Hot business tip number 14: Get better at handling objections

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An objection is simply a client telling you they are uncertain and looking for more information to validate their decision. The key to dealing with objections is to listen carefully and say “I understand” (everyone wants to be understood!) When responding to your client, make sure you use their own words back to them. For

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Hot business tip number 9: Set up a Board of Advice

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Typically, more than 80% of shortlisted practices in the Adviser of the Year Award use a Board of Advice (BoA). But whilst the objectives of establishing a BoA are generally consistent-revolving around transparency, accountability and business guidance-there are several schools of thought on the ideal structure. The’ best practice’ approach is where you fill your

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Hot business tip number 8: Create a differentiated service offering (segment your client base)

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The pareto principle – aka the 80/20 rule – is a universal truth; the majority of your profit is derived from a subset of your total client base. Despite this there is a temptation–especially for relatively new practices – to try and be all things to all people. Providing a homogeneous level of service to

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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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