Just one third of advice practices have a clearly thought out and well-articulated client value proposition (CVP), according to an industry consultancy firm.
In its June newsletter to advisers, Business Health highlighted the importance of a having a well-defined CVP. However, findings from the firm’s HealthCheck database reveal that only 32% of practices have actually achieved this.
The analysis found that:
- Just under one-third of practices said they had a clearly thought-out and articulated CVP
- 35% said they had a value statement but it had not been communicated to clients or staff
- 33% of practices admitted to having no CVP at all
Business Health said the reason for the lack of clarity around value propositions may be attributable to Australians’ tendency to avoid ‘blowing our own trumpet too loudly’.
‘Over the last few years a lot of effort and resource has been invested into guiding advisers in this area, and if good business sense has not been enough to drive change in its own right, undoubtedly FoFA has been,’ Business Health said in its newsletter.
The firm offers advice practices a free assessment tool to determine their CVP position. Click here to access Business Health’s CVP-rater.
