Added value - what does it really mean?

One of the often trumpeted phrases that we hear continually in the our industry is 'adding value'. But what does it really mean and to what does it refer? I believe the reality is that there are many different answers to these questions depending which end of the supply chain you find yourself. Critically for the intermediary market it is becoming increasingly important that they have some clarity around this phrase and what it means for their clients. If they fail to impress upon their clients what added value they themselves bring to the adviser/client relationship then this relati...