Process, Performance Separate Elite Advisory Firms From Competitors

It's not your people that make clients happy. It's what they do.

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Comments (12)
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Posted by ylbyluke b | Monday, July 09 2012 at 11:59AM ET
It is not products that add value it is what you do with investment products--or process--that adds value. Edwards Demming, who revolutionized global auto manufacturing to the chagrin of US manufacturers, observed "if you can't describe what you do as a process, you don't know what you are doing."

By the brokerage industry denying brokers render advice entailing fiduciary duty in the best interest of the investing public, it has crippled the broker's ability to add value. To no one's surprise, the brokerage industry does not have the process, technology, work flow management, conflict management and support infrastructure in place to support expert advisory services so it is safe scalable, easy to execute andmanage as a high margin business at the advisor level.

As Charles Eames observed, "art is the quality of doing, process is not magic." Thought the industry is not prepared to support expert advisory services, much less address how well it executes advice--those questions at least are on the table now for open discussion.

As someone once sais if you think education is expensive, try ignorance. Hold on, we are about to witness a rennaissance in advisory services that outdates everything tht has come before it.

SCW

SCW
Posted by Stephen W | Tuesday, July 10 2012 at 9:47AM ET
Stephen,

Right you are! What you do gives you a means of demonstrating your standard of care. I am not overly optimistic about the new regulations because most government action results in higher transaction costs without any discernible benefit to consumers, but it certainly hold out the hope that it will continue to nudge our business in that direction. If it triggers a renaissance, everyone wins! I will keep my fingers crossed.

In the meantime, firms recognizing that it is the actions that make clients more loyal to them may get them to move more in that direction on their own.
Posted by Stephen W | Tuesday, July 10 2012 at 11:22AM ET
Hi Steve - The Referral "Doctor"

Maybe it should be what you "know", that really sets an advisor / planner apart?

That's why the R&D efforts of our governing board of physician-directors, accountants, financial advisors, academics and health economists identified the need for integrated personal financial planning and medical practice management as an effective first step in the survival and wealth building life-cycle for physicians, nurses, healthcare executives, administrators and all medical professionals.

Now - more than ever - desperate doctors of all ages are turning to knowledge able financial advisors and medical management consultants for help. Symbiotically too, generalist advisors are finding that the mutual need for extreme niche synergy is obvious.

But, there was no established curriculum or educational program; no corpus of knowledge or codifying terms-of-art; no academic gravitas or fiduciary accountability; and certainly no identifying professional designation that demonstrated integrated subject matter expertise for the increasingly unique healthcare focused financial advisory niche ... Until Now!

Enter the Certified Medical Planner(TM) charter professional designation

Ann Miller RN MHA
[Executive-Director]
http://www.CertifiedMedicalPlanner.org
Posted by Ann M | Tuesday, July 10 2012 at 12:31PM ET
Hi Steve - The Referral "Doctor"

Maybe it should be what you "know", that really sets an advisor / planner apart?

That's why the R&D efforts of our governing board of physician-directors, accountants, financial advisors, academics and health economists identified the need for integrated personal financial planning and medical practice management as an effective first step in the survival and wealth building life-cycle for physicians, nurses, healthcare executives, administrators and all medical professionals.

Now - more than ever - desperate doctors of all ages are turning to knowledge able financial advisors and medical management consultants for help. Symbiotically too, generalist advisors are finding that the mutual need for extreme niche synergy is obvious.

But, there was no established curriculum or educational program; no corpus of knowledge or codifying terms-of-art; no academic gravitas or fiduciary accountability; and certainly no identifying professional designation that demonstrated integrated subject matter expertise for the increasingly unique healthcare focused financial advisory niche ... Until Now!

Enter the Certified Medical Planner(TM) charter professional designation

Ann Miller RN MHA
[Executive-Director]
http://www.CertifiedMedicalPlanner.org
Posted by Ann M | Tuesday, July 10 2012 at 12:31PM ET
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