Wednesday, 3 February 2010

A little more conversation...

I have been presenting at some of the 1st Software user groups this week, about web-based technologies. My focus has been on better client servicing, improved communication and more satisfied clients. So far the feedback has been great and it's good to see advisers and their teams getting excited about the opportunities new technologies are now presenting them with.

Regulatory pressures, particularly RDR and TCF mean that advisory firms must now build a business model that is absolutely focused on the client...and that may seem obvious, something professional advisory firms have been doing for a long time...but today there is a difference. Today this client focus needs to be measurable; it needs to be justified; it needs to be clearly defined. And as we know the demands of the RDR that ongoing income must be justified by ongoing service makes remaining profitable whilst delivering independent financial advice and high quality services to all of your clients difficult. It's just not feasible or profitable to provide face-to-face reviews or to spend time producing high quality reports for those clients who can not afford to pay a fee for such services.

So what is the solution? Drop those clients who aren't currently profitable enough to service? Or look for new ways to service them? The answer I believe lies in the new approach to technology that we are now seeing, a collaborative approach to communication and servicing. Letting the client drive our interactions with them and embracing the internet as a platform for conversation and collaboration. Service is no longer about managing our client, it's about collaborating with them. It's about taking a more social approach to communication. I believe that the internet is absolutely key to the delivery of RDR and TCF. Not convinced? Then have a look at the video below produced by Socialnomics...

I think it says it all....

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