View more on these topics

Phil Wickenden: Turning advice firms’ 2019 business plans into action

At the same time as our economic engines are faltering and our politics are less sure than ever, something else has been happening. The mass market is being replaced by multiple micro markets and seemingly infinite choice.

The exchange of information creates ever more value, while commodity products and services are ever cheaper. It takes fewer employees to generate more value, make more noise and impact more people. As such, every individual, self-employed or employed, is now more in charge of their destiny than ever before.

The value chain is shifting and what used to be an essential asset is worth far less.

While risk remains high, opportunity is there for anyone smart enough to spot it and take it. They must develop the necessary skills to make it work, to tell a story, spread the word, be in demand, satisfy real needs, run from the mediocre middle and change everything.

But, while the opportunities are huge, all the fantastic business outcomes you can hope for in 2019 (and, indeed, the ones you have not yet even envisioned) are highly unlikely to materialise on their own.

Nine times out of 10, you will be required to do something first: to take some action. Sometimes this action will be big, other times it will be small. Often, we will not know which in advance.

However, what is for sure is that the difference in doing something and nothing can be everything.

We asked some advisers what single thing would make the biggest positive difference to their business next year.

I will share some of those thoughts next week but what is revealing is that only half of those questioned had a specific plan in place to make it happen.

Important decisions carry risk and they take time, so the instinct is to delay them.

After all, the idea of doing something risky and distracting later is far better than the reality of doing it now. The trouble is, that is nearly always the wrong strategy.

In 1924, Walt Disney wrote a letter to his friend Ub Iwerks urging him to leave Kansas City and join him to build an animation studio.

The last line of the letter said: “PS. I wouldn’t live in KC now if you gave me the place. Yep, you bet. Hooray for Hollywood.” And, just above, in larger letters, he scrawled: “Don’t hesitate – do it now.”

Phil Wickenden is managing director of Cicero Research

Recommended

3

OECD: Lack of financial literacy leads to poor retirement decisions

The Organisation for Economic Co-operation and Development claims behavioural biases and low levels of financial knowledge are undermining people’s ability to make appropriate decisions for their retirement. The OECD’s Pensions Outlook 2018 says automatic features, default options and simple information and choice could combat the lack of financial literacy. The OECD’s view is that automatic enrolment […]

Alistair Cunningham
20

Alistair Cunningham: Chartered status has been cheapened

I was one of the first to be granted chartered financial planner status, but I wonder what the future is for the accolade. The Personal Finance Society does not seem overly concerned about erosion of the title, seemingly allowing its abuse with impunity. There have been high-profile incidents of more than one chartered financial planner […]

BoE

All mortgage transactions on hold as BoE hit by technical problems

UK borrowers cannot access a mortgage right now as the Bank of England confirmed a key payments system has been hit by technical problems. The Bank says it identified a technical issue this morning related to some routine maintenance of the real time gross settlement system payment system and has paused settlement while it resolves […]

4

How to build an advice firm from scratch

The keys to success when building a new business Apple co-founder Steve Jobs once said his model for a successful business was The Beatles: four parts that balanced each other so the total was greater than the sum of the parts. In the financial advice world, most agree there is no such thing as the […]

RLAM Fixed Income Outlook

Jonathan Platt, Head of Fixed Income at Royal London Asset Management, gives his outlook on the fixed income market. Read the article here The value of investments and the income from them is not guaranteed and may go down as well as up and investors may not get back the amount originally invested. The views […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. “Having identified the one thing that would make the biggest positive difference to your business in 2019, do you have a plan in place to make it happen?”

    My immediate response was improved political and macro-economic stability. Unfortunately any plan to make this happen is beyond my pay grade.

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