View more on these topics

Phil Wickenden: Genuinely caring can give a business the edge

Phil WickendenHere is a question I believe a lot of advisers would like to ask providers: if you could see and experience the world through our eyes – and you really cared – what would you do?

The answer, and how they feel about what is required to make it happen, is a simple test of their commitment to excellence. Consistently showing up and delivering in the areas that really matter. Excellence cuts through the mire of bureaucracy, status quo, regulation and excuses, and asks a simple question: what would you do if you knew?

But, as I say, the pre-requisite is caring. As marketing entrepreneur Seth Godin recently noted, can you imagine seeing a sign like this hanging in a corporate office – “We have an unfair advantage: we care more”?

This is relevant against the backdrop of the rising importance of help with things such as the generation of business ideas and practice development. Mostly because they are hard. Hard to create, to resource and to deliver. And hard things tend not to get done unless someone cares an awful lot.

These things are easy to promise and difficult to do. But if providers promised and did them, the returns on that investment would be positively disproportionate, not least because most others will not stay the course.

More than any other skill or attitude, consistently demonstrating care is what keeps customers in any industry coming back. Advisers are no different.

Excellence cuts through the mire of bureaucracy, status quo and regulation

Mifid II and rules on inducements are shaking up the thinking of many providers in relation to what they do for advisers, including what support they deliver. And rightly so. What providers should spend their support budgets on is a big concern. But while some are looking at the burden of regulation as a convenient and plausible reason to cut back, this would be a mistake.

Support that results in the enhancement of the service provided to the client via better-informed and equipped advisers should always be permissible.

Recent research we have undertaken shows just how important business and technical supports are becoming as determinants of advisers’ provider and platform selection. But as demand has risen, provider delivery has plateaued at best. Which players will make the most of this opportunity? I will look at this topic a bit more next week.

Phil Wickenden is managing director at Cicero Research

Recommended

2

Govt rejects default pathways for decumulation

The government has rejected a recommendation to introduce default decumulation pathways saying it would be inconsistent with pension freedoms. In April the work and pensions select committee published a report on pension freedoms where it proposed ways outcomes for savers could be improved. Among the recommendations, the committee said every drawdown provider should offer customers a […]

Quilter lists with £2.7bn valuation

Quilter has listed on the London Stock Exchange valued at £2.76bn. The business, formerly Old Mutual Wealth, has separated from parent Old Mutual Plc with an offer price of 145 pence per share. Quilter chief executive Paul Feeney says: “We are delighted to be in a position to list as a standalone business and are […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com