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Hi Steve,
Welcome to the February edition of Business Insights. Lots of discussion on the industry forums in recent weeks focused on how much consumers know about the changes that RDR will introduce to the way that advice is delivered and paid for.
A significant number of advisers seem to think it is someone else's (FSA, Government, Media, anybody but me etc) responsibility to tell consumers what is coming and what it means. This reminds me of an old mantra I remember from a dim and distant training course... "If it's to be... it's up to me." Brian Tracey I believe.
As ever please feel free to forward/share/like/tweet about Business Insights.
Regards
Steve
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Adviser Charging - some options
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Thank you to Francis Klonowski for his recent feedback about what he'd like to see covered in future editions of Business insights. Here's what he said...
"Steve, after 16 years of hourly charging combined with fund-based fees, I'm beginning to change my mind about both. Hourly charges are fraught with difficulty, and for most tasks or projects it is possible to identify a fixed "value to client" fee that does not depend on how long it takes.
Fund based fees are OK while funds are stable, but in retirement they are by definition going to decline in value - as money is withdrawn / spent. Once again a fixed charge per annum seems bit fairer and more reliable. I'd be keen to discuss this further for a future newsletter".
I hope the following guide to the pro's and cons of various pricing options helps you to make informed decisions about which approach will work for you, your business and your clients
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This post from Martin Sharratt, Director and Head of VAT at Smith & Williamson, sheds some light on the recent "clarification" from HMRC about the VAT status of initial advice and ongoing service. Still many grey areas but for me, one of the better insights into the issues.
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This post from E Myth Worldwide provides some helpful insights in the form of a 3 step process into how to delight your clients and keep them coming back.
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To help us to make sure that we give you relevant content and insights that help you to move your business forward we'd love to know what you'd like to see in future editions. So, I have 3 questions for you...
1. What are you trying to accomplish this year?
2. What do you think it would take to double your business this year?
3. What frustrates you most about your business right now?
Please do drop us a line with your answers to these questions and if we have (or can find) appropriate content we'll be sure to include it.
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email me here
t - 07802 611643 |
Five quotes to get you thinking:
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"To succeed as a team is to hold all of the members accountable for their expertise." Mitchell Caplan, CEO E*Trade Group. |
"All companies have a culture,some companies have discipline, but few companies have a "culture of discipline. When you have disciplined people, you don't need hierarchy. When you have disciplined thought, you don't need bureaucracy. When you have disciplined action, you don't need excessive controls" Jim Collins, "Good to Great" |
"Energy and persistence conquer all things." Benjamin Franklin |
"You can either take action or hang back and wait for a miracle." Peter Drucker |
"Fall down 7 times, stand up 8." Chinese Proverb |
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