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
Customer service counts Ever had a poor customer service experience? It can leave you feeling a bit miffed and unappreciated as a customer or potential customer. I seem to be highly attuned to my own customer service interactions, as a business consultant, for two reasons: a.) These interactions often provide great real-world examples of how to do, or not do things in a business. That can be useful when I’m trying to convey a message to clients I’m working with. b.) They hold up a … [Read more...] about Serving Aces: 2 keys to perfect customer service