What your firm can learn from Formula 1

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Gary Thomson, head of business consultancy at AXA Wealth, examines what a thriving IFA business and a successful racing car team have in common.

In my work with adviser firms, my main objective is to help them achieve better outcomes for themselves, their clients and their businesses, and in that order. If the business owners’ objectives are being fulfilled, and the clients are receiving a service they value and are prepared to pay for, the business tends to be more successful. Usually, I look at the main drivers of value in an advice business and look for opportunities for improvement to help the business achieve better results. I was discussing this with a good friend of mine who, as well as running an engineering busines...

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