From this month's survey it was clear that for most advisers looking to switch from a commission-focused to a fee-based business model, the biggest concern was how to persuade their clients to accept the new way of working. We asked business consultant Brett Davidson for his tips on effecting that change.
As transitioning begins to really gather pace throughout the industry advisers are looking at how they identify which of their existing clients may be suitable for a new business model: one based around ongoing service and an ongoing payment for that service. However, there is one major sticking point that almost every adviser raises in our consulting work: How do I convert my existing clients to the new proposition? This really boils down to four deeply held beliefs: · Clients won't pay for advice; · Clients are used to working the old way; · Clients might leave if they are charged...
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