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There are a lot of things we accept in the business of advice as the way things are done when it reality...
...it's usually the way it WAS done.
Take service offerings for example, which is the focus of the next mini-program I'm running in April. Find out more here
Why do advisers usually get paid for advice after the plan has been implemented?
Maybe because that's when the product sale happened. It's outdated thinking.
Why did so many firms develop Platinum, Gold & Silver style service packages based on fees paid?
Maybe because FUM was the traditional way client revenue was determined. Doesn't explain why many fee-based businesses still service clients this way though.
Why do we have "Annual" Reviews instead of "when-needed"?
Maybe because that's what made sense in a pre-internet world. Does it stack up so well in a highly connected one?
Why has the percentage of Australians under advice not shifted from 15% for as long as I can remember?
Maybe because most service propositions are only really designed for the 15% of Australians who are delegators, ignoring the other 85% who are Validators and Self-Directed.
Why don't we have service offerings for Self-Directed clients?
Maybe because it's not commonly recognised that Self-Directed clients when nurtured will become Validators, just as nurtured Validators often become willing Delegators.
(By the way, I feel like we're kinda lucky robo-advice didn't work out how to do it without our help).
There are many outdated, limiting beliefs around what ongoing service is, why it is that way and what it can and can't be.
Outdated views about Reviews - what they are, when they start and how they can be delivered.
Limiting beliefs about the role marketing plays in delivering an exemplary client experience to existing clients.
Misconceptions about the difference between personal attention and one-to-many marketing.
I'm just brushing the surface...
If you're feeling like finding the sweet spot between commercial and compliant is getting harder, trust me when I say it's closer than you think.
To find it often means flipping your thinking and start asking the "Why?" questions that will usually turn into "Why not? ones.
Related: Which Adviser Would You Choose?