‘The ultimate advice service’: Jason Butler’s top tips for a great firm

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Bloomsbury Wealth founder Jason Butler has set out his blueprint for the “ultimate advice service.”

Speaking at the Personal Finance Society’s National Symposium in London today, Butler, now a personal finance commentator and investor in financial technology, urged advisers to steer clear of robo-advice and concentrate on client engagement to deliver value.

He says: “The robos aren’t selling [what advisers are]. They are selling a commoditised investment service, not planning, not relationship-driven, they just want to make a few quid and sell their business.

“They are definitely going to burn through all of the millions of pounds of other peoples’ money. Very few if any at all may survive in the next five or 10 years.”

Butler urged advisers to move more towards fixed fees and separate portfolio management and from products to planning to add value.

He says: “If you are taking on more than two-thirds of clients you are pitching for your pricing is wrong.

“It’s not about saving and investment decisions, please stop talking like that, it’s about working and spending decisions.

“I may have the best bricks in the world and the cheapest, but if I’m building a timber house they’re of no use to me.If we think about things from a client’s point of view we would run better businesses”

When it came to engagement, Butler said not enough advisers use video, particularly client testimonials or ones including support staff and advisers, and social media to develop client relationships.

Butler says: “Why in financial services are we frightened of social media? Is it because we have got nothing to say? We don’t stand for anything? We aren’t creating any value? We are too busy?

“It’s just a way of communicating with people, but it has to be regular, relevant, engaging and shareable.

“Get your clients to say great things about you…what other people say about you is more important than what you say.”