The regulation change that has and continues to take place in the Financial Services industry means that advisers need to start shifting their service models from one that remunerates them purely for the sale of a product creating regulated income to one that capitalises on the value they offer their clients.
Advisers need a new model that provides them with an opportunity to generate additional revenue through an expanded service offering and which enables them to create independent income and entrepreneurial freedom – outside and in addition to, the regulated income that comes via delivering personal financial advice.
Old industries are being destroyed and new industries are being created. We only need to look at what Uber has done to the Taxi industry and what I-tunes did to record stores.
Disruption occurs through differentiation and by offering a higher set of value to a customer. How do you currently differentiate yourself from all of the other advisers in the market place?
How will Artificial Intelligence and Rabo advice impact what you do? What about the impact of Google? Could they offer financial services products? What would that do you your business? How do you stay relevant?
The key to survival in this industry and the way to take back control and certainty over your future as a financial adviser is to completely differentiate yourself by packaging up your intellectual property. You need a proposition that you can clearly articulate, which gives you confidence and where you offer something that is of value and that your clients would be willing to pay you for – over and above the sale of a product.
The first decision that needs to be made by advisers is the decision that allows you to make a shift from the model you currently offer to a model that packages up a range of services that capitalises on your intellectual property and value so that you can earn an income outside of the regulated income which is associated with the delivery of personal financial advice.
You do this by developing a signature system- a model, which becomes a facilitation vehicle for additional services and you begin to generate multiple , independent revenue streams.
This new model allows you an opportunity to create a much broader service offering and engage in a multi-faceted conversation. It completely transforms your client engagement and not only are you now earning an income from your intellectual property but you are in a far better position to really target your ideal clients with specific & choreographed marketing messages.
A major by product of building and packaging up a signature system is that you begin to realise that so much of the opportunity actually happens outside of the industry in which you traditionally operate & you find that your “system” can be licensed to others.
The 21st century adviser and the advisers who thrive in this new world will be those advisers who recognize early the importance of shifting their mindset and their model to embrace much broader services.
The opportunities are endless.