Video: Hot business tip number 7 – Change your approach to review meetings

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There is an intrinsic link – confirmed by research – between the quality of the review process (as rated by clients) and the satisfaction and retention rates amongst those same clients. Despite this, the client review process appears to be one of significant disconnect, and –according to Rod Bertino of consultancy Business Health – is […]

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Hot business tip number 6: Tailor your communication strategy by client generation

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The Zurich sponsored ‘Connecting with Clients’ whitepaper identifies the communication preferences of different client generations (Gen Y, Gen X, and Baby Boomers), and quantifies the impact of tailoring the mix to these generations. Channels examined included one to one (e.g. meetings, phone calls, personal emails) and one to many (e.g. newsletters, social media, and online content). […]

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Hot business tip number 5: Adopt an estate planning methodology across your business

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With an ageing population and increasing divorce rates, the demand for estate planning solutions will continue to grow rapidly in both the short and long-term. For many advisers, the term ‘estate planning ‘ conjures up thoughts of complex, highly technical advice solutions such as wills and testamentary trusts. Whilst some aspects of a comprehensive estate planning process can indeed be […]

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Hot business tip no. 4: Review your client onboarding process

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They say first impressions count, and there is no doubt that the first 90 days of new client relationship are the most crucial; it is during this period that the ‘die is cast’ in terms of the value and the profitability of that client over the longer term. Not with standing this, many companies view client onboarding as a back […]

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Hot business tip no. 3: Place a higher value on your time

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Placing a higher value on your time can be a game changer for many advisers, and often is the catalyst for significant changes in value proposition, business model, remuneration structure, resourcing and technology usage. The first crucial step in such a process is to establish how your time is currently valued, which may require extensive analysis of your business metrics. If […]

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Hot business tip no. 2: Survey your clients

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It may seem self evident that you care about what your clients think, and yet – according to Rod Bertino from Business Health – only 15% of practices formally seek feedback from their clients. The same survey – of around 2,000 advisers – found that those who do formally seek feedback from clients are on average 73% more profitable than […]

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Hot business tip no. 1: Look after yourself and your staff

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Looking after yourself and your team draws on several important considerations for financial advisers. There is the importance of your HR approach; there are matters around staff motivation and of course there are worklife balance/health and wellbeing considerations to take into account. An advice practice is essentially a small business and too often HR is put to the bottom of the […]

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The Ten Commandments of Practice Management

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Improving the processes in your practice is one of those things most financial planners need to do, but usually they put it on the back burner so they can get higher priority tasks done.  Like meeting new clients and reviewing existing clients. But at some stage it will be worthwhile taking the time to improve […]

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Shane Moore: 10 Ways to Improve Your Financial Advice Business Today

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1. Get a Website This one is the most obvious of all. If you don’t have a website, you are wasting possibly the biggest opportunity available to bring in new clients as well as engaging your existing clients. Websites can also save time.  Instead of clients calling you every time they need a fax number […]

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