11th January 2013

Aegon: 2013 - The year of Service

Henry Ford the great American industrialist and pioneer of the assembly line production method is also famous for his business quotes. His most famous utterance is

' you can have any colour you want as long as it’s black'

Ford was talking about his new Model T Ford, which was changing the face of America and ultimately the world. What he was saying was that the customer could take it or leave it. The manufacturer was king. At the time, the Model T Ford was so far ahead of the competition in performance and price that combined with skilful marketing he created a consumer demand that was willing to accept any limitations, as long as they got what they wanted. A motor car at a price they could afford. Fords assembly line production method delivered this cheaply but with the obvious limitations on customer choice.

As competition grew and consumers became more demanding then the attitude and strategy of Henry Ford changed. This is reflected in his next most famous quote

'A business absolutely devoted to service will have only one worry about profits… They will be embarrassingly large'.

This to me highlights what success is about in any business, delivering what the client wants, not just once but on an ongoing and consistent basis. The UK advisory market could learn a lot from Henry Ford.

Will your service deliver RDR Success?

RDR is a reality and while you have your qualifications and have obtained your Statement of Professional Standing (SPS) that does not guarantee success. RDR is about delivering a service clients are willing to pay for now and in the future. Do you have a service model in place that is built around your clients or designed by committee in a room with two important element missing, your existing clients and future customers?

It is vital you know the answers to the following questions to build a robust repeatable and profitable service model. You need to ask your clients:

• How do you want to interact with me, face to face, by telephone or using social media such as email or even Skype?
• How often do you want to see me?
• How in-depth do you want our relationship to go? Is it purely transactional or do you wish me to be your primary adviser?
• Who else do I involve in the advice relationship? Your family and your solicitor or accountant?
• How do you want to pay me for the advice we agree upon?
• Do you need an ongoing service from me and if so what would you value from me?
• Do you value my service enough to recommend me to friends and family

The answers to these questions will help ensure you deliver a service existing clients and potential customers will pay for in 2013 and beyond.

Our templates can help you get started or refine what you already have. Why not have a look now

John Joe McGinley Head of Business Brain

Aegon

January 2013

RDR