Sunshine and smart thinking
This time of year is the perfect time to take stock of how the first half of the year has gone. Here are a few must-read articles that we shared on FP Advance’s social media this July to help you move your business forward.
Take a little time out to give your brain and your business a boost.
Ryan Holiday says, “What advice do we give most people? Fake it until you make it. Act the part. Market your best qualities the loudest. What are we telling people here? We’re telling them, in short, to over-promise. We’re asking them to misrepresent the numbers—about their skills, their confidence, their understanding—and hope they don’t get caught. That has always struck me as a horrible way to kick off one’s career…and a worse way to continue one.”
I couldn’t agree more.
Are advisory fees are evolving and trending away from the traditional fee-based advisor payment model?
In a new report, New York City-based Simon-Kucher & Partners lists eight alternative pricing options for advisors to consider going forward, with both pros and cons involved.
“The future of fees is not a shift from the traditional AUM to a new fee model,” said Wei Ke, managing partner in the global banking division at Simon-Kucher & Partners. “Rather, the future will be characterized by more diversity where a variety of fee structures will emerge to meet the needs of new and underserved client segments, and changing market conditions.”
People who read articles like this are generally not unlikeable, but read on anyway. It’s a great reminder about using your emotional intelligence, and even better it points out some very specific behaviours to avoid. (I’ll be stopping a few of these again myself).
The authors of this great Harvard Business Review piece say, “We’ve found, that building a culture focused on performance may not be the best, healthiest, or most sustainable way to fuel results. Instead, it may be more effective to focus on creating a culture of growth.”
Some great insights here for anyone trying to develop the next generation of leaders in their business.
I’ve pushed hard with many clients to make the delivery of advice simpler by not producing a Financial Plan (i.e. a bloody great big report) that no client will ever read. In this must-read Michael Kitces explores, in his usual thorough style, when it’s a good idea to follow my less-is-more advice, and just as importantly, when you should ignore it.