Ready?

by Jim

rocketkidReady?

Are we ever ready for new things?

In retrospect, don’t all of our attempts at new things suck initially?

Were you ready for your first child?

Were you ready for  your first ever client?

Were you ready for your first ever employee?

Were you ready for the confrontational conversation that had to be had with your business partner because you beginning to believe the partnership is stalling?

Don’t we start ugly with most new things? Isn’t that the sign of being normal?

We rarely figure out stuff beforehand, but it is amazing how many people expect the opposite. Isn’t this where the old line that good judgement comes from experience, but experience comes from poor judgement comes from?

You can certainly be prepared, but is that the same as being ready?

A newly minted graduate can be prepared with well accomplished degrees, but without any experience are they ready?

What are you waiting to be ready for right now?

Are you still not ready to charge the fee that you deserve? Are you ready to let go of commission payments?

Are you ready for doubling your fees and halving your client base?

Are you ready to do the things that you don’t want to do, but need to do, to earn the success that your deserve?

What are you waiting for?

Will you be ready when you get that new staff member?

Will you be ready when you’ve removed some debt?

Will you be ready when you leave this job?

Will you be ready when…

How about just doing it, starting really ugly knowing that you’ll figure it out like you’ve figured out stuff already. Waiting and wanting to be ready might just might be your biggest problem?

What do you reckon?

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Advice professionals don’t take commissions

Reconstructing the DollarAdvice professionals don’t take commissions.

The latest twist in the Future of Financial Advice exposes even more what the real debate is about – trust. Not reducing red tape.

ASIC reckoned a couple of years ago only 18% of Australians sought out an adviser. Last year Goldman Sachs conducted a survey that showed only 10% sought an adviser.

Australians are ignoring financial advice because it’s conflicted. Like a family member trying to flog Amway products, Australians are cringing away from the conflicted industry that they believe financial planning has become.

The GFC was the trust-breaking point for financial advice around the world.…

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How will everyday Australians afford quality financial advice?

caddy_lgRemember when coffee was instant?

Remember those cafe bars which boasted only 5 cents a cup?

Now Australian’s are paying at least $3.25 a cup.

Could you imagine convincing the cafe bar coffee addict of yesteryear they’ll be paying at least 65 times the price in years to come?

What’s changed?

Plenty.

Particularly regards what Australians now value in their cup of coffee.

Thanks to many factors, the price of financial advice today is like the price of that old cafe bar coffee. It’s next to nothing. It isn’t highly valued or sought by the majority of everyday Australians. A few years back ASIC reported only 18% of Australians sought advice.…

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What comes first – prospecting or value?

treadmill runningGot a call last week from an old client for whom we did benchmarking work fifteen years ago.

His son joined him in business about five years ago. Sensibly at that time, they made the hard decisions required to setup a sustainable foundation for their future making the commitment to totally transform their previous business model to become a ‘fees-for-service’ business.

They made contact seeking assistance to improve their new business opportunities.

“What sort of new business are you trying to attract?” I ask.

“Most of our active clients pay approximately $4k or so a year. That’s ideal for us. Attracting more of them is our objective.”

“What do you do for a client paying about $4k per year?” I ask.…

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Fee Disclosure Statements – Needed for product providers or advice providers?

SecrecyI’ve been copping a bit of flack recently suggesting that fee disclosure statements (FDS) aren’t really necessary for your financial advice clients.…

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Is your pricing strangling your business dreams…

Finding it hard to get to those important but non-urgent projects?
Happy with activity, but still hoping it will soon reflect on your bottom-line?
Feeling lost as to how others seem to find time that you can’t?
Blaming your software, systems, procedures or people for just being too inefficient?
Have you thought that the real problem could be somewhere else?
Such as…your pricing?
Price is a business-person’s best time management tool.
At a simplistic level, if you’re too busy, you’re too cheap.
At a bit more complex level, provided you’re adding value to your clients, you simply can’t afford to be everything to every client in your business life.…

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