GUEST COLUMNIST – TONY VIDLER
Financial advice is not going through some changes; constant change is the new normal, writes business coach Tony Vidler…
Whatever regulatory stuff you are going through now in your particular jurisdiction, there will not be an end to it. More importantly though, compliance and regulation are not the important constant challenge for financial advice businesses.
Engaging consumers and turning them into clients who continue to trust and retain you as their valued adviser for decades will require a constant reinvention of value and service.
The shifting consumer expectations in virtually all aspects is the constant challenge now.
What they perceive as valuable; how they will or won’t engage with us; what they will or won’t pay….These are the areas under constant revision.
An adviser asked me ‘when all the change will stop?’. My answer, though they thought it flippant at the time, was it won’t; changes will only accelerate.
This thinking made me dig out my copy of Who Moved My Cheese, and a quick review made me realise it is a very handy reference guide for financial advisers the world over right now. In fact, it is probably more relevant now than a decade ago.
This easy little read is all about the process and the mindset of handling change.
Change will constantly accelerate in the areas of:
- Regulatory requirements
- Professional practice standards
- Consumer expectations in transparency, speed, and value
- Implementation of new technology and communications mediums
Then there is artificial intelligence, which has the potential to totally eliminate many service industries.
Spencer Johnson, author of Who Moved my Cheese, lays out the formula for coping with it all successfully, and the key is the mindset – or attitude – that one has towards constant change.
His key points are:
- Change happens – The world will keep moving and evolving whether you want it to or not
- Anticipate change – Be ready for the changes that are reasonably foreseeable or predictable
- Monitor change – keep reading industry news, talk to peers, pay attention to consumer research, regulatory reports and divergent views from around the industry
- Adapt to change quickly – the quicker you let go of the old way, the sooner you can thrive in the new era
- Change – don’t constantly be getting ready to get ready, and never actually doing it
- Enjoy change – savour the adventure
- Be ready to change again. The cycle will repeat. New changes will happen.
Things will keep changing and evolving. But whatever you do to manage the changes and survive, first accept. Then Adapt.
It is Darwinian, really.
What do you consider to be the biggest challenge to the ongoing success of your business?
- The cost of delivering advice (39%)
- The economy (26%)
- Regulatory change (13%)
- Evolving client expectations and scrutiny (13%)
- Something else (write and let us know) (10%)
Loading ...Business coach and professional speaker Tony Vidler has worked with hundreds of advisers over more than 30 years to help them define and articulate their unique value proposition.