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The formula for future advice firm success

Now is the time for business owners to be thinking about the future of their firms and how to attract and serve the next generation of clients

The advice landscape is currently undergoing a number of significant changes, the pace of which is unprecedented and only set to continue.

As such, it is an ideal time for business owners to be thinking about the future of their firms and how to attract and serve the next generation of clients. There are four key considerations.

1. Forget tactics, think strategy

Firms should be reviewing their core foundations, including culture, proposition and governance, to ensure they can be truly responsive to market change.

2. Cultivate the right culture

Firms can only deliver the right outcomes if their internal culture is sufficiently customer-focused. An audit should be undertaken to ensure clients’ needs are being met throughout the whole customer journey, and subsequent changes to processes and procedures should be aligned to their expectations.

3. Retain commerciality

To be truly sustainable, firms’ business models, processes and procedures all need to strike a balance between their compliance obligations and commercial objectives.

4. Focus on value for money

Firms need to identify where the value exchange lies within any proposition and ensure this is reflected in its fair pricing. Demonstrating the value of the service throughout the entire process is also essential.

Phil Deeks is technical director at TCC

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