Imagine if the financial services industry had its own TripAdvisor system, your practice could live and die by a client’s review, writes Mark Ballantyne General Manager Financial Wisdom.
Having a clear value proposition is critical to the success of a business, but Mark Ballantyne says buyers are looking for systems and processes that can be successfully replicated and repeated.
FoFA presents financial planning firms with a number of challenges. However, as Mark Ballantyne explains, good client engagement will not only make FoFA easier but also improve the value and saleability of your practice.
In buying a book of clients, advisers need to make sure they pick the right book of clients to ‘renovate’ to ensure a good fit with their practice as well as the potential to turn a profit.
To get the best price for your business, the real difference is in the good will – why your clients like you, why they come back to you and why they are prepared to refer you.
The introduction of the Future of Financial Advice (FoFA) will have a potentially significant impact upon the financial planning industry. Client engagement and the ability to deliver good advice in a way that clients value will become increasingly important in a post-FoFA world.
Consolidation is on the increase in the financial planning sector, and there are a number of things buyers should keep an eye out for in the due diligence process of any potential transaction.
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