Only the mediocre are always at their best
Conducting Client Surveys brings a number of significant benefits to an advisory business, not least of which is some tremendous insights to help you shape and refine your client proposition. Done well, they can be a great reminder of what you do and what clients value as well as increasing their awareness of the specific services you offer. They will also provide some valuable, revealing and potentially surprising insights into
Most of our so called reasoning consists of finding arguments for going on believing as we already do
James Harvey Robinson
It was good to meet up with David Ingram (formerly of Threesixty services) at the PFS Conference last week to hear about his plans for the future and his new business venture AIM TWO THREE.
AIM TWO THREE have launched “The Big Survey” which is an opportunity for IFA Business Principals and Advisers to help shape the future of the profession. The survey has been launched with the intention of finding out (on behalf of trade bodies, product manufacturers and fund groups) what support the advisory firm of the future needs right now, in order to have the business shape its advisers and principals actually want.
The survey takes just a few minutes to complete and all respondents will be entered into a prize draw for one of a number of Ipads. Only Principals of Advisory firms and Advisers can participate and the survey can be found at www.aimtwothree.com/conference
Why not take the opportunity to contribute to the shape of support that product manufacturers, trade bodies and fund management groups offer by completing the survey? You’ll have to be quick as the survey closes in a couple of days (19th November)
One ought not to reject the data merely because one does not like what the data implies
I read recently that the number of complaints against advisers rose in the first half of this year. Whilst our litigation culture, the economic climate and the increase in the number and proactivity of claims management firms might all be factors here, it’s worth taking a step back to just reflect on the data.
There were, wait for it… 1,852,284 complaints to financial institutions in the first half of 2011. Not even a full year. 6 short months! Thats roughly 10,000 a day!
There’s no question that the vast majority of these claims are in respect of PPI or the banks rather than Personal Investment Firms, and that is always trotted out at conferences and discussion forums as some sort of acceptable rationalisation that there isn’t a problem. Really? If you look at the data just in respect of PIFs, there is nothing to be complacent about.
There were over 24,500 consumer complaints made in respect of the advisor sector in the first half of 2011. That’s 188 per working day and an increase of 20% on the same period in 2010. It’s time to stop pointing fingers at the banks as the bad guys (even if they are). 188 complaints a day is just plain outrageous.
That begs the question… what is an “acceptable” level of complaints? Who knows, but 188 per day isn’t.
When things go wrong, even if advisers are faultless, the consumer will always look for someone to blame. How can we, as a sector, significantly reduce the level of complaints? Putting the clients interests centre stage isn’t a bad place to start and the vast majority of advisers have this at the heart of their culture. However, it’s time to get real and blow the whistle on those who don’t.
It is no good saying we are doing our best. You have got to succeed in doing what is necessary
Winston Churchill
The 4th and final key to success post RDR is Confidence.
Any golfers amongst you will understand the impact that confidence has on your score! There are days (rare in my case) when you feel like you just can’t miss from inside 10 feet. There are others when you might be standing on the tee wondering where the ball is likely to go. It’s the same thing for advisers. I have come across some fantastically talented, client centred, highly qualified advisers who just lack confidence. In an environment where you will have to “justify” your value to clients, confidence is crucial. That confidence is required on multiple levels. Advisers will need to feel confident about…
So, how would you score yourself or your organisation on a scale of 1 to 10 in terms of…
Culture?
Clarity?
Consistency?
Confidence?
If it’s not at least 8/10 on all counts, it might be time to look at where the gaps are.
Victim or Survivor – which will you choose?
Over the last week it has been my privelege to be part of the same agenda as one of the most inspirational individuals I have ever met. Two weeks ago, I hadn’t even heard of him. But having listened to him tell his story and having spoken to him privately, it is impossible to reach any conclusion other than that he is a remarkable individual.
In October 2009 Corporal Andy Reid stepped on an IED whilst on patrol in Afghanistan. He lost both legs and his right arm. The extent of his injuries were such, that months of hospitalisation were on the cards. Andy amazed his medical team and left hospital after just 2 weeks! From the moment he came round once he was back in the UK he started to set himself small goals? Why? because he had a couple of big goals he was determined to carry through and he saw the little goals as steps on the journey.
His small goals started with being able to get from his wheelchair to his bed and back again, because he had been told that he couldn’t leave hospital until he could do that.
His big goals were to propose to his girlfriend Claire (which he’d decided to do whilst in Afghanistan before he was injured) and to attend the presentation ceremony and receive his campaign medal with the rest of his command. But for Andy, attending wasn’t enough. He was determined to be standing to attention and to walk off the parade ground and into the bar for a pint!) unaided. You guessed it. All goals achieved. Andy and Claire got married in September 2011.
What’s more his plans for the future (having already ridden a motorcycle from John O’Groats to Land’s End to raise money for Help the Heroes and undertaken a tandem free fall parachute jump to raise money for the ABF, the Army’s Charity) include doing the St Helen’s 10k and the Great North Run next year, and the London Marathon in 2013.
The key thing about Andy’s story is his mindset. He has had to deal with and adapt to unimaginable changes and challenges. He has learned to tie a tie with one hand, but it takes him two hours to get himself ready each morning. He said two things that really resonated with me and in many ways were an inspirational analogy for the mindset that advisers need to adopt in the run up to the change and challenges the RDR will bring. Firstly he said that despite his injuries he had a choice. He could “adapt with the times or stay stuck in the past”. More poignantly however he said that he could consider himself a “victim” or a “survivor”. Needless to say, he chose the latter.
When it comes to your own RDR changes and challenges, which of these two mindsets will you choose? Because you do have a choice.