Announcer director Andrew Rocks told Wealth Professional TV that the biggest challenge for financial advisers will be changing the people you deal with. And he doesn’t just mean staff.
He said advisers will have to let go of clients who aren’t willing to change: “to step into that commercial reality that is FoFA service reality”.
Advisers will have to take on new clients that fit well into the new regime, and train clients on managing their expectations.
“Finding end points and closed-end service offerings, rather than historically an open-ended friendship-based advice model,” he said.
Not all of your staff will be safe either. Your staff will need to fit with your new clientele.
“Hiring, firing and training staff to match those expectations is going to be critical.”
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