I can't help despairing over product providers, networks, and some IFAs as to whether they will ever learn the most important lesson of running a business – look after your clients and they will look after you.
IFAs are continually criticised for poor advice but I suspect that this normally only tends to happen when the adviser forgets to look after the client and puts his or her own well-being first.
Product providers are the most guilty in my opinion. Some examples are the advertising of in vogue funds that have arguably reached their sell-by date, the dropping of products and services, in most cases without warning, mortgage companies which charge prospective new clients reduced rates of interest while inflicting higher rates on its existing customers, and so on…
The combination of short, medium and long-term planning is the key to a successful business, as it is to a satisfied client.
It is important to make a profit, but if the emphasis is on how much profit, then the focus is taken away from the client to oneself.
Put your clients first and you will succeed. It might just take a little longer but it will be sustainable. I see very little evidence of that principle in our industry or in the world at large at the moment, it is all now, now, now.
The Ethical Partnership,