View more on these topics

Phil Wickenden: The hard work others fear brings special results

You have to do hard things to be successful in life. The things no one else does. Why? Life coaches will tell you those are the things that define you; the things that make the difference between existing and living.

This may well be true but if that does not float your boat, then American business author Seth Godin rather gets to the point: “By doing hard work that others fear, you create unique value.”

The logic follows that, because it is hard, 99 per cent will not bother, which makes it even more exceptional when you decide to roll your sleeves up and deliver something special. And who doesn’t like special?

This adviser does: “The people [at his favoured provider] make you feel special. They spent the whole day with me in person working through three complex cases I had when they did not really need to. You can’t put a price on that kind of experience.”

Unfortunately, this is an exception. We asked advisers what service and support they value in relation to retirement planning and how well they are served in those areas. There is a clear service deficit when we consider value versus delivery.

Advisers value direct contact and staff expertise above secondary resources and tools. However, it is the areas of greatest importance where we see under-delivery.

Advisers most covet case-related technical support, online content and telephone consultant support but, in each of these cases, industry standards are lower.

On the flipside, the value-delivery gap is narrowest with educational materials and conversation starters. This is easy territory. That is not to say they should not do it but there is a surfeit of collateral out there, so they cannot expect to be revered for adding to noise.

So, back to the hard stuff. Few providers consistently invest here, let alone stand out, meaning those that do will benefit from a positively disproportionate impact on advisers’ propensity to do business with them.

Of course, the hard things are often the easiest to avoid. To procrastinate. To make excuses. To pretend they do not apply to you. Up to you.

Phil Wickenden is managing director at Cicero Research

Recommended

5

FCA outlines levy plans for new govt guidance body

FCA-regulated firms will continue to fund the cost of pensions guidance and debt advice as the government moves to a new single public guidance body, the regulator has confirmed. Business contributing to the cost of debt advice in the UK will continue to do so but through split levies – one administered by devolved authorities […]

5

Chris Gilchrist: The property dream is over

The British have an obsession with residential property shared by few other Europeans. In many places on the continent, you rent city centre flats until you retire, when you buy or build a home in the country. Europeans devote around 15 per cent of spendable income to housing compared with a typical 30 per cent […]

26

Steve Bee: Hammond ignores Waspi women again

The chancellor’s last Budget before Brexit extended generosity to many, but made no mention at all of the plight of the four million women in financial hardship due to the recent seismic shifts in the state pension age. As Hammond took a seat at the end of his speech, some of the 80 or so […]

Money-Cash-Coins-GBP-Pounds-UK-700x450.jpg
101

How much are advisers charging for pension transfers?

Defined benefit pension transfer charges are being put under the microscope again as the regulator turns over more potential conflicts of interest. With the British Steel Pension Scheme the latest to dominate headlines and the FCA ready to interrogate further as it extends its review to include all firms authorised to give pension transfer advice, […]

Choose life…

Sarah Scott  – Marketing Consultant, Royal London  This month sees the return of Renton, Sickboy, Begbie and Spud in the sequel to the film Trainspotting. Just over 20 years later, we return to see exactly how life treated the characters whose lifestyle was less than ideal back in 1996. Did they choose a job, choose […]

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