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Recession guide for advisers

J P Morgan has launched a guide to help advisers safeguard their businesses against the recession.

The pack offers tips on how to cut costs, maintain profit margins, diversify customer base and improve client communication as well as addressing concerns and issues IFAs may have in the current market environment.

It also features anecdotal tips from four IFAs who have successfully navigated their way out of previous recessionary times.

The paper advises firms not to cut costs that could reduce the current quality of service offered and offers tips on how to protect cashflow, leverage platform technology, gather assets and review charging structures.

Other suggested tips include offering clients advice on their financial priorities post redundancy. A paper by 1st – The Exchange suggested IFA firms adopt a “ruthless” approach to identifying profitable clients and suggested some client segments might need to be farmed out to third-party specialists or dropped altogether.

J P Morgan Asset Management head of UK distributor sales Mike Parsons says: “We recognise that advisory firms are the lifeblood of our industry and it is appropriate that we ensure that IFAs of all sizes are able to get through this challenging period.”

IFA Tony Catt says: “I think any help that we can get is useful. Sometimes we fall into the trap of thinking we know everything and it is probably quite a good idea every so often to be jolted out of that thought process and to have another look at our costs and method of doing things.”


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