In its February 2011 newsletter, advice practice consultancy firm Business Health listed its top “do’s and don’t’s” for financial advice businesses in 2011.
Business Health’s tips are based on its contention that the financial services industry will not return to the status quo of a pre GFC world: “… there can be no going back to the good old days”, it says.
Looking to the future, the consulting firm says:
- Clients will continue to regularly review the value they are receiving from their adviser
- The regulator will remain as diligent in its efforts to protect the clients’ interests
- Product manufacturers will continue to look to increase sales of its products in the most efficient manner
- Licensees will still need to consider how they can help their advisers address all of these issues… profitably
With these issues in mind, Business Health’s top do’s and don’t’s for advisers and their practices in 2011 are:
To do in 2011
- Stay tuned into your clients
- Clearly articulate the services you provide per client category
- Embrace compliance
- Think about your practice without you in it
- Be proactive in seeking external input
Not to do in 2011
- Don’t do ‘the stuff’ – stay away from it (referring to all the un-necessary tasks an adviser performs in their practice)
- Don’t assume a quiet client is a satisfied one
- Don’t run your practice with your ‘adviser hat’ on
- Don’t take your staff for granted
- Don’t try to navigate the challenges ahead without a well thought out plan of action
Business Health expands on all of these points in its newsletter and offers a number of other observations about the current and future advice environment. Click here to access the complete article.
