Crafting a Professional Business Approach for Future Success
Explore the evolution of professional practices, industry transitions, client relationships, and value propositions in financial planning. Discover the keys to building trust, strengths-based approaches, and factors that drive client loyalty for a successful business experience.
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Presentation Transcript
Building a professional & future fit practice Edden Kift PortfolioMetrix
Transition The process or a period of changing from one state or condition to another
Where are we headed? Industry: economic activity concerned with the processing of raw materials and manufacture of goods in factories (and their distribution) Profession: a paid occupation, especially one that involves prolonged training and a formal qualification (such as accountants, doctors, lawyers) PRODUCT ADVICE Giving clients what they want Knowledge of products required Relationships with product suppliers Commission type remuneration Key to success: ability to sell Involves holistic financial planning About client needs, goals, aspirations Client relationships are key Fee based remuneration Key to success: ability to build trust
The How Working IN vs ON a business Value proposition Building trust Differentiation Client feedback Segmentation Service levels Return on LIFE vs INVESTMENTS Roles Processes Responsibilities Life transitions Fees
Focus on the strengths Client generation Client interaction Knowing clients Client strategy Where advisers add most value Power of partnership Client service Marketing Monitoring / Reporting Client-centric solutions
Building trust a TOTAL business experience Trust Character Competence Intent Integrity Capability Results Caring Honesty Skills Reputation Transparency Fairness Knowledge Credibility Openness Authenticity Experience Performance
What drives client loyalty? 60% Why 53% 50% How 40% What 30% 19% 19% 20% 9% 10% 0% Company & brand Product & service delivery Value-to-price ratio Advice experience Source: CEB Sales Leadership Council
The value proposition Get clients ..keep clients A value proposition is the DNA of a business that differentiates it from other financial planning businesses Advisers need to identify that one thing that defines and demonstrates their value to their clients Understand what prevents your business from delivering its value proposition...then solve it A fee can be charged when the adding of value is demonstrated My adviser gives me peace of mind, total clarity and the confidence that my affairs are in good hands ..that s why I pay for the service And .it s about the experience provided by the entire business
South Africa and RDR Product Provider Client Product Provider Client Adviser Adviser Remuneration of advisers by clients (not product providers) Quality of advice AND clients is critical Profitability should be a focus
Transition to fees Understand what it costs to deliver your value proposition when onboarding and looking after clients Consider how many hours you have available to spend on client activities Do the numbers to reach a balance between capacity and income generation Focus on ideal clients Be clear on the relationships: are you being paid by the client or the product supplier?
In closing.. Do less than customers expect and service is seen as bad. Do exactly what customers expect and service is seen as good. But do more than customers anticipate and service is seen as superior. Paul Dorrian, Intensive Customer Care Do it now. The business obituary pages are filled with planners who waited. Harry Beckwith, Selling the Invisible
