View more on these topics

Phil Wickenden: Providers need to better understand advice firms

Phil-Wickenden-MM-Peach-700.png

York Railway Museum does not understand. Neither do many providers – but more on them in a moment. 

While the dotting of Thomas the Tank Engine simulators amid the Pullmans and Bogie Bolsters may seem a fun attraction for all the family, the opposite is true. 

The problem is, Thomas the Tank Engine triggers a deep yearning in one-year-olds that no amount of pound coins punched into Thomas’s greedy little slot can satisfy. 

So thanks, Metropolis Entertainment, for scattering those little blue kiddie crack machines all over the place at the museum and marring an otherwise delightful day.

In conversations with advisers about their business and technical support needs, a pretty compelling 69 per cent said (without prompting) that providers need to spend more time understanding the fundamentals of adviser businesses before foisting solutions on them. 

Advisers appreciate in this new world that greater time must be invested in learning about the foibles of each firm and the quirks that make each one unique before promoting products and services. This message should speak volumes –  but one cannot listen and talk at the same time.

In trying to get their point across (increasingly noisily and obtrusively, in some instances), the true needs of advisers can be ignored by providers – or at best paid lip service.  

Most listening, in truth, is far from it because we tend to listen with the intent to reply, not to understand. 

Stephen Covey, author of The 7 Habits of Highly Effective People, differentiates five types of listening (or pretending to listen):

1. Ignoring: not really listening at all

2. Pretending: humming along while not really following

3. Selective listening: hearing what you want to hear

4. Attentive listening: paying attention to the words

5. Empathic listening: intending to understand what the other is trying to communicate

Empathic listening is not about agreeing with the speaker nor building faux rapport through clever – that is, stupid – techniques. It is about truly committing to understand someone else’s world –  what message they may be trying to convey and why, irrespective of (and totally detached from) the solutions you may have. It is the only form of true listening. 

Once the speaker feels you are really listening, they will ask for your opinion. Then, and only then, will it be your turn to talk.

Phil Wickenden is founder of So Here’s the Plan 

Recommended

Cicutti-Nic-2014-MM-700.jpg
7

Nic Cicutti: Apfa has failed in the political lobbying game

 Are lobbyists too powerful a force in governmental – and financial regulators’ – decision-making processes? This is the question Money Marketing posed in its last issue, using the Freedom of Information Act to look at the ministerial diaries for the Treasury, Department for Work and Pensions and the Department for Business Innovation and Skills, as […]

Old-Couple-Elderly-Pension-Pensioners-700.jpg
4

Nutmeg eyes pension wrapper as it posts £3.7m loss

D2C online discretionary manager Nutmeg has posted a £3.7m pre-tax loss for 2013 as it prepares to target older investors in a bid for growth. The company’s annual accounts reveal the fledgling business achieved operating turnover of £103,903 during the year, with operating expenses of £3.8m. Nutmeg director Nick Hungerford says the firm will expand […]

Quiz

The Technical Quiz: 4 September

Question one Bill’s designated funds for capped drawdown vest on 5 June 2011. What is the theoretical maximum income he can withdraw in October 2014/15 without tax penalties? A) 100% of the basis amount B) 108.33% of the basis amount C) 120% of the basis amount D) 150% of the basis amount Question two In […]

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