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The evolution of a financial planning

We’d love to know what you think of our new video about the evolution of financial planning which you can view below. It tells the story of the 4 stages that advisory businesses typically go through to become a successful financial planning practice and outlines some of the key challenges along the way. It’s an …

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Are you going to take the blue pill… or the red pill?

“You take the blue pill, the story ends. You wake up in your bed and believe whatever you want to believe. You take the red pill, you stay in wonderland and I show you how deep the rabbit hole goes.” – Morpheus The world has changed and customers want a different experience. The regulator is …

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Busting the Risk Commission Myths

This article is inspired by a post of the same name written by Sue Viskovic of Elixir Consulting in Australia about the impact of the Trowbridge Report on financial advisers there. Specifically, whether clients will pay fees for advice on risk products in the event that commission is reduced or banned as a means of adviser …

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Why we need more IFAs, not less

For as long as I’ve been in financial services – 30 years – the media has told us that IFAs have been on the brink of extinction. The latest threats to IFAs are apparently regulation and so called Robo Advice. These threats are real, but will only succeed if IFAs fall asleep for the next …

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6 steps you need to take to getting “RDR ready”

The FSB’s Retail Distribution Review (RDR) is just around the corner and firms need to be thinking about getting ready. The UK RDR process started with consultation in 2006, fully six years before implementation in 2012. Whilst the process will inevitably be a bit different in South Africa, the direction of travel is fundamentally the …

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What defines excellence for financial planning firms?

What defines “excellence” for advice and planning firms, not just in terms of financial performance (important though that ultimately is) but in terms of the way firms are run day in day out? During 2015 we are planning to develop a set of “Best Practice Standards” that advisers and planners can use to organise and …

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6 things holding advisers back

In our consultancy work with the financial planning sector, we often identify that the same key “blockages” or challenges are holding advisers back from achieving the results they are looking for. 1. No clear vision Most advisers are so busy keeping all their plates spinning, that they simply haven’t taken the time to define, clarify …

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A tipping point

In their 2012 report, entitled UK Wealth Management sector at a tipping point, KPMG highlighted what it called a “discernable trend amongst affluent investors towards managing portfolios themselves” and made the following observations from the research they’d conducted with 41 CEOs across the UK WM industry 300 High & Ultra High Net Worth individuals That research suggested …

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Is independence really a differentiator?

Last week I mentioned an article in New Model Adviser by David Burns of NMG reflecting on their predictions from 12 months ago about the impact RDR would have on the adviser community. The article amongst other things suggested that concerns about the great british public’s willingness to pay fees for advice haven’t materialised in …

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Is an AUM charging model sustainable?

Over recent months, it appears to me that the “default” AUM adviser charging (and for that matter investment management and platform charging) model is under threat. And I don’t just mean from the FCA, though clearly their focus on this method of charging does bring the issue front and centre. In the more transparent post …

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