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presentation to Liberty Group covering current issues for advisers
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Resolving the
Diabolical Dilemma
(which is:
If you are just selling,
You are doomed.
If you are not selling,
You are doomed.)
TOPIC Given:
“What can Strictly Business do?”
Well...•Personalised practical assistance •Implement changes easily & quickly•Focus on removing risks from adviser businesses; AND/OR;•Create new business opportunities. •It is about having a safer and easier businesses to run, that makes more money and creates greater long term value
Agenda
The 3 truths about “sales businesses”
Reality Check
Understanding an advice business
Barrier to business transition
Getting paid a new way
A little advertorial, and Q& A
The “Sales” Business today
1. Pure “Sales” businesses in financial services have limited future growth or value
2. Pure “Sales” businesses in financial services have higher than necessary business and regulatory risk
3. Pure “Sales businesses in financial services are not valued by consumers
We are living in a period of reformation and militant consumerism. Everything has changed.
The 3 new truths …
Reality Check:
Does your business today focus on product sales, or product retention, for its entire revenue?
You sure your “sales” process is right & safe?
How many clients do you have?
No...
...how many “clients” do you have, not customers...
How many clients would you have if it was only those who would never sue you?
Are you in the “sales business” only?
A Thought…“The Artistic Calling”
Professionala. Pertaining to a profession or calling; engaged in a
profession; engaged in an artistic calling as a means of livelihood
Professionalismn. The principles of professional persons
What does an “Advice” business look like?
Is positioned at leading edge (not bleeding edge) of industry and consumer trends – it must know issues before consumers do.
Doesn’t link it’s value-add or USP to performance of a product or supplier. No “naked advisers”…
It leverages know-how … and doesn’t link it’s success to hours worked, or billed to consumers. Only applies the necessary knowledge & delivers what it’s clients really want:
- peace of mind, no worries
- convenience, ease of business
- choices, options
- results…
An advice business sells creative solutions based upon its subject mastery, and delivers what is needed
The barrier to transition
Risk advisers are often sales people who give great technical advice, but do not value it themselves. Or value themselves.
Other “professionals” are often great technicians who value their knowledge, but are not very good at selling it.
Consumers trust and follow the advice of the confident expert.
Risk Advisers generally have low confidence in their own technical expertise and value to consumers.
The barrier to building an ADVICE business is the adviser. Or, your belief in you and the value you can provide.
Business problem: how to get paid without relying on the product?
Getting paid by getting valued
Consider a client engagement as a project with 3 distinct components:
1. Planning
2. Implementation
1. Monitoring & Servicing
How we work…
PLAN
PLAN IMPLEMENTATION
How we work…
PLAN IMPLEMENTATION MONITORING
How we work…
PLAN IMPLEMENTATION MONITORING
$(Fee)
How we work…
PLAN IMPLEMENTATION MONITORING
$(Fee)
The Client
can stop here
How we work…
PLAN IMPLEMENTATION MONITORING
$(Fee)
$Commission and/or
Fee Agreement
The Client
can stop here
How we work…
PLAN IMPLEMENTATION MONITORING
$(Fee)
The Client
can stop here
The Client
can stop here
How we work…
$Commission and/or
Fee Agreement
PLAN IMPLEMENTATION MONITORING
$(Fee)
$Renewal
Commission +/- ?
The Client
can stop here
The Client
can stop here
$Commission and/or
Fee Agreement
The Project with client choices
What does Strictly Business do?
Tips, Traps & Trends...fortnightly...
Subscriber Service....www.strictlybiz.co.nz
How can Strictly Business work with you?
For further information or consultation:
