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Comment of the week: If you want a truthful answer, ask your clients

Online comment related to last week’s column by Chris Gilchrist: Dinosaur transactional advisers are a dying breed

I would suggest that probably 80/90 per cent of the business we do and have done in the past is transactional business and it that sense I am a dinosaur but 20 per cent of my clients are top quality ones who recognise and value the service I bring to the table. they are the ones I concentrate on. 

The important point is that our business is now one of “selling advice and ongoing services”

The advice bit is simple but ongoing service is another matter 

Many advisers are charging 0.75 or even 1 per cent as a servicing fee but what exactly do they provide for that fee?

After all if the fee is 1 per cent and the portfolio is £1,000,000 that is £10000 per annum.

So what, I ask, do you do for that £10,000 per annum? 

Imagine we could not take that fee from product and you had to invoice a client directly and the client had to write out a cheque. Would they recognise and value the service you provide ? If not they won’t pay it and I don’t blame them but if you do give them a service they value, they will gladly pay it. 

My top 20 per cent do happily pay my fees and value my service. Do yours?

If you want to know the truthful answer ask your clients.

Andrew King

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