Sustaining great service Most advisers are super responsive to their clients. However, as your business grows and you are serving more clients, it becomes harder and harder to maintain that service level. This is an important issue. For most advisers, the personal customer service component is a major competitive advantage. Compare your service to the generic service levels you receive from your bank, your pay tv provider, or your local council. Compared to that we look amazing. Get … [Read more...] about Grow Your Business and Still Keep Clients Happy
Under pressure Every so often the industry conversation returns to the threat of margin compression; fancy language for the fact that maybe you won’t be able to charge so much in the future. For Financial Planning businesses, the 1% p.a. fee model has been the bedrock. What if that comes under pressure? I’ll be honest, I’m torn on this issue. There’s lots of talk about margin compression, but I’m not yet seeing it. It’s still industry chatter, not consumer driven. However, I can see … [Read more...] about Financial Times They are A-Changin’: Rise of the Robos
We’ve reached the end of 2018 and you definitely deserve a break after the hard work you’ve put into your business this year. Here at FP Advance we’ve hit on some major topics to inspire, challenge and support you in growing your business this year. These three really got people talking, so we thought we’d share them again in case you missed them first time round. Have a relaxing Christmas break and here’s to great things in 2019. Are You Outrageously Expensive or Too … [Read more...] about Setting Your Fees, The Truth about Hard Work, and How to Beat Big Business: Our 3 Most Popular 2018 Articles
Out of service How many businesses do you interact with where the service is total rubbish? If you’re like me, then the answer is “far too many”. Let me give you some examples: My big local hardware chain store, selling hardware supplies for the garden and outdoors, is appalling. There’s hardly any staff, and those I’ve spoken to are unenthusiastic and know very little about the ten million products that they stock. I don’t blame the individual staff for this, by the way; a fish always … [Read more...] about Is Financial Planning Facing an ‘Amazon Moment’?
You’ve been ‘omotenashi’d I read a great blog from Seth Godin recently on service. It was about the Japanese word ‘omotenashi’. (I’ve linked to the full version at the end so you can check it out yourself) Here’s what the Japantoday.com website had to say: ‘Omotenashi’ is hard to define, but Japanese use it to describe what they believe is their unique approach to hospitality. ‘Omotenashi’ involves the subjugation of self in service to a guest, without being ‘servile’. Anticipating needs is … [Read more...] about Made in Japan: How the Japanese do great service