SteveBillinghamConsulting

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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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Profitable Practice Management – Part 6

Defending your fees In video 6 of our profitable practice management series we explore the tactics you can use to defend your fees when challenged by your clients, as you undoubtedly will be from time to time in the more transparent post RDR environment.

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Profitable Practice Management – Part 5

How to charge fees that reflect your value In this, the 5th video in our 9 part series on profitable practice management for advisers and planners, we look at the mindset required to make sure you are able to charge fees that really reflect the difference you make and the value you add.

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Profitable Practice Management – Part 4

The 4 C’s of Success In this, the fourth of our 9 part video series on profitable practice management for financial advisers and planners, we consider the 4 essential ingredients for success.

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Why beating the benchmark doesn’t matter!

Those of you who regularly follow my rantings will know that I am often critical of advisers who focus too much on “beating the benchmark”. A conversation we had with an adviser last week illustrates the point perfectly. The adviser was bemoaning the fact that he had just lost a client for whom he had …

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