Industry news and views from Panacea and our partners.
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The Consumer Duty
The Consumer Duty (Duty) is being seen as the largest regulatory change for 20 years, even more seismic than RDR, as the firm has to demonstrate value, fairness and customer centricity throughout the advice process and beyond. There are impacts on the senior manager regime accountabilities and conduct rules for all staff (a new one is being introduced).
The inner game of trust
Many people experience a great deal of insecurity around money and feel apprehensive when faced with talking about the future. Therefore, engaging the services of a financial adviser is not something that most people will take lightly. From an advisers perspective gaining sufficient trust to have clients engage with them at a meaningful level is almost certainly the biggest obstacle they will have to overcome.
Snowflake generation hits the workplace?
Only 3% of those working in the financial services profession felt comfortable about banter in their workplace, according to a new CISI survey.
People Finding and Keeping them
According to data from Meeting of Minds the biggest challenge that keeps Advisers up at night is people finding and keeping them
What is the value of your business and how can you influence it?
Have you ever wondered how you could increase the value of your IFA business ahead of sale?
Being is the new doing
No problem can be solved from the same level of consciousness that created it. Albert Einstein In this wonderful age of information, gadgetry and technology you might imagine that we would all be exceptionally productive and, importantly, happy and satisfied with what we get done.
Top Tips for Financial Advisers starting out in the Financial Services Industry
Kickstarting your career in the Financial Services industry is tough. Here are my top tips for young Financial Advisers first starting out in the industry
A powerful financial planning question and how to use it
Often, the best financial planning questions are the ones that help a client to open up and think more deeply. Why is this important? Because the impact of your financial planning and advice is directly correlated to quality of the information you gather from your client.
Royal London: Consumer Duty- Whats next for advisers?
When the new Consumer Duty lands, what impact will it have on our industry and what challenges will it bring for advisers? In our latest podcast, our panel of industry experts share their thoughts on these specific issues. They also explore the key themes that have emerged from our most recent adviser research report, Counting Down to the Consumer Duty.
Fidelity Adviser Solutions: The Consumer Duty and the impact on advisory firms
If you missed Fidelity Adviser Solutions' webinar last week you can now watch it.
How to successfully sell financial planning.
Genuine financial planning is quite different from providing purely transactional financial advice. So, how you sell financial planning is a different kind of conversation too. Would you like it to be easier to sell financial planning engagements? This article explores how.
Make the most of what youve got
Ask any business owner and they will tell you that it is more profitable to deal with existing clients than to attract and sell to new ones. Most sources agree that it costs between 4 and 10 times more to acquire a new customer than it does to keep an existing one. Why then do many businesses seek new clients while ignoring the value within their own organisation? I think the answer for many is that they just dont know what theyve got.
Better time management for financial advisers and planners
As a financial planner are you as productive as you would like to be? Would you like to get more done, in less time, and with none of the stress? In this article I am going to explore the hidden factor that leads to genuinely better time management for financial advisers and planners.
The 8 keys to doing a brilliant financial planning fact find
Doing a brilliant financial planning fact find underpins everything that you do for a client.
Segmentation is no dark art its essential for any business.
There is a lot talked about segmentation, much of it theoretical and off putting, when in fact its a very simple business process to group, service and market to right minded clients and potential customers.
Strategic Alliances Action plan
In my last article I looked at how you resolve conflict in a strategic alliance How to rescue a failing strategic alliance (panaceaadviser.com) and I also promised to provide a simple template to collate your thoughts and create a strategic alliances plan. As you will know by now, I am no fan of large academic piles of paper, that do nothing more than sit in a drawer. I favour a living breathing document that answers the questions you have and provides you with a template to drive forward with.
How to ask great financial planning questions
Asking great financial planning questions is the bedrock of gathering the information you need to create a highly compelling plan for your client. When your client can clearly see that your financial plan is going to be an essential part of getting what they most want then why wouldnt they be excited about it?
How to rescue a failing strategic alliance
According to Harvard university, the failure rate for strategic alliances hovers between 60% and 70%. Despite an abundance of advice on how to make alliances work, this dismal record hasnt improved in the past decade.
Asking essential financial planning questions: the ones that no one else thinks to ask
This article looks at an important aspect of asking financial planning questions that often gets neglected and yet can add massive value. Often, financial advice is triggered when something happens or is going to happens in a clients life. For instance, the sale of a business, divorce, or an upcoming retirement.
Financial Planning Power Questions cards
Special announcement: The Financial Planning Power Questions card deck
Why is client well-being increasingly on the agenda for financial planners?
Client well-being is fast rising up the agenda for financial planners. Why is this and is it something you should be focusing upon with your clients?
Where do you find new clients?
What prompted this article was recently reading that 70% of advisers are actively seeking new clients. I know from working for myself for over twenty-five years and working with dozens of my own clients that consistently bringing on new clients can seem one of the biggest challenges in growing a successful practice.
Look before you leap into a strategic alliance
Most businesses I have worked with have embraced the need for alliances with likeminded companies at some time, but very few get it right. Those that do have one major thing in common, they have taken the time to identify why they need an alliance, what that alliance should look like and what any partnership entered into should involve. They have looked before they have leaped into a relationship that could quickly go wrong.
Fidelity Adviser Solutions: Using technology to manage regulatory change
The regulatory burden on advice businesses continues to grow and grow. Firms are therefore increasingly using technology to help them meet their compliance obligations.
Are you sitting on a data goldmine in your business?
Did you know that many Advisory businesses are sitting on an untapped source of business revenue - hidden away in their data? Businesses are often paying more to store their data, than they are deriving value from it!
ProFundCom Webinar: The Secrets to Creating & Distributing Great Fund Marketing Content
In todays competitive environment, high-quality content is more important than ever to ensure you increase market penetration and share of voice.
Fidelity Adviser Solutions: CII AF1 exams are fast approaching
For those of you - and colleagues - taking the AF1 exam next month, why not check Fidelitys video training resources with industry expert Sue Cox. The series includes six personal tax and trust planning videos relating to income tax calculation, Capital Gains tax (private residence relief, chattels and losses), pension and gifting contributions as well as a popular video on exam techniques.
When it comes to change the key is to ask, listen and communicate
Over the last few weeks, I have looked at how to implement each phase of the change process. My previous articles can be read here. I now want to cover possibly the most important part of any change process, communication. No matter what you change or evolve in your business how you inform your clients and new customers can potentially make our break your organisation.
Financial Planning clients for life the one thing you MUST do
Creating happy, enthusiastic, loyal financial planning clients for life requires you to do one thing well, and consistently. What is that one thing?
ProFundCom Webinar: 5-Step Guide to Creating & Distributing Great Fund Marketing Content
In todays competitive environment, high-quality content is more important than ever to ensure you increase market penetration and share of voice.
Fidelity Adviser Solutions: Cyber security: a core concern for advice firms
More and more advisory firms view cyber security as a top business challenge. Our report looks at certain key measures that can be taken by all firms to address the biggest risks.
Its easier to evolve than change overnight
Happy new year everyone and I wish you all health, happiness, and success in 2022. Please dont switch off this isnt another article about new years resolutions, this is about something that works and that is goals. Unlike resolutions, goals can drive sustainable evolution in life rather than quick fixes that do not deliver the desired change.
Wizard Learning: R0 exam top tips, R06 and R05 exams
If you are studying for the R0 exams you will know that the study text contains a lot of technical information about the structure of the financial services industry and the regulation of those that work within it, along with some complex legal concepts and many principles and rules to remember.
How NS&I can help you build a trusted relationship with your clients
There has always been an assumption that the best working relationships are often formed in person. However, during the pandemic, many within the advice industry have started to question this simple statement.
Wizard Learning - Help people understand and manage their money more effectively
Help Wellbeing Essentials to create a community Inspirational Woodland Garden that individuals, families and community groups can all use.
Implementing the change that is around the corner
No matter the level of change, it can be difficult to implement each phase of the process, but there are proven steps that can make it much easier. In the third part of my look at preparing for the changes that are around the corner, I now want to look at Implementing change.
Stop looking for that missing piece of your clients portfolio
The four pillars of any financial portfolio are equities, bonds, property and cash. So why is it that cash as an asset class, has so often been overlooked previously within the financial advice industry?
No matter the changes you face or want to make in life its sensible to undertake this process with a plan in place. In this blog I want to share with you the simple steps in creating a template for change, which can help no matter how small or daunting the challenges you face.
Do you look around the corner?
Last time I talked about the momentous changes we are all facing and how you can help your clients navigate these. However, before you can do this you also need to understand, embrace and manage the changes that the future will bring for your own business. How will you evolve to meet these challenges and exploit the opportunities our changing world and society will bring?