Industry news and views from Panacea and our partners.
Business Development_
Why you need to be Extraordinary
Infoxication is the word used to describe the difficulty of understanding an issue or making a decision when faced with too much information. My inbox at the moment is certainly infoxicated around the issue of Robo Advice. It seems every news update leads with some story for or against the issue.
Setting the Record Straight
Demand is far exceedingly supply when it comes to good financial advice, or such is the view of Vince Smith-Hughes, director of specialist business support at Prudential.
The three levels of value creation
If you dont like change, youre going to like irrelevance even less. General Eric Shinseki, Chief of Staff, U. S. Army The primary function of a business is to create value and I would imagine that everyone would agree that it is vitally important that our clients experience the highest value possible from what we can do for them.
You dont have to eat a Troll to be happy!
My youngest child is obsessed with a film he insists on watching every day, so by now I can recite the script by heart. The movie is Trolls and the basic premise is that a group of super cute, insanely positive multi coloured creatures called Trolls, these are on the run from chronically pessimistic Bergens, who are only happy when they have Trolls in their stomach. The entire movie swings from chase to chase as the Bergens strive to eat the Trolls, who they perceive as their only route to happiness, ignoring all else including family, friends and their surroundings.
Later Life Education
Following the introduction of pensions freedom and choice the need and demand for guidance and advice has exploded. The flexibility of drawdown is no longer restricted to the wealthy but available to all so they can manage their lives in accordance to needs and objectives.
Just because its difficult, doesnt mean its not worth doing.
I have a friend who is a chef, the thing is he was a chef with a problem, he loved his cooking just as much as his customers.
Training on the Aviva Platform
The upgraded Aviva Platform will be highly intuitive and user friendly. But to help you use the new system with confidence, we've developed a suite of training materials to walk you through the key processes and answer your questions.
How do you react to surprises?
While at times it may not seem like it, we are nearly a year on from the seismic American election of 2016. One of the lasting memories of an eventful campaign are the October surprises sprung upon both Trump and Clinton in the final weeks.
Wizard Learning: New study presentation, CPD, AF5, R06
The expected solutions for the AF5 and R06 October exams are now available. Taking Continuous Professional Development seriously
Due diligence and the Aviva Platform upgrade
As the Aviva Platform moves towards its upgrade to FNZ technology, we can look ahead to how Aviva will be delivering on due diligence and supporting advisers with this process.
The Heath Report 3 Needs Your Help
Panacea has been a major influence on the Heath Report process and the creation of Libertatem. Derek Bradley persuaded Garry Heath to return back to the world of industry politics with an invitation to a Panacea meeting and the initial Heath Report was created after Garry and Derek had a meeting with the FCA on RDR and the possibility of removing all trail commission on heritage products.
Qualified financial planner but holding back?
Just recently I had lunch with an adviser friend of mine and he revealed to me that despite becoming a certified financial planner five years ago, regularly attending meetings and events for planners and wanting to only offer a financial planning service he is not actually doing it. He said that he was still only doing product based transactional business the same way he always had for fifteen plus years.
Leaving. And you are starting your own business?
My IFA business had two advisers leave to set up their own businesses a number of years ago. It was not a good experience for me as their expectations around client ownership did not quite mirror mine or their contract. This great observation by Peter Singfiled at Foot Anstey on how to avoid legal conflict when an adviser leaves your firm is well worth a read.
There are better starters than me but I'm a strong finisher
At the weekend I watched a legend bow out as the mercurial Jamaican sprinter Usain Bolt finally brought the curtain down on his golden career on the track.
Tell the world and then walk the talk
I have written many articles on goal setting. In these I have given tips, hints and hopefully some insight into how to make your goals happen. However, the best piece of advice I can give anyone is that no matter how much you desire your goal if you dont write it down it will remain unfulfilled.
Luck or Success
Do you ever look at someone and think wow they are lucky? Perhaps they have succeeded in life or business or achieved something you have always wanted to do. Id urge you to avoid that emotion and instead concentrate on finding out why they are successful achievers.
Giving financial advice 3 important steps
You no doubt put a great deal of time and effort into creating precisely the right advice for your clients but this alone does not guarantee it will be accepted and followed. If you are interested in how to get increased buy-in to your recommendations then the steps outlined in this article will help you in this process.
A fair day's wages for a fair day's work.
My father was a builder before he retired and throughout his career the way he was paid evolved and adapted depending on the employer or customer he had at the time. When he first left Ireland for London, he was happy to work for a set daily rate, doing as the words of the famous Dubliners song said, building up and tearing England down.
Do more business on the move with Pandora Mobile Call Recording
Are you looking to increase your business efficiency whilst remaining compliant? Mobile Call Recording could transform the way you do business.
Compliance Consultant: The Myths Around Suitability Reports And How To Be A Hero
A common misconception is that the suitability report has to round up the whole process, discussions and background information that has occurred to date. It doesnt. It simply forms part of the process of telling the story and, from a compliance perspective, will be read in conjunction with the rest of the data and information contained within the file.
Why are milk and bread at the back of the shop!
Behavioural Finance for beginners. Behavioral finance is really common sense and anyone who says otherwise is either trying to mystify the public or they dont understand the topic. Everyone involved in business needs to be aware of the science of consumer behavior and use it to develop a client proposition that is attractive and profitable. This short video looks at six consumer types and techniques we can all use to reach them.
The ten commandments of successful goal setting
It is no fun being all things to all people and doing everything for everyone! Too many businesses try and do so many things because they have always done them. An ingredient of a successful person is the ability to say no and move on from activities that add no real value to your business or hold you back from achieving your goals. To help you focus on your goals, I would like to share with you what I call the 10 commandments of successful goal setting.
The impact factor
"What can I change or add to my product or service that will make this even more attractive, and compelling and irresistible?" 100 ways to create wealth by Steve Chandler and Sam Beckford
What will make your boat go faster?
Would you go on holiday without researching your destination? Would you buy a new PC without working out what you need it for? So why do so many businesses trade without an action plan for their future and why do so many of us go through life without setting goals?
I didnt know you did that
The words every business person dreads to hear from any client are: I didnt know you did that It usually means that the need for a service or a product that the client had has been satisfied, but sadly not by you but by a competitor.
Seeing what others can't and going for it
Success is about having and idea and a plan to make it work. Here are six simple steps we can all take to make your ideas happen now.
Royal London: Bespoke marketing material
Our Tailored Marketing Solutions gives you a wide range of marketing material to help make the protection sale easier. There are sales aids and forms that you can personalise with your own logo which will demonstrate the real benefit of owning a protection plan.
Seeing what others dont and going for it
How was your day yesterday, did you achieve what you set out to do or did the events of the day over take you and stop you being as efficient as you originally set out to be?
What are your Goals for 2017?
If you learn from your past mistakes and organise your present you can ensure you develop and map out a profitable future. Goals can be the engine that drives your business forward. What are yours for 2017?
9 steps for success in 2017
I am a believer in the power of goals and preparing for the future, whilst harnessing simple techniques to ensure your dreams succeed.
What are your Goals for 2017?
If you learn from your past mistakes and organise your present you can ensure you develop and map out a profitable future. Goals can be the engine that drives your business forward. What are yours for 2017?
9 steps for success in 2017
I am a believer in the power of goals and preparing for the future, whilst harnessing simple techniques to ensure your dreams succeed.
Luck or Success
Do you ever look at someone and think wow they are lucky? Perhaps they have succeeded in life or business or achieved something you have always wanted to do. Id urge you to avoid that emotion and instead concentrate on finding out why they are successful achievers.
Advisers fees should reflect the scale of the risk they take
If I paid a decorator to decorate the exterior of my house, I would expect their fee to increase depending on the number of storeys of my house. If I wanted them to decorate the exterior of a 20-storey apartment, I would expect the fee to reflect the risk undertaken.
How valuable are you clients now and in the future?
There is a great quote from Henry Ford I came across recently, A business absolutely devoted to service will have only one worry about profits, they will be embarrassingly large
RIP Robo Advisers, Long Live Robo for Advisers
Im in Carlifornia this week, attending the T3 Advisor Conference. The event features an impressive array of technology solution available to advisers. From portfolio management, account aggregation, financial
Success is an Iceberg Dont be the captain of the Titanic
Do you ever look at someone and think wow they are lucky? Perhaps they have succeeded in life or business or achieved something you have always wanted to do. Id urge you to avoid that emotion and instead concentrate on finding out why they are successful achievers.
Be your own Nostradamus why every business needs to see into the future!
How often do you look to the future? Now, I am not saying we should all become seers and peer into the unknown, but when it comes to planning for the evolution of your business, knowledge is certainly power.
Sell the experience of financial planning, not the concept
Several years ago I learned from Steve Chandler (best-selling author and brilliant coach) his Eighteen fearless disciplines for creating clients. He calls them disciplines because you actually have to practice them rather than just know the idea.