Stay updated with breaking news from Dan Murrell. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
The traditional approach to growing an advice business was always something along the lines of: hire more advisers and get them to build relationships with clients and prospects for you. But, in 2024, that idea needs to be packed away with the Christmas decs and thrown into the loft.
I must admit, having been sceptical prior to Consumer Duty implementation, the impact so far has been greater than I was expecting. Most notably, the changes at SJP caught me by surprise.
I’d like to make the case for less BS bravado in advice. More acceptance of running your own race. More honesty. More rejection of toxic hustle culture. More firms that are openly happy to ‘smash’ supposedly boring things such as customer satisfaction, stability and work/life balance.
I would like you to meet Garry. I believe he is typical of where many of your clients will be headed. His story illustrates why financial wellbeing must be the future of financial planning.
Consumer Duty will cause managers to examine value for money in greater detail. Perhaps that’s why we’ve seen several recent fee reductions. But it made me think about another aspect: how best to assess value for money at the portfolio level?