Advisers need to lean on technology to build a business that is solutions-focused and secure clients for life.
A recent study by Deloitte coined the term ‘diversity of thought’. They found that diversification in business cultivates innovation and creative problem solving.
Within your business, how are you innovating, solving problems and diversifying?
The traditional method is creating a financial plan based on your clients’ risk profile, values and circumstances. Ensuring that assets are protected, liabilities are minimised and returns maximised.
But, is this where it should stop?
Where is the line that stops you offering more?
Where is the line that stops you diversifying?
What is your ultimate client goal?
The ultimate client goal is wealth creation. And this must be more than a mere analysis of assets and liabilities.
As a trusted adviser to your clients, you need to think beyond their personal wealth creation by accumulation and investments. An important consideration for all business owners is reducing expenses while maximising productivity and efficiency.
If we are moving with the times, then we can’t ignore the information, communication and technology requirements of our businesses. For businesses to remain competitive, they must be utilising new technologies to increase efficiency and productivity while reducing expenses.
For you to remain relevant and a trusted adviser, your business must be solutions-focused. It has to concentrate on all areas of your client including their business.
We can no longer stick our heads in the sand and overlook the obvious areas of savings and future revenue for our clients. You can get ahead of the game by benefiting your clients and your business.
Clients for life
Cultivate clients for life by becoming solutions-focused. Acting in the best interests of your clients, in all areas, including their business, is paramount.
Love it or hate it, every business needs technology. It can be frustrating, but it’s essential. IT, including phones, computers, internet, printing and multimedia, is a major business cost.
It’s part of running a modern office and staying competitive. However, with our help, you can provide your clients with a solution. A solution that will reduce their expenses, increase their productivity and keep you as a trusted adviser.
For one client, with the help of their financial adviser, we were able to save them $30,000 each month on their combined IT costs. In the first year that’s a saving of $360,000.
How much would you need in the bank earning 3.6 per cent to generate the same saving? Yes, that’s right. $10 million.
If you think your clients aren’t large corporations, then consider a $3,000 per month saving or $36,000 in the first year. That is the equivalent of $1 million earning 3.6 per cent interest.
With the right solution and advice you are helping your clients with their ultimate goal of wealth creation.
Your business is diversifying. It’s innovating and most importantly it’s solving the problems of your clients.
What about me?
As a trusted adviser with existing deep client relationships, you are pivotal.
Your role will be focused on solutions and ongoing relationship management. Much like you are now.
The goal posts within the financial planning industry are changing. You can no longer ignore the complete picture for your clients, and an important element of this is expense reduction.
This is in your client’s best interest.
Robbie Bennetts is a director of onPlatinum ICT and former chief executive of Professional Investment Services.
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