I had the misfortune to contract a particularly deadly strain of man flu recently. When I had regained sufficient strength, we passed a friend in town to whom I regaled the dicier moments of my touch-and-go struggle. A flicker of understanding passed her face before she hugged my wife knowingly… “Poor Beth,” she said.
This week’s industry chatter has also contained its fair share of snottiness as we continue to cough and splutter our grievances regarding RDR transition.
The restricted v independent bug has been back in force and duly sneezed all over the media.
As a small business owner, I certainly empathise with the level of change that has been required in a concentrated time-frame. Irrespective of which changes are justified and whether some, all or any will achieve their intended outcomes, it places a significant strain on business and so I am unsurprised by the many aches, pains and night sweats being experienced across the industry.
But there remains a strong sense that change is being foisted on the industry and that advisers are being done to. When we engage with advisers about what is driving change in their business, far and away the most common All quotes taken from interviews with QCF4-qualified advisers from fee-charging businessesresponses are:
2: Increasing cost of delivering advice (incidentally, most route this back to regulation)
Very few talk about clients being at the heart. Yes, we need to be compliant to survive but let’s not miss a trick. Closeness to your market and your ability to respond to even the tiniest creaks of change are what will enable you to not only survive but to thrive. Most are not nearly as close as they would like to think and that represents a great opportunity for the rest.
While on my deathbed, I was reassured by Wikipedia that symptoms are mostly due to the body’s immune response Phil Wickenden is founder of So Here’s The Plan to the infection rather than to tissue destruction by the viruses themselves.
This period of transition might not feel particularly pleasant but we are, as a body, becoming fitter for purpose and, I hope, will grow to love the symptoms and embrace change. Because the one thing that we know for sure is that this is not the last we’ll see of it… it is called a common cold for a reason.
Phil Wickenden is founder of So Here’s The Plan