Make time for change – the roadshow!
Back in December we wrote about the forthcoming seminars, Make time for change.
February saw these come and go, with a gallant troupe of speakers travelling up and down the country, meeting almost 200 advisers in 7 locations.
Naturally, we picked the weeks of the Great Snow to deliver these seminars, causing an added complication or two, but making the scenery around some of the events – especially Scotland – breathtaking.
But that was not the point. The point was to get out and see and speak to real advisers, in real firms, and actually engage with what is going on out there.
This was achieved, no question about it. It was interesting to hear the same things from different firms, in different parts of the country, who have the same challenges, saw things in a similar way, and are seeing that some of the solutions on offer will actually work in their firms during this tricky time.
The key points then:
Roland Rawicz-Szczerbo of Capita started with a bit of background, especially looking at his own experience as an IFA, and where his time was spent, or wasted. Keeping account of your time was a key message, as was client segmentation. Delegates appreciated this. I guess it is reassuring to know that we are all in the same boat!
Phil Billingham of Perception Support started by looking at the Post RDR future, identifying the advantage of an independent proposition and some of the challenges ahead. He then looked at a few practice management methods that would help firms transition to a range of futures, with a closer look at client segmentation systems that work.
Richard Stanton, again of Capita, demonstrated the way that a systematic use of a proper client relationship management tool – back office system – can deliver slicker, more profitable and more effective client service. The critical importance of time recording was made here as well. The concept of ‘asset allocation’ for time was an especially useful one.
Max Pearson, of Synaptic, was next up. He demonstrated the massive time gain possible by an effective use of a research tool,
showing where information can be simplified for clients.
Adrian Evans and Ian Nicholls of Bankhall gave an overview of the developing Portavista ‘Wrap’, with a special focus on the use of a structured Investment and asset allocation process.
The inimitable Tony Wickendon of Technical Connection demonstrated the ‘added value’ of a sound, comprehensive research and technical backup service. Whilst many had some knowledge of his service, I think is was fair to say that the breadth is a lot wider than many had appreciated – cheaper as well!
Last but not least, Sim Sangha and Tessa Lee of FinQS impressed many with a low cost, high value and slick client service and client survey tool, one that could save a lot of time.
Clearly, these events were a mile wide and a few feet deep. No one firm could possibly take away every idea and tool and use it, and several delegates commented on the sheer volume of information given at the seminars.
For us, it was the feedback from delegates that was the most interesting part, as always.
- Most delegates were there because they knew they need to implement change in the business, and many if not all were fairly positive about the changes that needed to be made.
- What is missing for some is the guidance and actual ‘how to do’ help, or a track to run on. And many of the stories demonstrated why that is needed.
- Some spoke of struggling to charge fees effectively, and carrying out non profitable work for clients who, frankly, did not appreciate them.
- Some spoke of struggling to do all the things they knew they should do, and being bogged down in low added value activities.
- Many had technology, software and systems in place that they were paying for but barely using. Expensive address books came to mind.
So, overall the key lessons for everyone were:
- The fundamental importance of starting with basic time recording
- Have a clear, thought out client proposition or two – no more
- Client segmentation is the key to great client service and a profitable business
- Fees are perfectly possible – but have confidence in what you offer. You must earn your right to your place in the value chain.
- Smart use of technology can save substantial amounts of time
- Be in business on purpose – do the core well and outsource the rest
Clearly, follow up is needed, so we have planned a series of Workshops to follow up on the ideas and concepts covered above.
These will run initially in the spring, with additional workshops planned for the autumn.
All in all, a great experience, and my thanks to those delegates who braved snow and traffic to come and participate.