You'd think by now Advisers would get it. That they'd do anything they could to avoid the grotesque sponsorship of professional events and the even more grotesque product pushing that goes on.
But as Nick says.....
"I am amazed by how many Holier-than-Thou types (who normally cannot wait to slag off insurance companies / providers) belly up and waddle to the trough when there is a free meal on offer. I cannot go to these events; I just cannot bear the “master-classes”. I am not interested in what is being peddled and cannot disguise this, not for long, anyway. It’s unfair on the sponsors, if nothing else."
Well said Steve & Nick!
This is the sort of thing that got Advisers into trouble in the first place!
Here's the thing though. In the 'old world' - the world of smoke & mirrors, of commission - this influence over Advisers, it worked! Giving Advisers some new product or investment to talk about with clients at least gave the impression of an ongoing service. This often resulted in well meaning Advisers regularly moving clients money around to justify their existance - and, of course, to earn a few quid in commission.
And in a world of commission, of obscure 'fees', that approach worked. When clients didn't know how, or how much, they were paying it worked just fine. When clients thought that product based 'Financial Advice' was, well, ...er, free, Advisers got away with this sort of approach.
But not any more.
Clients are starting to wake up to fees and what they're getting for their money. And they will wake up even more over the next two years!
"Advisers thinking that a product / investment focused service is going to stack up long term are in for a shock".
It's not Advisers fault. Over many years Advisers have always been sucked into thinking this way... but by whom? The INDUSTRY. Including the Wraps and platforms, and all those investment companies who want their 'stuff' distributed, Plus, of course, the biggest scoundrels - the financial porn - who make millions out of advertising such stuff. And all the time they are infiltrating the hearts and minds of otherwise good, well meaning Advisers who sadly end up focusing on what the Industry wants (distribution) rather than on what clients want (the Truth About Money).
That's why, right now, there are still millions of people in this country who haven't got a clue where they are heading financially or what their money really means. And these are clients of Advisers!
It's no wonder. Because so many Advisers have just become 'Asset Gatherers' - just like they're supposed to. Happily raking in their 1%. But, mark my words, it will all end in tears. In a world of increasingly explicit fees, clients aren't stupid! And neither are the Regulators!
The really sad thing though? It will be all those well meaning Advisers who once again will be the big losers in the long run. (Don't worry about the 'types' in the product / investment provider distribution process. They'll just get another job and prostitute themselves somewhere else in return for a salary).
But Advisers, often small practices, have spent a lifetime building something. And now it's at risk of tumbling down. All because of the influence of the 'Industry' and focusing on the WRONG things!
The 'Industry' won't take care of you when the sh1t hits the fan.
That's why it's time to make a stand.
ADVISERS WHO DON'T STAND FOR SOMETHING, WILL FALL FOR ANYTHING!
So, if you believe in the idea that the CLIENT comes first, NOT financial products. If you believe in delivering a meaningful financial planning outcome to clients, in helping them get what THEY want, then it's time to make a stand for PROPER Financial Planning.
If you're sick and tired of it? Of the free pens; the free umbrellas; the free golf balls - then come along to BACK2Y - The Alternative Financial Planning Conference.
It's being held in Birmingham on the 13th March - a Conference for the Financial Planning community but with a BIG difference:
- No sponsors
- No free bar
- No black tie dinner
- No free umbrellas
Just loads of practical practice management ideas, insights and tips to help you engage more effectively with clients and stand out from the crowd. Not a product provider in sight.
Early bird tickets sold like hot cakes. So, if you believe what we believe, don't miss out! Visit www.BACK2Y.co.uk