly Business Ltd, only. They should not be attributed or linked to any other organisation or business that Tony or Strictly Business Ltd may work with at any time.
For more great ideas on how Strictly Business can help your professional advice business perform better and grow, visit www.strictlybiz.co.nz</div>Tony Vidlerhttp://www.blogger.com/profile/05982691311785528851noreply@blogger.com0tag:blogger.com,1999:blog-7812455105957464066.post-47263409967438192192012-07-12T13:58:00.000+12:002012-08-14T05:52:18.684+12:00Hustle while you wait!<a href="http://4.bp.blogspot.com/-B9MPWk2WHQ4/T_4r_LQnbdI/AAAAAAAAAKI/sBcTcoHrZfU/s1600/images.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="http://4.bp.blogspot.com/-B9MPWk2WHQ4/T_4r_LQnbdI/AAAAAAAAAKI/sBcTcoHrZfU/s1600/images.jpg" /></a><span style="font-family: Arial,Helvetica,sans-serif;"> </span><span style="color: blue; font-size: x-small;"><i>by Tony Vidler.</i></span><br />
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<span style="font-family: Arial,Helvetica,sans-serif;">One of the constant themes that comes up in coaching advisers to greater business performance, is the little matter of "hustling".</span><br />
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I'm not referring to getting out and pulling fast cons and sharp card tricks on unsuspecting folk of course...but the really simple and somewhat unpalatable fact that a seriously large part of any business persons success can simply be attributed to their ability to hustle while they wait.</div>
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It's about a work ethic.</div>
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As a general rule, very few advisers can afford to simply wait for the right, well qualified, potential customer to come walking through the office door announcing "<i>I am ready to engage in a comprehensive financial review process - who wants to serve me</i>?"</div>
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The unpalatable fact is that in the financial services business, advisers are usually as busy as they want to be. There is a definite correlation between getting stuck in with a strong work ethic, and getting good business results.</div>
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As the diagram above shows, you have to be willing to make a good effort on the basic activities that generate results in your business, <u>AND</u> you do have to get stuck into it as quickly as possible <u>IF</u> you want to put the odds of success in your favor.</div>
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Make a little bit of an effort....<i>eventually</i>....and you cannot really expect great results can you? You will probably get some results if you make a massive effort <i>eventually.</i>...or perhaps put in just <i>enough</i> effort right now to get by.</div>
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Fantastic results come from getting into doing what you have to do as soon as possible, and putting maximum effort into it at that point. </div>
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Not every week in business goes according to the grand plan...in fact, usually no week actually works out the way we imagined it would (or should). That elusive customer who is going to walk in demanding your services at a premium price may well be coming, but in the meantime you have to get busy if you want to prosper.</div>
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<span style="font-family: Arial,Helvetica,sans-serif;">Good things come to those who hustle while they wait.</span><br />
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<br />
<span style="font-size: small;"><b style="font-family: Arial,Helvetica,sans-serif;"><span style="background-color: white; color: blue; font-size: small;"><i><u>Like this?</u> Then </i><i>share it</i><i> with others...or visit <a href="http://www.strictlybiz.co.nz/">www.strictlybiz.co.nz</a> for loads more useful and interesting information.</i></span></b></span><div class="blogger-post-footer">All blogs are the personal views and opinions of Tony Vidler, Strictly Business Ltd, only. They should not be attributed or linked to any other organisation or business that Tony or Strictly Business Ltd may work with at any time.
For more great ideas on how Strictly Business can help your professional advice business perform better and grow, visit www.strictlybiz.co.nz</div>Tony Vidlerhttp://www.blogger.com/profile/05982691311785528851noreply@blogger.com0tag:blogger.com,1999:blog-7812455105957464066.post-24361725216101558232012-07-10T10:52:00.000+12:002012-08-14T05:53:32.503+12:00It's not about you...it's about the value.<div class="separator" style="clear: both; text-align: center;">
<a href="http://2.bp.blogspot.com/-cgVF1_VYQB8/T_tdZL-BblI/AAAAAAAAAJw/VszDlETyEW0/s1600/valuePropositionButton.png" imageanchor="1" style="clear: left; cssfloat: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="187" sca="true" src="http://2.bp.blogspot.com/-cgVF1_VYQB8/T_tdZL-BblI/AAAAAAAAAJw/VszDlETyEW0/s200/valuePropositionButton.png" width="200" /></a></div>
<span style="color: blue; font-size: x-small;"><i>by Tony Vidler.</i></span><span style="font-family: Arial,Helvetica,sans-serif;"> </span><br />
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<span style="font-family: Arial,Helvetica,sans-serif;">Financial advisers often struggle to create a value proposition that accurately expresses how they work differently, or what makes them special compared to others. </span><br />
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<span style="font-family: Arial,Helvetica,sans-serif;">It isn't that they don't have points of difference, or that they struggle to put ideas into words...generally they are very good at both. Each adviser has a unique way of interacting with customers, and maintains relationships a little differently, and has slightly different views of how and where product solutions fit in, and what the relative strengths and weaknesses of different strategies are. </span><br />
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<span style="font-family: Arial,Helvetica,sans-serif;">Despite that, a room full of advisers when working through the process of trying to articulate their value proposition, almost always come up with the same line of thought (and often use the exact same words) to try and describe themselves and their businesses. </span><br />
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<span style="font-family: Arial,Helvetica,sans-serif;">It ends up sounding something like this: </span><br />
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<span style="font-family: Arial,Helvetica,sans-serif;">"<i><b>you should do business with me because I am honest, trustworthy and a nice person. I care about people and am very good at my job. I am clever and have qualifications and you will have peace of mind if you work with me</b></i>" </span><br />
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<span style="font-family: Arial,Helvetica,sans-serif;">This is the very simple summary of the typical statement advisers first come up with - <i>as a customer might hear it</i>. </span><br />
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<span style="font-family: Arial,Helvetica,sans-serif;">So what's wrong with it? Well, pretty much everything....So let's pull it apart. </span><br />
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<span style="font-family: Arial,Helvetica,sans-serif;">1. Honest, trustworthy, etc...these personal attributes are simply expected. There is no value-add here - customers expect this as a minimum standard of integrity. </span><br />
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<span style="font-family: Arial,Helvetica,sans-serif;">2. Nice person...of course you are. If you weren't you would have no customers, in fact, you'd have no business if you had no ability to relate well to others and be a decent human. </span><br />
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<span style="font-family: Arial,Helvetica,sans-serif;">3. I care....well, once again, you are expected to aren't you? If you did not actually care about others you would not be in a profession of trust where an essential component is the ability to think of the other persons objectives and be willing to work with them to get them the results they want. </span><br />
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<span style="font-family: Arial,Helvetica,sans-serif;">4. I'm clever & have qualifications, etc....of course you do. Otherwise you shouldn't be in the business of advising people about money. </span><br />
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<span style="font-family: Arial,Helvetica,sans-serif;">5. You will have peace of mind. NOW....the big problem with this is no customer actually believes it, and not very many advisers can actually deliver it. </span><br />
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<span style="font-family: Arial,Helvetica,sans-serif;">So let's recap....5 parts to the typical value proposition statement designed by most advisers and 4 of them are "hygiene factors", and one is frankly unbelievable in the minds of the customers. By "hygiene factor" I mean it is a given in the customers mind...as in any hospital will be hygenic. It is not in itself a point of difference for hospitals.</span><br />
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<span style="font-family: Arial,Helvetica,sans-serif;">In a previous post I outlined the formula, or the questions that must be addressed, to come up with a genuine point of difference that really means something to a customer. </span><br />
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<span style="font-family: Arial,Helvetica,sans-serif;">( <span style="color: blue;">http://tonyvidler.blogspot.co.nz/2012/05/3-questions-you-must-answer-to-define.html</span> )</span><br />
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<span style="font-family: Arial,Helvetica,sans-serif;">Basically when trying to create an articulate value proposition it falls down in 2 key parts: </span><br />
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<li><span style="font-family: Arial,Helvetica,sans-serif;">The adviser doesn't think of how different they are to other advisers. They think of how different they are to the customers. So the proposition ends up sounding the same as all other advisers' value propositions...hardly a unique point of difference...and simply highlights the distance between the customer and the adviser. </span></li>
<li><span style="font-family: Arial,Helvetica,sans-serif;">Secondly, the value proposition doesn't really capture what benefits the adviser actually delivers to the customer. </span></li>
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<span style="font-family: Arial,Helvetica,sans-serif;">And that is the core objective of it: articulate the benefit to the client that cannot be obtained from someone else.</span><br />
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<span style="font-family: Arial;">Here are some general areas where you might be exceptional and doing unique things, and are able to do what customers value:</span><br />
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<li><span style="font-family: Arial;"><u>Customisation</u>: using the masses of data and information in a highly personalised manner, or perhaps providing service or advice that is tailored to highly specific customers.</span></li>
<li><span style="font-family: Arial,Helvetica,sans-serif;"><u>Risk Handling</u>: taking away risks for customers; transferring responsibilities; removing the need to consider specific risks - making their world less risky than it was.</span></li>
<li><span style="font-family: Arial,Helvetica,sans-serif;"><u>Convenience</u>: being able to combine things in a way others can't; getting access to what customers need and value faster, easier, and so on; being there - instead of them having to initiate action, etc.</span></li>
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<span style="font-family: Arial,Helvetica,sans-serif;">This is just a short collection of concepts to highlight that creating a value proposition is not about you. It is about the end result for the customer - the thing they value. When you get that, and are able to express it succinctly, then they will get you and the value you bring.</span><br />
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<span style="font-size: small;"><b style="font-family: Arial,Helvetica,sans-serif;"><span style="background-color: white; color: blue; font-size: small;"><i><u>Like this?</u> Then </i><i>share it</i><i> with others...or visit <a href="http://www.strictlybiz.co.nz/">www.strictlybiz.co.nz</a> for loads more useful and interesting information.</i></span></b></span><div class="blogger-post-footer">All blogs are the personal views and opinions of Tony Vidler, Strictly Business Ltd, only. They should not be attributed or linked to any other organisation or business that Tony or Strictly Business Ltd may work with at any time.
For more great ideas on how Strictly Business can help your professional advice business perform better and grow, visit www.strictlybiz.co.nz</div>Tony Vidlerhttp://www.blogger.com/profile/05982691311785528851noreply@blogger.com0tag:blogger.com,1999:blog-7812455105957464066.post-57884360329100375062012-07-05T07:05:00.000+12:002012-08-14T05:55:59.904+12:00Danger: Great Expectations Ahead!<a href="http://1.bp.blogspot.com/-RoTjHwzCgo4/T_PPzeGmejI/AAAAAAAAAJc/5Bv-2P133vY/s1600/danger.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="http://1.bp.blogspot.com/-RoTjHwzCgo4/T_PPzeGmejI/AAAAAAAAAJc/5Bv-2P133vY/s1600/danger.jpg" /></a><span style="font-family: Arial,Helvetica,sans-serif;"> </span><span style="color: blue; font-size: x-small;"><i>by Tony Vidler.</i></span><br />
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<span style="font-family: Arial,Helvetica,sans-serif;">Nearly everyone agrees that good customer service is good for business. What is "good customer service" though?</span><br />
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It can be made up of a lot of things, but let's focus on one simple attribute of customer service - time.</div>
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Speed is of the essence to consumers. Speed IS service.</div>
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This is a simple concept, but it creates difficult performance targets. </div>
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Some quick statistics:</div>
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<li>over 80% of customers want the phone answered within 4 rings.</li>
<li>over 80% of customers want the phone answered by an actual human.</li>
<li>over 65% want the person answering the phone to be able to deal with the problem.</li>
<li>over 65% are dissatisfied if they are transferred and have to wait more than 30 seconds to talk to the next human.</li>
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It is important to bear in mind that these are desired service levels from most consumers across a range of industries, which is not the same as "adequate" service levels for any particular industry or business. Which of these two levels of service you provide depends on your overall value proposition to consumers - and not all business models depend upon excellent service. If one is in the business of providing lowest cost goods or services, there is an inherent consumer expectation that service levels will be compromised. There is still an expectation that service must be adequate, but there is little more expectation than that.</div>
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If at the other extreme you are looking to command premium pricing in your business model, then there is a consumer expectation of excellent service. Excellent becomes the new "adequate" benchmark, and nothing less than excellent will do. If you are promising to bend over backwards for your customers, you had better be able to as that will be their expectation of minimum standards from the outset.</div>
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There are many variables that can go into the overall service offer of course, but in virtually every type of service offer in the professional services firm, speed plays a part in the consumer perception of quality. This is especially true with accessible internet at broadband speeds now being available on people's mobile phones. The consumers perception of speed has changed...</div>
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<a href="http://2.bp.blogspot.com/-d4rvorMJEb0/T_PP0mjo0wI/AAAAAAAAAJk/en7RQO9Z59c/s1600/site-speed-consumer-expectations.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="212" src="http://2.bp.blogspot.com/-d4rvorMJEb0/T_PP0mjo0wI/AAAAAAAAAJk/en7RQO9Z59c/s320/site-speed-consumer-expectations.png" width="320" /></a></div>
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Think about this: 15 years ago we were delighted if a computer worked. 5 years ago we were delighted if the computer and the line connection worked long enough for us to finish booking a hotel room. Now over half of consumers are dissatisfied if a web page takes 3 seconds to load. What is their expectation of speed in a years time?</div>
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So what is your speed promise? What is the "adequate" level of service that your consumers expect?</div>
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To determine how you might create superior service, and a superior value proposition, you need to know where the minimum performance benchmark is. </div>
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<span style="font-family: Arial,Helvetica,sans-serif;">Be aware though: there are great expectations ahead. The consumers' perception of speed is changing faster perhaps than we can change speed of service. Are you promising excellence, or acceptable and adequate standards in this area of your customer service proposition?</span><br />
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<span style="font-family: Arial,Helvetica,sans-serif;">Whatever the level of service is that you promise, be sure to include a reliable performance level for speed of response. It matters to your customers.</span><br />
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<br />
<span style="font-size: small;"><b style="font-family: Arial,Helvetica,sans-serif;"><span style="background-color: white; color: blue; font-size: small;"><i><u>Like this?</u> Then </i><i>share it</i><i> with others...or visit <a href="http://www.strictlybiz.co.nz/">www.strictlybiz.co.nz</a> for loads more useful and interesting information.</i></span></b></span><div class="blogger-post-footer">All blogs are the personal views and opinions of Tony Vidler, Strictly Business Ltd, only. They should not be attributed or linked to any other organisation or business that Tony or Strictly Business Ltd may work with at any time.
For more great ideas on how Strictly Business can help your professional advice business perform better and grow, visit www.strictlybiz.co.nz</div>Tony Vidlerhttp://www.blogger.com/profile/05982691311785528851noreply@blogger.com0tag:blogger.com,1999:blog-7812455105957464066.post-77932288583009287352012-07-03T15:20:00.003+12:002012-08-14T05:58:07.629+12:00Why merge? Is buying to grow worth it?<div style="font-family: Arial,Helvetica,sans-serif;">
<span style="color: blue; font-size: x-small;"><i>by Tony Vidler.</i></span><br />
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Last week I wrote about things to think about in valuing an agency business if you wanted to "buy to grow", and also listed 5 main reasons that advisers suggest as their reasons for acquisition of another business. They were:</div>
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<span style="font-size: small;">1. Get new clients</span></div>
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<span style="font-size: small;">2. Increase business turnover</span></div>
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<span style="font-size: small;">3. Increased cost efficiency</span></div>
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<span style="font-size: small;">4. Diversify business lines</span></div>
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<span style="font-size: small;">5. Enhance market position </span></div>
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(<a href="http://tonyvidler.blogspot.co.nz/2012/06/you-need-to-know-if-youre-going-to-buy.html">http://tonyvidler.blogspot.co.nz/2012/06/you-need-to-know-if-youre-going-to-buy.html</a>)</div>
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Now let's consider some of the common thinking around the rationale for buying another practice to fuel your own business growth. </div>
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Before you read any further though, allow me to say that ALL of these reasons offered CAN be perfectly valid and logical moves for a smart business owner....</div>
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BUT....there are many occasions where some simple questions can head of a purchasing (and financing!) disaster too as growing through acquisition will compound problems, rather than lead to a better business.</div>
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So here's a little list of testing questions around each reason offered:</div>
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<u><b>Get New Clients</b></u></div>
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The one question that I ask immediately when encountering this idea for acquisition is "<i>what's wrong with the business you have</i>?"</div>
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It may be that there's nothing actually wrong with your existing client base, maybe you just don't have enough of them to have a viable business. If that is the case, then perhaps your business model needs reviewing, rather than simply throwing more damp wood on the smouldering "fire". </div>
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Even if the business is fundamentally fine though, generally the desire to simply add more warm bodies highlights that there are some likely problem areas already within your business:</div>
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1. Poor or inadequate marketing (which may be a wide range of things such as branding, positioning, value proposition, etc)</div>
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2. Poor engagement (you're generating leads and business opportunities, but not engaging or converting enough of them)</div>
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3. Inadequate sales skills (people in your business are blowing the good work done by your marketing perhaps)</div>
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4. Poor business systems (inadequate information and data management; poor advice processes; etc)</div>
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5. Providing the wrong thing (amazing but true! often advisers with a business problem are simply not giving their natural - or target - market what it is they actually want and are willing to pay for)</div>
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Often there is a belief amongst advisers that simply having more people to see, or "fresh" clients to wheel out a tired old story to, will somehow transform their business. What was that line about "doing the same thing but expecting different results...."?</div>
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<u><b>Increase Business Turnover</b></u></div>
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No doubt, adding more paying clients will increase turnover, or gross revenue. </div>
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As if that really matters.</div>
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Two simple starting questions here:</div>
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1. <i>How much extra turnover, or gross revenue, will the new clients bring in?</i></div>
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<i>2. How much of that gets to your bottom line?</i></div>
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The financial focus must be on profitability for the business, rather than turnover. This is business 101 really, and is a simple (but often ignored) point. This piece of rationale quite often highlights an existing business that has little internal financial knowledge or systems...in other words, a business where just adding bulk may well compound any existing problems.</div>
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<u><b>Improve Cost Efficiency</b></u></div>
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Potentially a really good reason for acquisition, particularly in businesses that have relatively high proportions of fixed overheads and relatively low service delivery costs per client.</div>
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Two simple Questions:</div>
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1. <i>How does it improve your cost efficiency?</i></div>
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<i>2. So, how much do the anticipated cost savings add to the bottom line?</i></div>
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The first is a really big question that reveals very rapidly the level of understanding that the existing business owner has of their own business fundamentals. Asking them to think through the areas where costs may be saved, and then identify the details of those theoretical cost savings, is illuminating. It is also usually seriously over-estimated.</div>
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Most financial advisers (despite their personal financial literacy!) do not appear to have a clear picture of their own client profitability with their firm - how the different types of costs are allocated across different types of clients within the firm; what the marginal cost of each additional client will be in servicing or efficiency within their business; how the fixed costs will be affected by additional capacity requirements and so forth.</div>
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<u><b>Diversify business lines</b></u></div>
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This is a particularly interesting piece of thinking...Generally this means "I will have access to new products or advice lines". </div>
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When this is provided as a reason for acquisition it is a clear sign that there is a complete lack of strategic clarity and planning ability - or (at the opposite extreme) there is <i>very good</i> strategic thinking at work. Business owners looking to acquire for this reason are either thinking "I need more stuff to sell", or, they have a <i>clear idea</i> of where their business wants to be positioned in the future and have decided logically that it is cheaper to purchase the next piece that moves them closer to the goal, rather than to spend the time and money in development themselves.</div>
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It is just a matter of working out which of those two conditions are prevailing....and once again a fairly simple question gets to the heart of it:</div>
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"<i>how do the new business lines lead you more quickly to achieving your vision</i>?"</div>
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You'll know soon enough from the answer to this question which end of the spectrum they are at. However....it still has to make commercial sense, which takes us back to the points above. Some further questioning is often required - even if the strategic thinking is good it may be that this particular purchase is not the optimal choice financially.</div>
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<u><b>Enhance market position</b></u></div>
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Ah...the "bigger willie" syndrome. </div>
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Or is it?</div>
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It may be an egotistical drive or need of course, however it may be a very calculating and logical move that is fundamentally sound. Bigger can certainly be more valuable sometimes. </div>
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One of the best examples I have heard of was a financial adviser whose business had grown fairly large organically over many years, and after some sound strategic thinking they decided that "get big quickly" was the right way forward. The reason? To sell the business at a premium price and retire. A series of rapid fire small acquisitions, a re-branding exercise across all new purchases, implementation of some standardized systems...and 6 months after all of that sell the lot at a vastly higher price then they could otherwise have done.</div>
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<span style="font-family: Arial,Helvetica,sans-serif;">As an exit strategy it can be risky - but very worthwhile. Whether it is worthwhile really does come down to that clarity of vision once again though.</span><br />
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<a href="http://1.bp.blogspot.com/-DKLoDhQ8s00/T_Jjh_lOCUI/AAAAAAAAAJA/XGBWfuZLy8M/s1600/buying+jigsaw.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://1.bp.blogspot.com/-DKLoDhQ8s00/T_Jjh_lOCUI/AAAAAAAAAJA/XGBWfuZLy8M/s1600/buying+jigsaw.jpg" /></a></div>
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<u><b>In conclusion...</b></u></div>
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<span style="font-family: Arial,Helvetica,sans-serif;">Buying another business to grow your own can be a great move without doubt. But, one should really question the motivation, the rationale and understand thoroughly and logically what the benefits from acquisition are. </span><br />
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<span style="font-family: Arial,Helvetica,sans-serif;">If you do so, then there is a very good chance that the pieces will fit together well for you.</span><br />
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<br />
<span style="font-size: small;"><b style="font-family: Arial,Helvetica,sans-serif;"><span style="background-color: white; color: blue; font-size: small;"><i><u>Like this?</u> Then </i><i>share it</i><i> with others...or visit <a href="http://www.strictlybiz.co.nz/">www.strictlybiz.co.nz</a> for loads more useful and interesting information.</i></span></b></span><br />
<br />
<br /><div class="blogger-post-footer">All blogs are the personal views and opinions of Tony Vidler, Strictly Business Ltd, only. They should not be attributed or linked to any other organisation or business that Tony or Strictly Business Ltd may work with at any time.
For more great ideas on how Strictly Business can help your professional advice business perform better and grow, visit www.strictlybiz.co.nz</div>Tony Vidlerhttp://www.blogger.com/profile/05982691311785528851noreply@blogger.com0tag:blogger.com,1999:blog-7812455105957464066.post-25511966430990428372012-06-28T15:47:00.000+12:002012-08-14T06:00:06.707+12:00You need to know if you're going to buy to grow..<style>
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<span style="font-family: Arial; font-size: 10.0pt;"> </span><span style="color: blue; font-size: x-small;"><i>by Tony Vidler.</i></span><br />
<br />
<span style="font-family: Arial; font-size: small;">A common topic of discussion these
days is whether an adviser should buy another practice - or more commonly,
whether they should just buy a book of business from another practice.</span></div>
<div class="MsoNormal">
<span style="font-size: small;"><br /></span></div>
<div class="MsoNormal">
<span style="font-size: small;"><a href="http://3.bp.blogspot.com/-oCNui5xzKvY/T-vDC-IMPsI/AAAAAAAAAIs/13CIewhITPw/s1600/biz+for+sale.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="http://3.bp.blogspot.com/-oCNui5xzKvY/T-vDC-IMPsI/AAAAAAAAAIs/13CIewhITPw/s1600/biz+for+sale.jpg" /></a></span><span style="font-family: Arial; font-size: small;"> </span></div>
<div class="MsoNormal">
<span style="font-family: Arial; font-size: small;">The typical reasons suggested for
wanting to grow through acquisition are:</span></div>
<div class="MsoNormal">
<span style="font-size: small;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: Arial; font-size: small;">1. Get new clients</span></div>
<div class="MsoNormal">
<span style="font-family: Arial; font-size: small;">2. Increase business turnover</span></div>
<div class="MsoNormal">
<span style="font-family: Arial; font-size: small;">3. Increased cost efficiency</span></div>
<div class="MsoNormal">
<span style="font-family: Arial; font-size: small;">4. Diversify business lines</span></div>
<div class="MsoNormal">
<span style="font-family: Arial; font-size: small;">5. Enhance market position </span></div>
<div class="MsoNormal">
<span style="font-size: small;"><br /></span></div>
<div class="MsoNormal">
<span style="font-size: small;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: Arial; font-size: small;">All of these are good reasons to
consider purchasing another business, and we'll consider them in depth in a
separate article. Generally it seems that the majority of transactions in
financial services are still done on some form of multiple of sustainable
earnings. This is most often a "rule of thumb" type approach,
where a multiple is applied to the passive income stream that the target
business promises.</span></div>
<div class="MsoNormal">
<span style="font-size: small;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: Arial; font-size: small;">The main problem with rule of thumb
valuations (such as just paying 3 x renewal income for example) is that they do
not recognize the ease of integration, and this a critical factor in determining
the success of the acquisition for the new owners. </span></div>
<div class="MsoNormal">
<span style="font-size: small;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: Arial; font-size: small;">How well matched are the two
businesses? How easy are they to bring together, and how well do they
complement each other? </span></div>
<div class="MsoNormal">
<span style="font-size: small;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: Arial; font-size: small;">There are any number of areas to
consider, and you might begin by considering:</span></div>
<div class="MsoNormal">
<span style="font-size: small;"><br /></span></div>
<ul type="disc">
<li class="MsoNormal"><span style="font-family: Arial; font-size: small;">Is it
just an asset purchase, or are you looking to buy an entire business
(warts and all)? If so, what contingent and latent liabilities are
lurking about?</span></li>
<li class="MsoNormal"><span style="font-family: Arial; font-size: small;">Similarity
of client profiles between the businesses</span></li>
<li class="MsoNormal"><span style="font-family: Arial; font-size: small;">Geographical
spread of business</span></li>
<li class="MsoNormal"><span style="font-family: Arial; font-size: small;">Demographics
& statistics - average ages, portfolio size, product penetration or
fee agreements</span></li>
<li class="MsoNormal"><span style="font-family: Arial; font-size: small;">Advice
philosophy & values - how do product & process & philosophy
work in each business </span></li>
<li class="MsoNormal"><span style="font-family: Arial; font-size: small;">Business
relationships - suppliers, research, IT, transferable centers of influence
or marketing arrangements</span></li>
<li class="MsoNormal"><span style="font-family: Arial; font-size: small;">Data
management and CRM systems</span></li>
<li class="MsoNormal"><span style="font-family: Arial; font-size: small;">Workflow
and advice processes - are they similar, or is substantial change required
somewhere?</span></li>
<li class="MsoNormal"><span style="font-family: Arial; font-size: small;">Staffing
- duplication of roles & responsibilities; individual skill sets;
desired skill sets?</span></li>
<li class="MsoNormal"><span style="font-family: Arial; font-size: small;">Are
there any "turnkey" or proprietary solutions that you are
purchasing from the target business which would or could enhance your own
existing business?</span></li>
</ul>
<div class="MsoNormal">
<span style="font-size: small;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: Arial; font-size: small;">The better they are matched, and the
easier & better the integration, then higher the potential value should be.</span></div>
<div class="MsoNormal">
<span style="font-size: small;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: Arial; font-size: small;">This type of analysis is in reality
just a starting point however in understanding how the two businesses may
mesh. Having done that one can reasonably being to assess the cost and
the benefits of integrating the businesses. Be aware that the majority of
purchasers do seem to optimistically over-estimate the "synergies",
or benefits from the acquisition - and often seriously underestimate (or do not
understand) the actual costs in terms of lost productivity impact and additional
marketing requirements for a prolonged period.</span></div>
<div class="MsoNormal">
<span style="font-size: small;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: Arial; font-size: small;">The single most important thing to
my mind though is that relatively few prospective purchasers seem to have
formed a clear view or understanding of what stage the target business is at in
ITS business lifecycle.</span></div>
<div class="MsoNormal">
<span style="font-size: small;"><br /></span></div>
<div class="MsoNormal">
<span style="font-size: small;"><br /></span></div>
<span style="font-size: small;"><br /></span>
<br />
<div class="separator" style="clear: both; text-align: center;">
<span style="font-size: small;"><a href="http://2.bp.blogspot.com/-E5UpUz-hCvc/T-vDD3xO3II/AAAAAAAAAIw/gk06vaqHu28/s1600/biz+ownership+cycle.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://2.bp.blogspot.com/-E5UpUz-hCvc/T-vDD3xO3II/AAAAAAAAAIw/gk06vaqHu28/s1600/biz+ownership+cycle.jpg" /></a></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: Times; font-size: small;"><a href="http://2.bp.blogspot.com/-E5UpUz-hCvc/T-vDD3xO3II/AAAAAAAAAIw/gk06vaqHu28/s1600/biz+ownership+cycle.jpg"><span style="color: blue; text-decoration: none;"><br /></span></a></span></div>
<div class="MsoNormal">
<span style="font-size: small;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: Arial; font-size: small;">There is nothing at all wrong with
purchasing a business that is perhaps heading into decline - provided you
understand that decline is the inevitable path unless you have a good strategy
for how to re-invigorate it. Even if the target business looks to have
moved into some self-sustaining cash-cow mode and has little organic growth
within it, there may still be solid rationale to pay a premium price for
it. If the business can seamlessly be added to your own business, with
highly complementary systems and data management, and opens up the opportunity
for your (superior?) advice proposition to unlock latent value....then it may
well be worth it.</span></div>
<div class="MsoNormal">
<span style="font-size: small;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: Arial; font-size: small;">However, simply valuing a book of
clients or an advisory business on an "accepted" industry multiple,
without any understanding of how or where superior value from the purchase can
be derived makes little sense.</span></div>
<br />
<span style="font-size: small;"><b style="font-family: Arial,Helvetica,sans-serif;"><span style="background-color: white; color: blue; font-size: small;"><i><u>Like this?</u> Then </i><i>share it</i><i> with others...or visit <a href="http://www.strictlybiz.co.nz/">www.strictlybiz.co.nz</a> for loads more useful and interesting information.</i></span></b></span><div class="blogger-post-footer">All blogs are the personal views and opinions of Tony Vidler, Strictly Business Ltd, only. They should not be attributed or linked to any other organisation or business that Tony or Strictly Business Ltd may work with at any time.
For more great ideas on how Strictly Business can help your professional advice business perform better and grow, visit www.strictlybiz.co.nz</div>Tony Vidlerhttp://www.blogger.com/profile/05982691311785528851noreply@blogger.com0tag:blogger.com,1999:blog-7812455105957464066.post-87980279505443050272012-06-26T11:17:00.000+12:002012-08-14T06:01:25.346+12:00Consider the context!<a href="http://1.bp.blogspot.com/-PJ2vPXEUiC0/T-jrDpF6DtI/AAAAAAAAAIY/MdoM2o1bP_Y/s1600/advice.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="200" src="http://1.bp.blogspot.com/-PJ2vPXEUiC0/T-jrDpF6DtI/AAAAAAAAAIY/MdoM2o1bP_Y/s200/advice.jpg" width="195" /></a> <span style="color: blue; font-size: x-small;"><i>by Tony Vidler.</i></span> <br />
<div style="font-family: Arial,Helvetica,sans-serif;">
<br />
Watching how the market regulator manages change in a principles-based regime is revealing, and highlights the difficulty in implementing the principles. </div>
<div style="font-family: Arial,Helvetica,sans-serif;">
<br /></div>
<div style="font-family: Arial,Helvetica,sans-serif;">
That is; the very act of raising questions and seeking submissions from industry provides useful information about the most difficult and dangerous areas for advisers.</div>
<div style="font-family: Arial,Helvetica,sans-serif;">
<br /></div>
<div style="font-family: Arial,Helvetica,sans-serif;">
Yesterday the Financial Markets Authority (FMA) issued a guidance note to assist the market in putting forward submissions to the regulator on how to interpret a key part of the (relatively) new financial advisers legislation. (The link to the full guidance note appears below). The guidance note itself is very helpful in outlining the current thinking and expectations of the FMA, and is worth reading for that reason alone.</div>
<div style="font-family: Arial,Helvetica,sans-serif;">
<br /></div>
<div style="font-family: Arial,Helvetica,sans-serif;">
The critical question that is being addressed in this guidance and submissions request process is, <u><i>what constitutes financial advice as far as the advice industry thinks</i></u>? </div>
<div style="font-family: Arial,Helvetica,sans-serif;">
<br /></div>
<div style="font-family: Arial,Helvetica,sans-serif;">
The FMA put forth a view which basically suggests there might be broadly three forms of interaction between an adviser and a consumer. They are:</div>
<div style="font-family: Arial,Helvetica,sans-serif;">
<br /></div>
<div style="font-family: Arial,Helvetica,sans-serif;">
1. <b>No Advice.</b> Information only is provided - essentially just facts are given.</div>
<div style="font-family: Arial,Helvetica,sans-serif;">
<br /></div>
<div style="font-family: Arial,Helvetica,sans-serif;">
2. <b>Class Advice.</b> Information, opinion, guidance may be provided by an adviser to a group or collective (e.g. via seminar). No personalized advice is provided however as the individual consumer's situation is not considered at all.</div>
<div style="font-family: Arial,Helvetica,sans-serif;">
<br /></div>
<div style="font-family: Arial,Helvetica,sans-serif;">
3. <b>Personalized Advice</b>. The clients situation is considered and advice is provided that addresses their needs or desires.</div>
<div style="font-family: Arial,Helvetica,sans-serif;">
<br /></div>
<div style="font-family: Arial,Helvetica,sans-serif;">
The Financial Advisers Act itself provides some clear definitions, though not drilling down to the detail that provides explicit guidance. Personal financial advice is essentially a recommendation or an opinion (whether express or implied) to act, or not act, upon financial information and the clients circumstances (and which is also NOT specifically class advice).</div>
<div style="font-family: Arial,Helvetica,sans-serif;">
<br /></div>
<div style="font-family: Arial,Helvetica,sans-serif;">
Where this all gets tricky - and provides the entire reason for the
FMA seeking input from the advisory sector - is that the national
retirement savings scheme is a product that not all types of registered
advisers are allowed to advise upon. Only some are allowed to provide
"personalized advice" on savings and investment products (of which
KiwiSaver is an example). Yet, with over a third of the country now enrolled in
KiwiSaver and an express desire on the part of government to have ALL of
New Zealand enrolled in it eventually, clearly it is set to become a
significant factor in the financial planning of every citizen some time.</div>
<div style="font-family: Arial,Helvetica,sans-serif;">
<br /></div>
<div style="font-family: Arial,Helvetica,sans-serif;">
Add
to this that a primary objective of the Financial Advisers Act was to
promote greater confidence by the public in the use of financial advice
and financial services. </div>
<div style="font-family: Arial,Helvetica,sans-serif;">
<br /></div>
<div style="font-family: Arial,Helvetica,sans-serif;">
So we have a situation where most of our population will one day be
involved with the national retirement savings scheme, yet not all
financial advisers can talk to them about it even though a prime policy
objective is for consumers TO get good financial guidance and use such products.</div>
<div style="font-family: Arial,Helvetica,sans-serif;">
<br /></div>
<div style="font-family: Arial,Helvetica,sans-serif;">
It is an awkward situation for a market regulator to try and resolve
without doubt. Equally, it is undoubtedly an awkward situation for many financial
advisers and institutions to try and work with. </div>
<div style="font-family: Arial,Helvetica,sans-serif;">
<br /></div>
<div style="font-family: Arial,Helvetica,sans-serif;">
The extremely valid point raised in the guidance that lies at the
heart of the need to consider how to implement the law, is that the
"<u><i>context shapes the customer's expectations</i></u>" as to what is personalized
advice. Logically, you cannot disagree with this argument.</div>
<div style="font-family: Arial,Helvetica,sans-serif;">
<br /></div>
<div style="font-family: Arial,Helvetica,sans-serif;">
Look at the picture below for a graphic example of how context shapes precisely the same thing. </div>
<div style="font-family: Arial,Helvetica,sans-serif;">
</div>
<div style="font-family: Arial,Helvetica,sans-serif;">
<br /></div>
<div style="font-family: Arial,Helvetica,sans-serif;">
<br /></div>
<div style="font-family: Arial,Helvetica,sans-serif;">
<br /></div>
<div class="separator" style="clear: both; font-family: Arial,Helvetica,sans-serif; text-align: center;">
<a href="http://2.bp.blogspot.com/-WWgr9iPK3ts/T-jrEhO0-jI/AAAAAAAAAIc/Hd0ozFKOgDc/s1600/the+cat.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="184" src="http://2.bp.blogspot.com/-WWgr9iPK3ts/T-jrEhO0-jI/AAAAAAAAAIc/Hd0ozFKOgDc/s320/the+cat.jpg" width="320" /></a></div>
<div style="font-family: Arial,Helvetica,sans-serif;">
<br /></div>
<div style="font-family: Arial,Helvetica,sans-serif;">
<br /></div>
<div style="font-family: Arial,Helvetica,sans-serif;">
A financial advice example; if there are (say) 50 different KiwiSaver scheme providers that a consumer might choose from, and a financial adviser gives the consumer a single investment statement from a provider, is it reasonable to think that the consumer could consider that a personal recommendation?</div>
<div style="font-family: Arial,Helvetica,sans-serif;">
<br /></div>
<div style="font-family: Arial,Helvetica,sans-serif;">
The answer is "maybe". Which is not helpful at all is it?</div>
<div style="font-family: Arial,Helvetica,sans-serif;">
<br /></div>
<div style="font-family: Arial,Helvetica,sans-serif;">
<u>Scenario 1</u>: Consumer says: "<i>have you got anything you can give me on KiwiSaver?</i>". Registered (but not Authorised) Financial Adviser replies: "<i>here's one provider's investment statement</i>". It is hard to imagine somebody perceiving that to be personalized advice.</div>
<div style="font-family: Arial,Helvetica,sans-serif;">
<br /></div>
<div style="font-family: Arial,Helvetica,sans-serif;">
<u>Scenario 2</u>: Consumer says: "<i>I think I should be in Kiwisaver and need to know which one to join</i>". Registered (but not Authorised) Financial Adviser replies: "<i>here's one provider's investment statement</i>". It's hard to imagine that not being perceived as a type of advice.</div>
<div style="font-family: Arial,Helvetica,sans-serif;">
<br /></div>
<div style="font-family: Arial,Helvetica,sans-serif;">
Exactly the same response each time from the adviser - yet the context is substantially different. </div>
<div style="font-family: Arial,Helvetica,sans-serif;">
<br /></div>
<div style="font-family: Arial,Helvetica,sans-serif;">
Only 1 provider was offered to the consumer out of the full range of possible choices in this scenario. The advisers genuine belief may be that by providing an investment statement they have merely provided factual information on a particular scheme. This does not necessarily constitute a recommendation that the particular provider is better or worse than any other - it is just information on a KiwiSaver scheme. "<i>Frankly they are all much of a muchness and it doesn't matter who you pick</i>" may well be what is going through the advisers mind.</div>
<div style="font-family: Arial,Helvetica,sans-serif;">
<br /></div>
<div style="font-family: Arial,Helvetica,sans-serif;">
To a consumer though the context is quite different. Certainly in Scenario 2 there is a real risk that the Consumer's perception is "I<i> told the adviser I wanted to join KiwiSaver and the adviser gave me this particular statement, therefore it is the one they recommended</i>".</div>
<div style="font-family: Arial,Helvetica,sans-serif;">
<br /></div>
<div style="font-family: Arial,Helvetica,sans-serif;">
Regardless of the outcome of the submissions process just initiated by the FMA here, there is a long-term lesson for advisers that is immediately apparent:</div>
<div style="font-family: Arial,Helvetica,sans-serif;">
<br /></div>
<div style="font-family: Arial,Helvetica,sans-serif;">
Consider the context. It is the difference between whether you are well on the right side of the battle line, whether you just strayed into no man's land, or whether you have gone into territory that is not yours.</div>
<div style="font-family: Arial,Helvetica,sans-serif;">
<br /></div>
<div style="font-family: Arial,Helvetica,sans-serif;">
<br /></div>
<span style="font-family: Arial,Helvetica,sans-serif;">http://www.fma.govt.nz/media/887945/guidance_note_-_kiwisaver_sale_and_distribution_june_2012.pdf</span><br />
<br />
<br />
<span style="font-size: small;"><b style="font-family: Arial,Helvetica,sans-serif;"><span style="background-color: white; color: blue; font-size: small;"><i><u>Like this?</u> Then </i><i>share it</i><i> with others...or visit <a href="http://www.strictlybiz.co.nz/">www.strictlybiz.co.nz</a> for loads more useful and interesting information.</i></span></b></span><div class="blogger-post-footer">All blogs are the personal views and opinions of Tony Vidler, Strictly Business Ltd, only. They should not be attributed or linked to any other organisation or business that Tony or Strictly Business Ltd may work with at any time.
For more great ideas on how Strictly Business can help your professional advice business perform better and grow, visit www.strictlybiz.co.nz</div>Tony Vidlerhttp://www.blogger.com/profile/05982691311785528851noreply@blogger.com0tag:blogger.com,1999:blog-7812455105957464066.post-13777261173384990742012-06-21T08:51:00.006+12:002012-08-14T06:02:44.551+12:00The good life or financial freedom?<a href="http://1.bp.blogspot.com/-L3jJ9ett0y0/T-JVZl-qbFI/AAAAAAAAAHc/6ditqOItgpY/s1600/images.jpg"><img alt="" border="0" id="BLOGGER_PHOTO_ID_5756257171912944722" src="http://1.bp.blogspot.com/-L3jJ9ett0y0/T-JVZl-qbFI/AAAAAAAAAHc/6ditqOItgpY/s320/images.jpg" style="cursor: hand; cursor: pointer; float: left; height: 213px; margin: 0 10px 10px 0; width: 237px;" /></a><br />
<span style="font-family: arial;"> </span><span style="color: blue; font-size: x-small;"><i>by Tony Vidler.</i></span><br />
<br />
<span style="font-family: arial;">The Financial Services Council (FSC) has just issued issued a statement summarising some recommendations they were making regarding national retirement savings, following research it had conducted in New Zealand. The link to the full report is at the end of this article.</span><br />
<br />
<span style="font-family: arial;">The report is extremely interesting, though missed the mark in a critical area. There is an inherent assumption that if the right product solution is created (as envisaged by the FSC), then that will address the issue. There is a lack of focus on the benefits of changing consumer behavior through good education and advice.</span><br />
<br />
<span style="font-family: arial;">The focus of the report therefore is about a consumer attaining financial freedom in their golden years. What about the good life along the way?</span><br />
<br />
<span style="font-family: arial;">The report makes a number of very interesting and useful observations, especially in the area of recognizing the extraordinary convergence of issues facing the under 40's. This included the some core retirement planning issues such as:</span><br />
<br />
<ul style="font-family: arial;">
<li>They are likely to be living longer than previous generations; </li>
<li>They are most likely to have less family financial support than prior generations; and; </li>
<li>They face more uncertainty than prior generations when it comes to government support.</li>
</ul>
<div style="font-family: arial;">
<span style="font-size: 100%;">Some other very significant factors were not cited in the recommendations however. Without attempting to provide an exhaustive list, one should include other factors facing today's workforce when it comes to retirement planning.</span></div>
<ul style="font-family: arial;">
<li>Less subsidization of health & education costs than previous generations; leading to greater strain on today's resources.</li>
<li>Prior generations had access to "defined benefit" superannuation schemes which provided great certainty for retirees.</li>
<li>Higher standard of living expectations from the children of today's under 40's - creating additional financial stress.</li>
</ul>
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There is no doubt in my mind that this segment of society (the under 40's) is the "sandwich generation".</div>
<div face="arial" style="font-family: Arial,Helvetica,sans-serif;">
Firmly stuck in the middle of change - not deriving the full benefits that previous generations did of having guaranteed retirement, yet they are expected to fund it for those in retirement now. They are not deriving the full benefit of subsidized education and health, so are having to largely pay their own way - and also <span style="font-style: italic;">fully </span>pay the way for their own children. One could go on, but I am sure you get the key point: they are funding the expected benefits for retiree's today, together with the wider benefits demanded by society today, together with their own needs today, <span style="font-style: italic;">and</span> <span style="font-style: italic;">also</span> having to make provision for the next generation on a user-pays basis.</div>
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The Sandwich Generation. They are the filling in the middle, that provides all the flavour and much of the nutrition in the meal.</div>
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Simply providing a retirement product solution to address the needs of these younger New Zealander's is not enough. Their needs are much more complex, and quite frankly they have half a century of working life to negotiate before they can realise the benefits of a well constructed retirement plan.</div>
<div style="font-family: arial;">
While it is important to make provision for the future, and ensure that the final 30 or so years of life are comfortable, dignified and independent (wherever possible), there is the remaining and somewhat important matter of trying to achieve exactly the same objectives in the first 60 years or so of life. Financial freedom (as an objective) has to be weighed up against having a good life along the way.</div>
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What will help these consumers do this better than anything else are getting 2 things:</div>
<div style="font-family: arial;">
1. Better financial education during their adult lives. They need the best possible information, tools, and understanding about how to manage their resources well, and to understand the impact of the choices they must make. It is an investment in efficiency after all - if they are assisted to make better choices, their resources will go further and it will be beneficial for society and themselves.</div>
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2. Professional and personalized advice. Their world IS complicated and they face many competing demands. Good advice will help navigate the competing demands, help them decide when and where (in their lives) products may or may not help, and help them get the best out of their resources along the way. During their working lives financial products are a relatively minor part of the overall financial picture. Advice addresses the bigger picture. Products do not.</div>
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Great products and great savings systems may well provide great retirement incomes.</div>
<div style="font-family: arial;">
Great advice can help them have a good life along the way as well though. And THAT is what most consumers actually want, and it is the item missing from an otherwise great piece of work by the FSC.</div>
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<div style="color: #000099; font-family: arial;">
<span style="font-size: 85%;">The full report from FSC can be found at:</span></div>
<div style="color: #000099; font-family: arial;">
<span style="font-size: 85%;">Pensions for the Twenty First Century: Retirement Income Security for Younger New Zealanders</span></div>
<div style="color: #000099; font-family: arial;">
<span style="font-size: 85%;">http://fsc.org.nz/site/fsc/files/reports//FSC_Pensions%20report%20%20FINAL%20Publication%2017%20June%202012%20copy.pdf</span></div>
<br />
<span style="font-size: small;"><b style="font-family: Arial,Helvetica,sans-serif;"><span style="background-color: white; color: blue; font-size: small;"><i><u>Like this?</u> Then </i><i>share it</i><i> with others...or visit <a href="http://www.strictlybiz.co.nz/">www.strictlybiz.co.nz</a> for loads more useful and interesting information.</i></span></b></span><br />
<br /><div class="blogger-post-footer">All blogs are the personal views and opinions of Tony Vidler, Strictly Business Ltd, only. They should not be attributed or linked to any other organisation or business that Tony or Strictly Business Ltd may work with at any time.
For more great ideas on how Strictly Business can help your professional advice business perform better and grow, visit www.strictlybiz.co.nz</div>Tony Vidlerhttp://www.blogger.com/profile/05982691311785528851noreply@blogger.com0tag:blogger.com,1999:blog-7812455105957464066.post-49731741390418481492012-06-18T08:25:00.001+12:002012-08-14T06:04:03.270+12:00How going Low-Tech is best!<div class="separator" style="clear: both; text-align: center;">
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<a href="http://3.bp.blogspot.com/-XOAJL235JdU/T948nuWctpI/AAAAAAAAAHM/eWnz24eyWWo/s1600/einstein.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="color: blue; font-size: x-small;"><i>by Tony Vidler.</i></span></a></div>
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As advisers become more compliance-focused, and attain more technical expertise, there is a real risk of getting too clever - and clients not understanding what you are talking about. It is helpful to have some simple techniques that cut through to the heart of the matter and show them precisely what you are suggesting, and how that benefits them.</div>
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Often the best way of explaining in simple terms what you are recommending is to go really really low-tech. Use a blank piece of paper, divide it into 2 columns and put each "parties" part on either side of the page.</div>
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It captures precisely what you are suggesting; what the clients commitment is; and; what the other parties commitment back to them is.</div>
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<span style="font-family: Arial,Helvetica,sans-serif;">People get it, and it is a lot more helpful than the 40 page detailed report with pie charts and graphs.</span><br />
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<i style="font-family: Arial,Helvetica,sans-serif;"><u>For Example:</u></i><br />
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<a href="http://2.bp.blogspot.com/-vkFFDXPaSUM/T943_O4qZ_I/AAAAAAAAAHA/o2F3kYX8tt8/s1600/2+parties.tiff" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="341" src="http://2.bp.blogspot.com/-vkFFDXPaSUM/T943_O4qZ_I/AAAAAAAAAHA/o2F3kYX8tt8/s400/2+parties.tiff" width="400" /></a></div>
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I am not suggesting ignoring the technical information, or the necessary detail of your recommendation. The detail is essential from many perspectives. However, technical information should be supporting your recommendation - it should not BE the recommendation. GREAT advisers are able to take complex technical information and deliver it in a way that clients can grasp quickly.</div>
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As Albert Einstein so famously put it:</div>
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<span style="font-family: Arial,Helvetica,sans-serif;">"<i><b>If you can't explain it simply, you don't understand it well enough</b></i>"</span> <br />
<br />
<span style="font-size: small;"><b style="font-family: Arial,Helvetica,sans-serif;"><span style="background-color: white; color: blue; font-size: small;"><i><u>Like this?</u> Then </i><i>share it</i><i> with others...or visit <a href="http://www.strictlybiz.co.nz/">www.strictlybiz.co.nz</a> for loads more useful and interesting information.</i></span></b></span><div class="blogger-post-footer">All blogs are the personal views and opinions of Tony Vidler, Strictly Business Ltd, only. They should not be attributed or linked to any other organisation or business that Tony or Strictly Business Ltd may work with at any time.
For more great ideas on how Strictly Business can help your professional advice business perform better and grow, visit www.strictlybiz.co.nz</div>Tony Vidlerhttp://www.blogger.com/profile/05982691311785528851noreply@blogger.com0tag:blogger.com,1999:blog-7812455105957464066.post-13110710867787221432012-06-12T01:59:00.023+12:002012-08-14T06:05:40.685+12:00More Bulls**t Jargon on its way?<a href="http://1.bp.blogspot.com/-huMi6NE1Ht0/T9YEURgHspI/AAAAAAAAAGc/yr07bDcS3qE/s1600/jargon.jpg"><img alt="" border="0" id="BLOGGER_PHOTO_ID_5752790320354407058" src="http://1.bp.blogspot.com/-huMi6NE1Ht0/T9YEURgHspI/AAAAAAAAAGc/yr07bDcS3qE/s320/jargon.jpg" style="cursor: hand; cursor: pointer; float: right; height: 186px; margin: 0 0 10px 10px; width: 271px;" /></a><br />
<span style="color: blue; font-size: x-small;"><i>by Tony Vidler.</i></span><span style="font-family: arial;"> </span><br />
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<span style="font-family: arial;">Heaven help us...the financial services sector is apparently getting new jargon!</span> <span style="font-family: arial;">Because we need it.</span><br />
<br />
<span style="font-family: arial;">It can only be a matter of time before the new buzzworders suggest we also need new qualifications to qualify for the new buzzword, possibly with a recommendation for new acronyms to describe the new Jargon.</span><br />
<br />
<span style="font-family: arial;">In the last 24 hours two interesting articles appeared on my radar screen suggesting that financial services - or more specifically, financial planning - has some new buzz words now because we need them.</span><br />
<br />
<span style="font-family: arial;">Yeah, right.</span><br />
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<span style="font-family: arial;">In one story I read with interest that "Finology is the new buzzword in US Financial Planning circles". In the other, I read that "financial life planning" has arrived. Dammit....I think I'll have to call myself a Life Finology Planner.</span> <span style="font-family: arial;">Actually, I thought the Financial Life Planning wave was rather late in being reported given it has actually been around for quite a few years now as a school of thought.</span> <span style="font-family: arial;">Nevertheless, I am now reassured to learn that it has in fact arrived.</span><br />
<br />
<span style="font-family: arial;">Finology though? More on that shortly....but it does sound rather like the scientific study of the back end of rockets doesn't it?</span><br />
<br />
<span style="font-family: arial;">Let's begin with the tardy Financial Life Planning that took so long to arrive. Well this is the "core of a fast-growing American financial advice movement that is spreading across the world", and credited to George Kinder. According to one practitioner quoted in the story this discipline is about "connecting money with life rather than sitting down with people and telling them they need to buy a pension". The Financial Life Planner quoted contends that ordinary financial planning consists of planners attempting "to find an individuals secret sorrow".</span><br />
<br />
<span style="font-family: arial;">This intrigued me, as I have never heard - from the hundreds of financial planners, or the many more hundreds of other types of financial advisers that I know who effectively do financial planning work - that the business is about finding someone's secret sorrow. Doing a little digging via Google around the financial planning world didn't reveal anyone focused upon uncovering sorrows or vast regrets for individuals either. </span><br />
<br />
<span style="font-family: arial;">The focus of the Financial Life Planner is oddly enough precisely upon doing what your common garden-variety financial planners say they try to do: ask clients questions and get to know their aspirations, and then helping them to put together a plan that is most likely to help them achieve it.</span><br />
<br />
<span style="font-family: arial;">So back to "Finology"...with full credit to my faithful assistant Google....it seems the founding Finologist is a chap called Richard Wagner, who claims credit for inventing this word. In an interesting article he says that the profession needs this new word because there is no word that describes the relationship between an individual and money in the English Language. What about "dependence" Richard?</span><br />
<br />
<span style="font-family: arial;">Just as an aside; the word "relationship" itself is defined as "a connection, an involvement or an association". So conceivably the apparently missing word to describe a persons relationship with their money is "relationship"?</span> <span style="font-family: arial;">Just sayin'...y'know?</span><br />
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<span style="font-family: arial;">Regardless, Wagner postulates that the profession's progress is limited by the absence of our own vocabulary to describe this link, and the term "Life Planning" is dismissed as being too broad a term to accurately describe what planners do.</span> <span style="font-family: arial;">Ergo: Finology. Hurrah!</span><br />
<br />
<span style="font-family: arial;">What a huge yawn....and that is just for those in the business. It will be an even bigger yawn for consumers. </span><br />
<br />
<span style="font-family: arial;">The questions that arise whenever this sort of nonsense is mooted should be:</span><br />
<ol style="font-family: arial;">
<li>How will coining a new term to describe an existing professional competency help the profession or the consumers of its services?</li>
<li>Who is this term being developed for? (i.e. for whose benefit?)</li>
<li>If the new term is to be valid, how is it really differentiated from existing disciplines?</li>
</ol>
<div style="font-family: arial;">
When reading of these latest hot pieces of jargon sweeping the world of financial planning, I could not work out an answer to the first question. Neither of these buzzwords describe methodology or systems or competencies that apparently differ from what good planners - indeed, from what good financial advisers - already do.</div>
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The terms appear to be feverishly capturing the imagination of the advisory community only. Or not maybe. But there is no discernible cry for these "different approaches" from consumers, or even necessarily the majority of the advisory community that I can find. It does seem more likely that the driver is advisers struggling to articulate their own value proposition to clients - or desperately wanting to distance themselves from the image of being seen to sell anything.</div>
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Hello? You're in business. You ARE selling something. Do you honestly think that a new piece of jargon will obscure that? Even if that jargon is meant to convey you don't "do product" or somesuch?</div>
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The broad claim of differentiation between conventional financial advisers or planners and the Finologists or Financial Life Planners seems to be a disassociation from product recommendations. The buzzworders appear to be driven by understanding the real issues that drive human behavior, in order to be able to help behavioral and circumstantial change.</div>
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But then not use manufactured products perhaps. (This is not actually entirely clear though).</div>
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Funnily enough, the process just described is what you get taught in financial planning. It is also what you get taught in other financial services specialist training. It is what most professional financial advisers do every day with their clients. But you also get taught and learn how to use products as tools. </div>
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Products are merely a means to an end. A New Zealand consumer who wants a fantastic holiday in London may well choose to work with a professional travel consultant. That person will inevitably recommend a mode of transport because even our best triathletes would struggle with the 18,325 kilometer run/swim/cycle leg, and probably not enjoy the holiday part quite so much. So a product (e.g a plane ticket) is often a necessary component of the advice. The advice however is absolutely centered upon how to achieve the goal of the fantastic holiday, and ensuring that the details required to make it work as seamlessly as possible, and to be as enjoyable an experience as possible are thought of and covered.</div>
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It is absolutely true that in times gone by - when the industry was young and still thought it knew everything - products were the center of the process. As the profession has learned and improved though, products are secondary. Advice is the key value component.</div>
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Financial advice is no different in reality to the example of the travel agent, and it doesn't require new labels or buzzwords or jargon to highlight that. Professional financial advisers do try to know and understand the "soft" issues - the needs, the aspirations, the goals of the clients. Often they have to help the clients actually define those things as many consumers haven't really done it. In putting together plans to help the clients achieve those aspirations and goals, products get used. But the products are tools.</div>
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The advice and the coaching make the difference. No matter how you label it.</div>
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<span style="font-family: arial;">The story on Financial Life Planning that caught my attention:</span><br />
<span style="font-family: arial;"><br />http://www.telegraph.co.uk/finance/personalfinance/investing/9319327/A-new-kind-of-financial-adviser-or-a-waste-of-money.html</span><br />
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<span style="font-family: arial;">More on Finology by the very Finologist himself....</span><br />
<span style="font-family: arial;">http://www.worthliving.com/2010/08/seeding-the-garden-of-knowledge/</span><br />
<br />
<br />
<span style="font-size: small;"><b style="font-family: Arial,Helvetica,sans-serif;"><span style="background-color: white; color: blue; font-size: small;"><i><u>Like this?</u> Then </i><i>share it</i><i> with others...or visit <a href="http://www.strictlybiz.co.nz/">www.strictlybiz.co.nz</a> for loads more useful and interesting information.</i></span></b></span><div class="blogger-post-footer">All blogs are the personal views and opinions of Tony Vidler, Strictly Business Ltd, only. They should not be attributed or linked to any other organisation or business that Tony or Strictly Business Ltd may work with at any time.
For more great ideas on how Strictly Business can help your professional advice business perform better and grow, visit www.strictlybiz.co.nz</div>Tony Vidlerhttp://www.blogger.com/profile/05982691311785528851noreply@blogger.com0tag:blogger.com,1999:blog-7812455105957464066.post-79830913955212127792012-06-07T10:50:00.000+12:002012-08-14T07:55:12.358+12:00How to spot a Dinosaur.<span style="color: blue; font-size: x-small;"><i>by Tony Vidler.</i></span><br />
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I have wondered if, with all the changes in financial services over recent years, any of the dinosaurs survived our own dramatic financial ice age. "Surely not", I thought.<br />
But they ARE still out there!</div>
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<a href="http://1.bp.blogspot.com/-nAV4uYEdjYM/T8_RdCnsctI/AAAAAAAAAGM/WzdpPHIbl3I/s1600/dinosaur.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="266" src="http://1.bp.blogspot.com/-nAV4uYEdjYM/T8_RdCnsctI/AAAAAAAAAGM/WzdpPHIbl3I/s400/dinosaur.jpg" width="400" /></a></div>
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Over a period of some 6 months I have observed a dinosaur up close as I attempted to change its DNA to ensure its survival after the big thaw of the current Ice Age. Despite (logically) knowing that it was a virtually impossible task, as scientific intervention doesn't change the DNA of the living creature and nor is the creature able to change its own essential nature in its own lifetime, you fool yourself into thinking it just might be possible. I was plain silly, what can I say? Mea Culpa!</div>
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I did however learn a lot about the topic though from close observation, and there are some lessons here for everyone who ever has anything at all to do with financial services. We shall begin by identifying the stock standard carnivorous dinosaur (and bear in mind everything I know about dinosaurs has been learned from watching all the Jurassic Park movies - twice. I am therefore something of an authority on this topic!) The dinosaur I refer to has the following characteristics:</div>
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<ul style="font-family: Arial,Helvetica,sans-serif;">
<li>it is programmed internally to hunt for every meal. That is its base instinct.</li>
<li>it simply eats whatever it kills. It is not a particularly discerning diner, as long as it gets meat.</li>
<li>if it cannot catch and kill new prey, it will resort to cannibalism and attack its own kind</li>
<li>it cannot be tamed or domesticated. It will always be a wild creature that will turn on any other.</li>
<li>it has a poorly developed mind. Logic, rational thought, understanding of consequences are non-existent.</li>
<li>it has very basic emotional development. The entire set of emotions consist of "happy" ("have just killed and eaten something"), & "angry" ("have not killed and eaten something"). </li>
<li>it is noisy and attempts to impose its presence with sheer volume. Of the roaring kind.</li>
<li>it stomps about crushing things underfoot willy-nilly. It's environment exists solely for its own benefit in its mind.</li>
</ul>
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Comparing this to the small and dying breed of Financial Adviser Dinosaurs (FAD's) - of the sort I inspected closely for a little while - you find distinct parallels. I provide this list of identifying traits as a matter of public service.</div>
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<li>The FAD has no concept of investing in future food sources </li>
<li>The FAD lives sale to sale. Often it spends its commission twice - the day a sale is "made", and then again the day they actually get paid for the sale they made.</li>
<li>The FAD has no target market (preferred prey?). If it is still breathing it is prey.</li>
<li>The FAD will cannibalize its own business for another sale.</li>
<li>The FAD cannot be improved through regulation and rules. Like a leash, they are effective only when directly applied to the beast in question and under the watchful eye of a handler. The leash in itself does not change the animals behavior.</li>
<li>The FAD has no technical qualifications at all. Nor does it really want any.</li>
<li>The FAD operates at the barest minimum legal standard, hovering just on the barely legal side of business. Mostly.</li>
<li>The FAD has no aspirations for self-improvement, professional development or for achieving any of the higher purposes in life. The mindset is consistently narcissistic - focused only on what makes them feel good in the moment.</li>
<li>The FAD has limited emotional development. Whilst they cover the stock standards set of human emotions, they have not quite evolved to the point of having innate sense of fairness or justice, and the emotional set does not include "guilt".</li>
<li>The FAD is consistently upbeat and positive and talking enthusiastically - about themselves - to any audience. A mirror is of course an audience to a FAD. </li>
<li>The FAD is not interested in creating legacies or thinking of tomorrow. Bulldozing is a method of movement for the FAD.</li>
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Now I really should stress that these FAD's are increasingly difficult to find, there are less and less by the week. Speaking personally, as a person who has watched Jurassic park movies from under the blankets the first time around, it is not a good thing having dinosaurs roaming freely amongst humans and their pets. Fortunately for us, there is little doubt that the dinosaurs are totally hopeless at breeding and raising the young - in a purely commercial sense that is. </div>
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They simply cannot build successful businesses with their inherent characteristics, and nor can they congregate successfully for commercial gain with other dinosaurs - or even other non-dinosaur-creatures. That base instinct of killing to eat, combined with nonchalant cannibalism whenever hunger demands it, puts paid to their commercial prospects.</div>
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Regardless of your place in the financial services life - be it a consumer, potential business partner or ally, consultant or coach, or just someone with a spare seat at a conference - it is worth being able to identify a FAD as quickly as possible.</div>
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Should you hear one coming (and you usually do hear them first), then spot the predatory look as they size you up as a potential meal while they bulldoze their way into your conversation/life/spare seat, then run. Quickly. It is the only safe course of action.</div>
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<span style="font-family: Arial,Helvetica,sans-serif;">The good news though is that these dinosaurs are dying out. And if you can stay out of their kill-zone, they will die out even quicker.</span><br />
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<span style="font-size: small;"><b style="font-family: Arial,Helvetica,sans-serif;"><span style="background-color: white; color: blue; font-size: small;"><i><u>Like this?</u> Then </i><i>share it</i><i> with others...or visit <a href="http://www.strictlybiz.co.nz/">www.strictlybiz.co.nz</a> for loads more useful and interesting information.</i></span></b></span><div class="blogger-post-footer">All blogs are the personal views and opinions of Tony Vidler, Strictly Business Ltd, only. They should not be attributed or linked to any other organisation or business that Tony or Strictly Business Ltd may work with at any time.
For more great ideas on how Strictly Business can help your professional advice business perform better and grow, visit www.strictlybiz.co.nz</div>Tony Vidlerhttp://www.blogger.com/profile/05982691311785528851noreply@blogger.com0tag:blogger.com,1999:blog-7812455105957464066.post-27262106438716788052012-05-29T08:02:00.001+12:002012-08-14T07:56:24.105+12:00How to take the "R" out of FREE<div style="font-family: Arial,Helvetica,sans-serif;">
<span style="color: blue; font-size: x-small;"><i>by Tony Vidler.</i></span><br />
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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. </div>
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<span style="font-family: Arial,Helvetica,sans-serif;">Consumers perceived rightly or wrongly that financial advice was "free", and the struggle now is how to take the "R" out of that, and establish that advice deserves a fee.</span> <span style="font-family: Arial,Helvetica,sans-serif;"> There are basically just 5 steps to being able to do that successfully.</span><br />
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In order to successfully value the advice component (in any line of work) there is the essential requirement to be able to define what it is you do that benefits the client. What precisely is your valuable contribution? </div>
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Step 1 is a fundamental element that is often the <i>real</i> barrier to being able to successfully charge reasonable fees for expertise. Or to put it plainly, the inability to explain easily what your expertise is, is the very thing that creates the awkwardness for many advisers. </div>
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If one can be blunt, there is little real ability to put a fee on expertise if one cannot explain what the expertise is, and how that will benefit the person paying the bill. Remember, <i><u>value</u></i> in a customer's mind is pretty much as simple as "benefits minus the costs", which is the clever way of understanding their key question: "what do I get for what I pay?"</div>
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So the first and most critical step is being able to explain simply what it is you do that warrants a fee being paid by a client.</div>
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Moving on to the actual steps of implementing fee's though, there are 4 more things that are "must do's":</div>
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<li>You have to <u>initiate the discussion</u>. It cannot be avoided, and you cannot leave it to the client to ask the right questions - you must be proactive, confident of the value presented, and willing to be up-front.</li>
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<li> You have to be totally <u>transparent</u>. No trickery or magical playing with numbers. No detailed fine print that obfuscates. Provide your fees in a plain, easy-to-understand method.</li>
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<li><span style="font-family: Arial,Helvetica,sans-serif;">You have to put fees in <u>context</u>. Do not expect consumers to be able to work out whether your fees are reasonable compared to other choices, or how they relate to the benefits you provide to them. This element is a little different to Step 1 - which was a general positioning of why you are worth paying at all. Here, you must be able to personalize the value element for the client. Having told them the cost, you must be able to explain the benefit <i>to them</i> in order to identify the value being created.</span></li>
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<li>You have to <u>put it in writing</u>. Doing business on a handshake is fantastic, but to create lasting trust in a consumers mind, you must be willing to put it in writing for their safety. This takes some of the "risk" out of the equation for them. And of course, should there be problems in the future this is a critical element. After all, in a dispute a verbal contract is not worth the paper it's printed on, is it? </li>
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<span style="font-family: Arial,Helvetica,sans-serif;">By implementing these steps you will be able to move from the concept of providing FREE advice, to providing advice that is worth a FEE. </span><br />
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<span style="font-size: small;"><b style="font-family: Arial,Helvetica,sans-serif;"><span style="background-color: white; color: blue; font-size: small;"><i><u>Like this?</u> Then </i><i>share it</i><i> with others...or visit <a href="http://www.strictlybiz.co.nz/">www.strictlybiz.co.nz</a> for loads more useful and interesting information.</i></span></b></span><div class="blogger-post-footer">All blogs are the personal views and opinions of Tony Vidler, Strictly Business Ltd, only. They should not be attributed or linked to any other organisation or business that Tony or Strictly Business Ltd may work with at any time.
For more great ideas on how Strictly Business can help your professional advice business perform better and grow, visit www.strictlybiz.co.nz</div>Tony Vidlerhttp://www.blogger.com/profile/05982691311785528851noreply@blogger.com0tag:blogger.com,1999:blog-7812455105957464066.post-45034401691198810602012-05-22T16:42:00.003+12:002012-08-14T07:57:38.683+12:00The 8 steps of a great sales script<div style="font-family: Arial,Helvetica,sans-serif;">
<span style="color: blue; font-size: x-small;"><i>by Tony Vidler.</i></span><br />
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One of the most under-rated tools for success in any sales-orientated job is "scripting"...actually writing down the words you are going to use - in advance - and thinking about how those words work together.</div>
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<a href="http://3.bp.blogspot.com/-n0-IDALldOQ/T7sGaJKPAII/AAAAAAAAAF0/9ZnsrCCaROk/s1600/phone+call.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="400" src="http://3.bp.blogspot.com/-n0-IDALldOQ/T7sGaJKPAII/AAAAAAAAAF0/9ZnsrCCaROk/s400/phone+call.jpg" width="282" /></a><span style="font-family: Arial,Helvetica,sans-serif;">Unbelievably though most sales people seem to prefer to pick up a phone, or make a call on a prospective client, and basically just work it out on the fly. </span><br />
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<span style="font-family: Arial,Helvetica,sans-serif;">They say they want to sound "natural", or don't want to sound "canned"....and after a little role play I can often assure them that their natural and un-canned approach to a prospect certainly doesn't sound like a rehearsed spiel at all. </span><br />
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<span style="font-family: Arial,Helvetica,sans-serif;">It usually sounds more like a spluttering teenager hesitantly asking a shotgun-armed father if he can take his daughter out....</span><br />
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The same salespeople then ask for help with improving their conversion rates....improving the proportion of the people they talk to initially wanting to talk further with them. But they want to be natural while doing it.</div>
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So why bother scripting out what you are hoping will sound natural and easy? Well, it is so you can be natural and easy....while being effective.</div>
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<span style="font-family: Arial,Helvetica,sans-serif;">In any presentation, whether it be over the phone to a stranger or in an auditorium of attentive acolytes, you will be far more relaxed and easy with your audience if you know precisely what you are going to say and do. Practice really does make perfect in this regard...rehearsing and practicing to get the right words in the right order and with the right inflection and impact makes a massive difference to your conversion rate. It follows of course that a big difference in that conversion rate means far more effective advertising and marketing spend, and a far healthier bottom line for your business. And you annoy less people.</span><br />
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<i>What goes into a good sales scripts</i>?</div>
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1. <b><u>The clients name.</u></b></div>
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The one thing guaranteed to get someone's attention is their own name, and it is a basic courtesy. Try and use it 2-3 times early in the script as it gets their full attention on what you are saying. You are also being courteous and polite in doing so, which creates a positive impression.</div>
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2. <u><b>Pauses</b></u>.</div>
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Especially when engaging with a prospective client on the phone and they have no non-verbal clues to help them, you have to give reasonably frequent pauses. It is difficult for most people to follow a conversation with someone they do not know well when they can only hear them, so you have to slow down and give them time to process what you are saying.</div>
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3. <u><b>Tone.</b></u></div>
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The tone can in itself make or break any approach - we all know that. Think beyond the obvious though - it isn't just about being friendly and professional, but where you put inflection on particular words, and how fluidly you move through what you want to say can also make a huge difference to how positively it is received. And a light mildly humorous tone can be magic - if you (or your line of work) can carry that off.</div>
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4. <u><b>Brevity</b></u> </div>
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Life's short. Keep it brief. Make it as short as possible - but no shorter. One of the real advantages of scripting and role-playing is that you can actively refine what you want to say to get that optimal balance of brief, but detailed enough, to get the point across. </div>
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5. <b><u>WIIFM</u></b>.</div>
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Every prospective client has Radio-WIIFM playing in their own head the whole time you are talking to them. What Is In It For Me? That's the question in their minds that MUST be answered sufficiently for them to agree to go further with you. It is at the core of your script.</div>
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6. <u><b>Minimal choices.</b></u> </div>
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Too many choices confuse people, and their instinct is to either find a middle ground or refuse to choose anything. The simple act of providing many choices creates a barrier for many consumers - it all gets too hard. If for instance you are asking for an appointment, then just give them a choice of 2 times. If you don't provide any choices, and leave an open question for them to solve, it just becomes too hard as they have to think of too many variables.</div>
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7. <u><b>Ask.</b></u> </div>
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Seems obvious, but you actually have to ask for what you want at some point. Clearly it is not appropriate asking for what you want before you've gone through the previous steps, however you do actually have to ask for the order, or the next step, or the appointment, or whatever. This doesn't have to be complicated - in fact you are more likely to be trusted if it isn't some cunning "closing technique" - just simple and open, asking for permission to go to the next step, is very effective.</div>
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<span style="font-family: Arial,Helvetica,sans-serif;">8. <u><b>Back-up</b></u>. </span><br />
<span style="font-family: Arial,Helvetica,sans-serif;">No matter how good and polished your script and you are, there will be people you are talking to where they haven't quite got it and are hesitating. Usually when they are hesitating or non-committal - but haven't hung up on you or thrown you out - they are saying inside their own minds "you haven't convinced me yet".</span><br />
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You have to be prepared with a back-up...something which cuts straight to the heart of the WIIFM again and helps them understand what the benefit is to them of doing what you ask. It is not "objection handling" of the old fashioned variety where you supposedly will cunningly maneuver the prospective client into saying "yes" to something they will later regret. This is your best shot...your key proposition put into words that show them how they will gain from doing what you propose.</div>
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<span style="font-family: Arial,Helvetica,sans-serif;">There will still be people who don't go with your recommendation - and for lots of good reasons that they don't want to share with you. But if you do construct a great sales script, and rehearse and polish it, at least you won't lose good people just because they couldn't understand you or thought you a bumbling fool.</span><br />
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<span style="font-family: Arial,Helvetica,sans-serif;">A great sales script is founded on elemental psychology and an acute understanding of what is likely to be happening in the other persons mind. The right words, put together in the right order, and then said the right way, and all done with conviction and certainty make for success.</span><br />
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<span style="font-size: small;"><b style="font-family: Arial,Helvetica,sans-serif;"><span style="background-color: white; color: blue; font-size: small;"><i><u>Like this?</u> Then </i><i>share it</i><i> with others...or visit <a href="http://www.strictlybiz.co.nz/">www.strictlybiz.co.nz</a> for loads more useful and interesting information.</i></span></b></span><br />
<br />
<br /><div class="blogger-post-footer">All blogs are the personal views and opinions of Tony Vidler, Strictly Business Ltd, only. They should not be attributed or linked to any other organisation or business that Tony or Strictly Business Ltd may work with at any time.
For more great ideas on how Strictly Business can help your professional advice business perform better and grow, visit www.strictlybiz.co.nz</div>Tony Vidlerhttp://www.blogger.com/profile/05982691311785528851noreply@blogger.com0tag:blogger.com,1999:blog-7812455105957464066.post-38395505685455278932012-05-14T19:11:00.010+12:002012-08-14T07:59:28.449+12:00Financial advice less beneficial than prostitution?<span style="font-family: arial;"> </span><span style="color: blue; font-size: x-small;"><i>by Tony Vidler.</i></span><br />
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<span style="font-family: arial;">The latest financial services regulation development in New Zealand has an interesting twist.<br /><br />One has an immediate sense that somehow financial advisers have just swapped places with the prostitution business.<br /><br />By that I do not suggest that now financial advisers are trading in sexual favours of course, or that sex-workers are offering financial advice. But which of them engages in acceptable business practices does appear to be shifting it seems. </span><br />
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<span style="font-family: arial;"><br /><br />You see, soliciting for sex on the street is a legal and regulated business activity in New Zealand. Clearly it is an acceptable business practice to regulatory decision makers, and no problems are caused to society at large from allowing those in the business to hawk their wares to unsuspecting passers-by. I am confident there will be rules prohibiting them from soliciting near schools or something (which would be quite ridiculous as I am confident their target market are not to be found in schools), but by and large they are allowed to ply their trade openly in the street. Fair enough I suppose, and good for them.</span><br />
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<span style="font-family: arial;">However, we have a new piece of proposed law (the Financial Markets Conduct Bill) which says soliciting for financial products is something which should be stopped.</span><br />
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<span style="font-family: arial;">It's an interesting contrast don't you think?</span><br />
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<span style="font-family: arial;">Without meaning to be disparaging in any way to sex-workers (who by all accounts are prospering in the regulated world), it would be fair to observe that their trade would set off alarm bells on more moral radar screens than, say, a chap wandering around offering life insurance. I have no doubt the wandering insurance sales person (if they still actually exist) will upset someone whilst going about their business. But then, there is a proportion of society who clearly subscribe to Big Brotherdom in most aspects and are able to move to immediate moral outrage and indignant huffing and puffing at the suggestion that some people don't care about carbon footprints either.</span><br />
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<span style="font-family: arial;">So we have a proposal which basically appears to want to banish "unsolicited offers" made by financial advisers.<br /><br />But what is an unsolicited offer? Conceivably it is any offer to provide financial products or solutions which a consumer did not actively seek out.</span><span style="font-family: arial;">There's a problem in itself. In 22 years I could count on my hands the number of consumers who have apparently woken up one day and decided that was the ideal time to contact me and put in place a financial solution - unsolicited.<br /><br />In financial services, where the benefits or the products are primarily intangible in the first instance, most consumers are not alert to the benefits of taking particular courses of action. To help consumers understand what their possible courses of action may be the financial services industry engages in a significant amount of advertising, marketing and - for lack of a better word - soliciting.<br /><br />Advisers talk to people, and in a sense "hawk their wares". Just like most other businesses. Plumbers do it, and painters do it, and prostitutes too.<br /><br />Why would it be that it is not acceptable for financial advisers to talk to people and offer their expertise, or products, or particular solutions?<br /><br />In this country we have a recognised issue with low financial literacy across society; we have a recognised problem in under-insurance (and therefore over-reliance upon the state to put matters right); we have a looming issue with retirement funding for an aging demographic.<br /><br />The proposed solution?<br /><br />Don't let those who might be able to help address these issues actually go out proactively and talk to consumers.<br /><br />It is, in a word, farcical.<br /><br />Professional advisers are universally in favour of laws and regulation to protect consumers from the unscrupulous. We have those laws already in fact.<br /><br />Suggesting that the country requires a further piece of law-mongering that will undermine the public participation in the use of financial services and financial products, and relegate an entire industry to a position where it has less ability to market itself than prostitutes have, is simply irresponsible.<br /><br />Doing so suggests that financial advisers provide less benefit to society as a whole than the streetwalkers, which I am willing to contest.</span><br />
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<span style="font-size: small;"><b style="font-family: Arial,Helvetica,sans-serif;"><span style="background-color: white; color: blue; font-size: small;"><i><u>Like this?</u> Then </i><i>share it</i><i> with others...or visit <a href="http://www.strictlybiz.co.nz/">www.strictlybiz.co.nz</a> for loads more useful and interesting information.</i></span></b></span><div class="blogger-post-footer">All blogs are the personal views and opinions of Tony Vidler, Strictly Business Ltd, only. They should not be attributed or linked to any other organisation or business that Tony or Strictly Business Ltd may work with at any time.
For more great ideas on how Strictly Business can help your professional advice business perform better and grow, visit www.strictlybiz.co.nz</div>Tony Vidlerhttp://www.blogger.com/profile/05982691311785528851noreply@blogger.com1tag:blogger.com,1999:blog-7812455105957464066.post-73230717400873411702012-05-09T06:41:00.002+12:002012-08-14T08:01:06.638+12:00When is the best time for honesty?<div class="separator" style="clear: both; text-align: center;">
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I have found myself talking to several advisers recently about "disclosure" - not a scintillating topic, and one which I'd prefer to not talk about. There are many things far more interesting in life on which you can spend your time.</div>
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The disclosure talk has arisen though because it is still apparently confusing, and advisers continue to ask questions on what they actually have to do. One thing I am sure about though, is it is not a good strategy to try and find a clever line that is just on the "right" side of the law (you hope), and then try to make the case later on that you are an honest person. </div>
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Honesty in the advice relationship is there right at the beginning, or it is never there at all.</div>
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A quick recap on adviser disclosure, as a principle here in New Zealand. Full disclosure applies to Authorised Financial Advisers only, and most are apparently meeting their requirements with a 2-tiered system. They provide a Primary Disclosure Statement when first meeting with a client, which details qualifications and licensing status, and provides general information on how they might be remunerated and what conflicts of interest might arise. Following the specific advice being determined for a client, they then provide their Secondary Disclosure Statement. This secondary statement is where the bulk of the confusion lies, and where there is a tendency for some to still get it wrong I feel.</div>
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The rules are actually pretty straightforward. The Secondary Disclosure Statement must (and these are highlighted pertinent points only): </div>
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<ul>
<li> <span style="font-family: Arial,Helvetica,sans-serif;">"set out the prescribed information clearly, concisely, and in a manner likely to bring the information to the attention of the client". (surely there is no confusion as to what this means?)</span></li>
<li style="font-family: Arial,Helvetica,sans-serif;">if charging a fee, then the adviser must specify the basis on which the fee will be charged, a reasonable estimate of what the fee is, and when the client must pay.</li>
<li style="font-family: Arial,Helvetica,sans-serif;">provide details of financial interests and relationships that "a reasonable client would find reasonably likely to materially influence the adviser"</li>
<li style="font-family: Arial,Helvetica,sans-serif;">provide "details of all remuneration....that the adviser.....has received, or will or may receive </li>
</ul>
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<span style="font-family: Arial,Helvetica,sans-serif;">Further guidance is provided by the regulator: "the intent of the secondary disclosure document is to describe the specific nature.....you should do this clearly and concisely and in a manner that brings the required information to the attention of your client".</span><br />
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So with such abundance (and I think clear) guidance why would an adviser have a secondary disclosure statement that is generic, templated and holistic information that clearly is aimed at being provided en masse to anyone they deal with?</div>
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For example, statements provided following specific advice to a specific client say things like "I may charge you a fee, or I may charge you a commission. There may be bonuses, and I might receive incentives. There might be conflicts of interest, but maybe not....."</div>
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How would an adviser, let alone a reasonable client find this sort of statement to clear, concise and specific? Clearly it isn't any of those things - it is not clear what is actually being charged; it is not clear what material influences are actually at work here in this piece of advice; it does not specifically draw the client's attention to conflicts of interest.</div>
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Perhaps it is because some advisers are confused over what their obligations are. Perhaps it is because some advisers feel uncomfortable spelling out their cost or remuneration.</div>
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Whatever the reason for not providing specific disclosure at the appropriate time, I am reasonably sure such behaviour will be severely frowned upon by regulators. It is also very highly likely that any disputes resolution or legal intervention in the future would place some weight upon the fact that the disclosure was not of an appropriate standard (perhaps bordering on misleading? oooh, there's a nasty thought....). It will be difficult for an adviser to make the case at that junction that they are in fact an honest person who was operating in a professionally transparent manner.</div>
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Most importantly though, how can it build trust in the adviser-client relationship if one is not willing to be direct, specific and transparent from the beginning?</div>
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<br /></div>
<span style="font-size: small;"><b style="font-family: Arial,Helvetica,sans-serif;"><span style="background-color: white; color: blue; font-size: small;"><i><u>Like this?</u> Then </i><i>share it</i><i> with others...or visit <a href="http://www.strictlybiz.co.nz/">www.strictlybiz.co.nz</a> for loads more useful and interesting information.</i></span></b></span><br />
<br />
<br />
<br /><div class="blogger-post-footer">All blogs are the personal views and opinions of Tony Vidler, Strictly Business Ltd, only. They should not be attributed or linked to any other organisation or business that Tony or Strictly Business Ltd may work with at any time.
For more great ideas on how Strictly Business can help your professional advice business perform better and grow, visit www.strictlybiz.co.nz</div>Tony Vidlerhttp://www.blogger.com/profile/05982691311785528851noreply@blogger.com1tag:blogger.com,1999:blog-7812455105957464066.post-70028490196027639762012-05-02T06:38:00.000+12:002012-08-14T08:02:45.100+12:003 questions you must answer to define your Uniqueness<div>
<span style="clear: left; float: left; font-family: arial; margin-bottom: 1em; margin-right: 1em;"></span><span style="font-family: arial;"> </span><span style="color: blue; font-size: x-small;"><i>by Tony Vidler.</i></span><br />
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<span style="font-family: arial;">The difference between a good (but not spectacular) salesperson, and a truly magnificent salesperson</span><span style="font-family: arial;"> is the ability to succinctly articulate what makes them special. </span><br />
<br />
<span style="font-family: arial;">This is often referred to as having a "Unique Selling Proposition", or USP.<br /> </span><br />
<a href="http://3.bp.blogspot.com/-AZ0aQuW28i8/T4-Xfer4GmI/AAAAAAAAAFA/AXpFcXf3yrg/s1600/imagesCAFBWRED.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="" border="0" height="266" id="BLOGGER_PHOTO_ID_5732967417734765154" src="http://3.bp.blogspot.com/-AZ0aQuW28i8/T4-Xfer4GmI/AAAAAAAAAFA/AXpFcXf3yrg/s400/imagesCAFBWRED.jpg" style="height: 183px; margin-top: 0px; width: 275px;" width="400" /></a><span style="font-family: arial;">A good USP is the thing that in a moment makes a potential customer think: "<i>Aha! - I am interested in talking to YOU"</i>.</span></div>
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<span style="font-family: arial;"></span></div>
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<span style="font-family: arial;">That moment can be the difference between merely making a living, or making a mint.<br /><br /><b><i>So how does one go about defining their USP?</i></b></span></div>
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<div>
<span style="font-family: arial;"></span></div>
<div>
<br />
<span style="font-family: arial;">Well, it's hard work. You have to think honestly about what makes you different, and how you deliver value, and then be able to capture that in a simple statement that people can get, or get intrigued by, in moments....it is not a 5 minute job to work out for most people. In fact it is something that you might be constantly thinking about and working on for many many months. </span><br />
<br />
<span style="font-family: arial;">To get on track with defining your own USP there are just a few questions that you need to be able to answer. So here are the questions you have to answer in order to distill the essence of what makes you special, and why somebody should deal with you.</span></div>
<div>
<span style="font-family: arial;"></span></div>
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<span style="font-family: arial;"></span></div>
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<span style="font-family: arial;">1. What do I <i><u>really</u></i> do?</span></div>
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<i style="font-family: Arial,Helvetica,sans-serif;">(Note: not what are the mechanics or functions of my job, but what things do I achieve for others)</i><br />
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<div>
<br />
<span style="font-family: arial;">2. What am I <u>genuinely</u> passionate about? </span><br />
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<span style="font-family: arial;"><i>(Note: "passionate" is an over-used word, but think about what you would do for no financial reward (if you could), because you genuinely love doing it)</i></span></div>
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<br />
<div>
<br />
<span style="font-family: arial;">3. How does what I do, and what I am passionate about, combine to make a fantastic difference to another person?</span><br />
<br />
<span style="font-family: arial;"><i>(Note: This is the toughest one to work out - and is the essence of a great USP)</i> </span></div>
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<div>
<span style="font-family: Arial;"></span></div>
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<div>
<b><span style="font-family: Arial;"><u>Some good (but not <i>GREAT</i>) examples</u>:</span></b></div>
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<div>
<span style="font-family: Arial;"></span></div>
<span style="font-family: Arial;">"</span><i><span style="font-family: Arial;">what makes me unique is my ability to grasp complex technical information REALLY quickly, and provide practical simple solutions straight away that clients can benefit from."</span></i><br />
<i><br /></i>
<br />
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<i><span style="font-family: Arial;">"what makes me unique is my ability to positively influence people to change their thinking on how their financial future can be, and then help them make it happen the way they want it to."</span></i></div>
<i><br /></i>
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<span style="font-family: Arial;"><i>"I am great at being able to to stay focused on the end goal for my clients, and to be able to adapt their plan for them as the world changes so they are always on track to achieve their big goals</i>."</span><br />
<br />
<span style="font-family: Arial;">There is a common structure here in articulating the USP. Identifying immediately that you are able to describe something different about you in comparison to others, focusing then on the key function that you perform better than others, and then translating that into the core benefit for the client.</span><br />
<span style="font-family: Arial;"><br /></span>
<span style="font-family: Arial;">Simplistically, the formula for a great USP could be described as:</span><br />
<span style="font-family: Arial;"><br /></span>
<span style="font-family: Arial;">My brilliance + my passion = Your gain</span><br />
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<span style="font-family: Arial;">a final example....</span><br />
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<span style="font-family: Arial;"><i>"I am the best in the business at taking complex financial problems onboard, and delivering simple solutions that <u>work</u> for my clients. I make their financial issues <u>easy</u> for them to fix."</i></span><br />
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<span style="font-family: Arial;">It can be very hard work distilling all that you know, and all that you can do, into a simple sound-bite that people can grab, and understand, in moments. If you are able to though, you will find that more prospective clients engage you.</span><br />
<span style="font-family: Arial;"><br /></span>
<span style="font-family: Arial;"><br /></span>
<span style="font-size: small;"><b style="font-family: Arial,Helvetica,sans-serif;"><span style="background-color: white; color: blue; font-size: small;"><i><u>Like this?</u> Then </i><i>share it</i><i> with others...or visit <a href="http://www.strictlybiz.co.nz/">www.strictlybiz.co.nz</a> for loads more useful and interesting information.</i></span></b></span></div>
<div>
</div>
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<div>
</div>
<div class="blogger-post-footer">All blogs are the personal views and opinions of Tony Vidler, Strictly Business Ltd, only. They should not be attributed or linked to any other organisation or business that Tony or Strictly Business Ltd may work with at any time.
For more great ideas on how Strictly Business can help your professional advice business perform better and grow, visit www.strictlybiz.co.nz</div>Tony Vidlerhttp://www.blogger.com/profile/05982691311785528851noreply@blogger.com0tag:blogger.com,1999:blog-7812455105957464066.post-29054087385749193352012-04-14T12:23:00.007+12:002012-08-14T08:03:48.482+12:00The BEST "Prospecting" Question Ever<a href="http://3.bp.blogspot.com/-FpmaqpWhPD4/T4jDy4EF4tI/AAAAAAAAAE0/L19eeG7QU-Y/s1600/make%2Bmoney.bmp"><span style="font-family: arial;"></span></a><span style="font-family: arial;"> </span><span style="color: blue; font-size: x-small;"><i>by Tony Vidler.</i></span><br />
<br />
<span style="font-family: arial;">I thought I'd share the best prospecting tip I ever heard....so simple, but soooo clever.</span><br />
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<span style="font-family: arial;"></span><br />
<span style="font-family: arial;">Many years ago a fantastic adviser that I knew well (since retired) working in rural town in New Zealand managed to be one of the top producing agents for well over a decade using this simple technique. </span><br />
<a href="http://3.bp.blogspot.com/-FpmaqpWhPD4/T4jDy4EF4tI/AAAAAAAAAE0/L19eeG7QU-Y/s1600/make%2Bmoney.bmp" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="" border="0" id="BLOGGER_PHOTO_ID_5731045804639380178" src="http://3.bp.blogspot.com/-FpmaqpWhPD4/T4jDy4EF4tI/AAAAAAAAAE0/L19eeG7QU-Y/s320/make%2Bmoney.bmp" style="height: 183px; margin-top: 0px; width: 275px;" /></a><br />
<span style="font-family: arial;">He would simply ask the people he knew - but who were not clients - as he wandered around doing his business a question. Well, it was two questions really.</span><br />
<span style="font-family: arial;"></span><br />
<br />
<span style="font-family: arial;">The first queston was "Do you mind if I ask you something?" </span><br />
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<span style="font-family: arial;">Invariably people respond: "of course not". Think about the psychology of that simple opening; a courteous request, seeking permission (so not in obvious control of the discussion), and virtually impossible to deny if you are the person being asked the question. It would be rude to say no, wouldn't it, and nobody wants to appear rude? So everyone agrees that he could ask them a further question.</span><br />
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<span style="font-family: arial;"></span><br />
<span style="font-family: arial;">The key question that followed was: "<i><b>Can I ask you why you have never done business with me?</b></i>" (said very politely, quizzically, and most emphasis upon the "me"). It is an almost apologetic approach that caused no offence or discomfort to people as he was careful to set it up correctly, and ask the question in the right tone.</span><br />
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<span style="font-family: arial;"></span><br />
<span style="font-family: arial;">Responses varied of course, but could be grouped into a simple set of about 4 types of responses:</span><br />
<span style="font-family: arial;">1. I have a great adviser and am happy</span><br />
<span style="font-family: arial;">2. You never asked me to do business with you</span><br />
<span style="font-family: arial;">3. I thought you were too busy/tooexpensive/too....something or other</span><br />
<span style="font-family: arial;">4. I don't know why I never have/I've never thought about it.<br /><br />In the case of the first response (I have a great adviser!), the best course of action is to congratulate them, thank them for answering, and move on from that topic. Stay engaged in the conversation of course, but leave that topic. In doing so you have been just as courteous and respectful, and unintrusive.</span><br />
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<span style="font-family: arial;"></span><br />
<span style="font-family: arial;">In all other cases though, the opportunity for a business discussion has just been created....</span><br />
<span style="font-family: arial;"></span><br />
<span style="font-family: arial;">This is an incredibly simple technique for determining whether you should be having a business discussion with people you know. It causes no offence (if asked correctly), the prospective client has given you permission to ask the question, and then feels compelled (having given you permission) to respond sincerely.</span><br />
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<span style="font-family: Arial;"></span><br />
<span style="font-family: Arial;">The follow up to engage the prospecive client in the business conversation was also a very politely framed question, that usually started with "I'm sorry I never explained properly how I help people, do you mind if I go through that with you sometime?" </span><br />
<br />
<span style="font-family: Arial;">The overwhelming proportion of people would then agree to meet up later and have a business chat....and that is how a single adviser working in a small rural town became one of the best producers and most popular people in the region.</span><br />
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<span style="font-family: arial;"></span><br />
<span style="font-family: arial;">Try it sometime, and you'll be amazed at how many people you know will be willing to talk business with you - if you just ask the right questions, the right way!</span><br />
<br />
<span style="font-size: small;"><b style="font-family: Arial,Helvetica,sans-serif;"><span style="background-color: white; color: blue; font-size: small;"><i><u>Like this?</u> Then </i><i>share it</i><i> with others...or visit <a href="http://www.strictlybiz.co.nz/">www.strictlybiz.co.nz</a> for loads more useful and interesting information.</i></span></b></span><div class="blogger-post-footer">All blogs are the personal views and opinions of Tony Vidler, Strictly Business Ltd, only. They should not be attributed or linked to any other organisation or business that Tony or Strictly Business Ltd may work with at any time.
For more great ideas on how Strictly Business can help your professional advice business perform better and grow, visit www.strictlybiz.co.nz</div>Tony Vidlerhttp://www.blogger.com/profile/05982691311785528851noreply@blogger.com0tag:blogger.com,1999:blog-7812455105957464066.post-7664308655692341542012-04-12T09:43:00.014+12:002012-08-14T08:05:24.177+12:00Underwrite at proposal time, or claim time?<br />
<span class="Apple-style-span" style="font-family: arial;"> </span><span style="color: blue; font-size: x-small;"><i>by Tony Vidler.</i></span><br />
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<span class="Apple-style-span" style="font-family: arial;">When does your client want to have the drama with their insurance company? At underwriting time, or at claim time?</span><br />
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<span class="Apple-style-span" style="font-family: arial;"><br /></span></div>
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<div class="separator" style="clear: both; text-align: center;">
<a href="http://3.bp.blogspot.com/-SdY6U22uZ5c/T4YrYMQSNWI/AAAAAAAAAEo/cc7i1Vl_Gcg/s1600/insurance%2Bpolicy.jpeg" style="margin-left: 1em; margin-right: 1em;"><img alt="" border="0" height="212" id="BLOGGER_PHOTO_ID_5730315270481917282" src="http://3.bp.blogspot.com/-SdY6U22uZ5c/T4YrYMQSNWI/AAAAAAAAAEo/cc7i1Vl_Gcg/s320/insurance%2Bpolicy.jpeg" style="float: left; height: 212px; margin: 0px 10px 10px 0px; width: 320px;" width="320" /></a></div>
<span class="Apple-style-span" style="font-family: arial;">An confusing facet of the life & personal risk insurance business is the perception that some companies are easier to do business with than others due to underwriting processes....and while that is true to a degree, it is not always as simple as it seems. To be sure, different insurers have different retention levels, make some different morbidity and mortality assumptions occasionally, and they definitely target different parts of the consumer-market with their pricing and underwriting terms. These factors undoubtedly make a difference to the underwriting process for any personal risk proposals.</span></div>
<div>
<span class="Apple-style-span" style="font-family: arial;"><br /></span></div>
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<span class="Apple-style-span" style="font-family: arial;">However, regardless of different insurers views of the variables to be given particular weight during the underwriting process, there remains a comprehensive underwriting process that will be employed. The question is simply whether the risk will be fully underwritten at proposal or at claim time.</span></div>
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<span class="Apple-style-span" style="font-family: arial;"><br /></span></div>
<div>
<span class="Apple-style-span" style="font-family: arial;">We have seen in recent years some insurers remove the barrier to business for advisers by streamlining the underwriting process - some even going so far as to do extremely simplistic underwriting of perhaps 5-10 questions. That type of underwriting effectively identifies only immediately impending claims, which of course are risks that are not taken on by the insurer. The insurer simply avoids taking on those immediately impending claims and declines the proposal outright. What about all the other policies it does accept with minimal underwriting though?</span></div>
<div>
<span class="Apple-style-span" style="font-family: arial;"><br /></span></div>
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<span class="Apple-style-span" style="font-family: arial;">The reality is that the majority of the easily underwritten cases will be medically underwritten in the event of a claim. That of course is just the time that a client or an adviser doesn't want problems.</span></div>
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<span class="Apple-style-span" style="font-family: arial;"><br /></span></div>
<div>
<span class="Apple-style-span" style="font-family: arial;">Contrast that with the philosophy of fully underwriting and assessing the risk in full at the time of proposal. In the event of a claim most of those types of cases do not require full medical underwriting to settle the claim - it has been done at the outset, the risks appropriately weighed up and priced, and a high degree of certainty provided to the client. Sure there will often be some medical evidence required to validate the claim, but the claims managers are not going through the entire medical history looking for problems to include in the decision on how to process the claim.</span></div>
<div>
<span class="Apple-style-span" style="font-family: arial;"><br /></span></div>
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<span class="Apple-style-span" style="font-family: arial;">The difference between the two philosophies is a fairly stark one: higher claims certainty versus higher immediate convenience.</span></div>
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<span class="Apple-style-span" style="font-family: arial;"><br /></span></div>
<div>
<span class="Apple-style-span" style="font-family: arial;">It may be that a client, or an adviser, will knowingly decide that immediate convenience is preferable to higher claims certainty, and therefore work with minimal underwriting to put some cover in place. They take their chances at claim time of course, but it makes doing the business easy.</span></div>
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<span class="Apple-style-span" style="font-family: arial;"><br /></span></div>
<div>
<span class="Apple-style-span" style="font-family: arial;">For most clients, and for their advisers, there is greater merit in working with a full underwriting process at the outset despite the time it takes and the hassle it causes, and the difficulty in obtaining the required information or even reasonable terms for the client. Because in doing so right at the outset, before a contract has been entered into, the client can create greater certainty that the product will perform at claim time as expected. It makes doing the business harder, but will usually make handling the claim easy.</span></div>
<div>
<span class="Apple-style-span" style="font-family: arial;"><br /></span></div>
<div>
<span class="Apple-style-span" style="font-family: arial;">For the adviser, there is far greater certainty that their advice and process will stand scrutiny well with a full underwriting process at the outset.</span></div>
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<span class="Apple-style-span" style="font-family: arial;"><br /></span></div>
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<span class="Apple-style-span" style="font-family: arial;">In the underwriting battle between claims certainty or immediate convenience, The better bet is on taking the inconvenient path at the initial underwriting stage for better long term business relationships and product performance at claim time.</span><br />
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<br />
<span style="font-size: small;"><b style="font-family: Arial,Helvetica,sans-serif;"><span style="background-color: white; color: blue; font-size: small;"><i><u>Like this?</u> Then </i><i>share it</i><i> with others...or visit <a href="http://www.strictlybiz.co.nz/">www.strictlybiz.co.nz</a> for loads more useful and interesting information.</i></span></b></span></div>
<div class="blogger-post-footer">All blogs are the personal views and opinions of Tony Vidler, Strictly Business Ltd, only. They should not be attributed or linked to any other organisation or business that Tony or Strictly Business Ltd may work with at any time.
For more great ideas on how Strictly Business can help your professional advice business perform better and grow, visit www.strictlybiz.co.nz</div>Tony Vidlerhttp://www.blogger.com/profile/05982691311785528851noreply@blogger.com0tag:blogger.com,1999:blog-7812455105957464066.post-78534645490710917662012-04-03T09:44:00.014+12:002012-08-14T08:07:03.925+12:003 ways to get the low-hanging fruit<br />
<span style="font-family: arial;"> </span><span style="color: blue; font-size: x-small;"><i>by Tony Vidler.</i></span><br />
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<div class="separator" style="clear: both; text-align: center;">
<a href="http://1.bp.blogspot.com/-yNvnmvcXmzo/T3olDsEezjI/AAAAAAAAAEI/XJJrJT8wUoE/s1600/purple%2Bgrapes.jpg" style="margin-left: 1em; margin-right: 1em;"><img alt="" border="0" height="400" id="BLOGGER_PHOTO_ID_5726930621454798386" src="http://1.bp.blogspot.com/-yNvnmvcXmzo/T3olDsEezjI/AAAAAAAAAEI/XJJrJT8wUoE/s400/purple%2Bgrapes.jpg" style="float: left; height: 320px; margin: 0px 10px 10px 0px; width: 213px;" width="266" /></a></div>
<span style="font-family: arial;">Everyone wants business to be as easy as possible, yet we so often make it harder than it has to be. What's wrong with living on some low hanging fruit if there is more of it than you can eat?</span><br />
<br style="font-family: arial;" />
<span style="font-family: arial;">Nothing is wrong with it - it's smart business. It's not always simple to recognise where the easy business is, but some very interesting and provocative numbers have caught my attention recently, and provided the answers to where the "easiest" business is to be had. </span><br />
<br style="font-family: arial;" />
<ul style="font-family: arial;">
<li>81% of New Zealand consumers get their primary financial information from somewhere other than an adviser</li>
<li>60% of advisers describe themselves differently to what they actually do.</li>
<li>79% of marketing generated leads never convert to sales/customers</li>
</ul>
<div style="font-family: arial;">
If you think about it, you know instinctively that the more time you spend with people giving them good practical help without pressure, then the more likely they are to turn into good long term customers that trust you and follow your advice. The statistics above merely provide evidence that this is so.<br />
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There is strong international evidence showing "nurtured" leads make 47% larger purchases than newly qualified people who are being "sold to" immediately. Those nurtured leads also have higher conversion rates - 50% more result in sales. From a cost per client perspective the research says nurtured leads actually cost about 33% less to acquire in marketing costs, than quick o<span style="font-family: arial;">ne-off sales.</span><br />
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<u>Several conclusions stand out:</u><br />
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<span style="font-family: arial;">1. There HAS to be a massive opportunity for advisers to engage better with their existing clients. The stats say most of your own clients don't see you as their primary information source. </span><span style="font-family: arial; font-style: italic;">Adviser check: Do you have a content strategy within your marketing to ensure that you are delivering the right sort of information consistently to be THE trusted source?</span><span style="font-family: arial;"> If not, why not? It HAS to be where the easiest wins are - or the "low-hanging fruit" (and lots of it too it seems).</span><br />
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2. There HAS to be a trust-barrier between the consumer and the adviser if what the adviser says they do, is not what the consumer sees in action. That HAS to affect the advisers ability to do the business. <span style="font-style: italic;">Adviser check: is your marketing, information, branding and labeling actually consistent with what you really do?</span> If you have a clever and grand-sounding title is it consistent with what the consumer sees and hears you talking about? If not, change the title. Or do what you say you are.<br />
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3. Given the choice between spending limited marketing budget on generating new leads - most of whom you will never get across the line - or spending it on existing customers, which is logically the best allocation of your limited resource? <span style="font-style: italic;">Adviser check: if you dare, work out how much you spent on marketing for new clients, and how many new clients you actually got for it. Compare it to how much you spent on "marketing" to your existing clients - and how much you got from that.</span><br />
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The conclusion is a simple one, and so simple it is almost unbelievable for most advisers. But the evidence in the form of pure sales results and client engagement that are being generated by advisers who have tried it are compelling.</div>
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Here is their formula:</div>
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<li>Talk to your own clients and networks. </li>
<li>Tell them what you do. </li>
<li>Try to help them and give them useful information - be there for them. </li>
<li>Be the person they trust for reliable and practical financial information. </li>
<li>Do your job well, and place their interests first. </li>
<li>Do it all constantly.</li>
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<span style="font-family: arial;">Simple and consistent content marketing of useful information to build trust and credibility, within your own network and clientele to begin with, is the most effective marketing spend. It is also the most effective way to get the low hanging fruit - and there is a lot more of it ready to be picked than most advisers realise.</span><br />
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<span style="font-size: small;"><b style="font-family: Arial,Helvetica,sans-serif;"><span style="background-color: white; color: blue; font-size: small;"><i><u>Like this?</u> Then </i><i>share it</i><i> with others...or visit <a href="http://www.strictlybiz.co.nz/">www.strictlybiz.co.nz</a> for loads more useful and interesting information.</i></span></b></span><br />
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<br /><div class="blogger-post-footer">All blogs are the personal views and opinions of Tony Vidler, Strictly Business Ltd, only. They should not be attributed or linked to any other organisation or business that Tony or Strictly Business Ltd may work with at any time.
For more great ideas on how Strictly Business can help your professional advice business perform better and grow, visit www.strictlybiz.co.nz</div>Tony Vidlerhttp://www.blogger.com/profile/05982691311785528851noreply@blogger.com0