While the co-ordinated advice approach has certainly become more popular in recent times, why isn’t it used more broadly?
The reasons can include our own insecurity, high control needs, or our desire to be the best and the smartest in the room.
Another point of resistance that I have encountered relates to the number of people that the co-ordinated advice session requires in the one room. The concern is that the client will just see a big scary room “full of fees”. Of course, the way to address this is easy – charge a fixed fee. Or, offer the co-ordinated advice session at a discount, and back yourself that the chargeable work will follow. In my experience, it usually does.
So, let’s get outside the comfort zone and actually provide our clients with the insights they need, rather than the slimmed down, no frills service that they think they want.
Business succession and strategic planning – the case for co-ordinated advice
In my experience over the last year or so, two hot areas where the co-ordinated advice session can be used to great effect are in business succession planning and in strategic planning.
Business succession planning is a subject that is very close to my heart. And, the time is now right for a robust, multi-disciplinary advice offer in this area.
Macroeconomic factors such as the demographic succession crisis, and the fact that for many people their business is their superannuation, makes this a worthy area of practice where lots of value can be added. It is also an area in which working collaboratively is essential, if the client is to get the best result. The issues are just too broad and too complex to be handled by one adviser. Don’t even try!
Strategic planning is also a really interesting and growing area of professional advice. Simon Quirk from Trackermap is a strategy consultant who works closely with other professionals, providing them with the skills and training to enable them to offer strategic planning services to their clients. As Simon explains, “strategy consulting is often the bedrock, the cornerstone of any broader advice process. Once the strategy has been interrogated and locked in by the business owners, they are well placed to consider flow-on aspects such as shareholders agreements or the business succession plan.”
In the new advice world, and as revenue streams from commoditised or standard services decline or dry up entirely, advisers should take the plunge, skill up, and provide strategic planning services as part of a multi-disciplinary offer.
Martin Checketts is ‘The Coach’ in the No More Practice Transformation Series. Martin Checketts leads the Private Advisory team at Mills Oakley Lawyers. He also sits on Mills Oakley’s management board.
