Latest Poll – Advice Businesses Seeking Advice

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Do you intend utilising external advice in the next 12 months to assist in further developing your business proposition and the value it delivers?
  • No (62%)
  • Yes (23%)
  • Not sure (15%)

Why don’t more advice business owners seek external help to build their practices?

This is the question we explore in our latest poll, courtesy of consulting firm, Business Health, which has recently articulated the key learnings it has taken from 21 years of providing services to advice businesses (see: Link Between Seeking External Help and Profitability).

One of its key learnings, as we’ve reported, is that a correlation exists between advice businesses which seek external advice and their level of profitability, which has been documented by Business Health within its bi-annual Future Ready statistical analysis series.

…the proportion of practices seeking external input/advice has remained frustratingly low over the years

In its 21-year summary, the firm notes the proportion of practices seeking external input/advice has remained frustratingly low over the years, and this trend has become even more frustrating, given the link it has established between seeking external help and increasing business profitably.

As usual, we could go on, but it’s time to offer you the opportunity to enter the conversation.

What do you think? What has been your own experience? Given the current challenges being experienced by the broad spectrum of financial advice businesses, are you going to embrace external counsel in the next twelve months? If so – why? If not – why not?

Tell us what you think and we’ll report back next week…