Sometimes the best way to explain something is by telling a story.
The financial world can be intimidating, particularly if you don’t understand key financial terms (which is described as financial literacy). Sometimes you don’t even know what you don’t know!
Have you been considering whether a retirement home life is for you? Shifting house at any stage of life is a big decision, in fact many a survey shows it to be one of the most stressful decisions most people make in life. This can be further compounded when you have the added burden of downsizing – moving a lifetime of possessions and memorabilia into a space the size of an average family double garage.
You still remember the look on their face…the delight at the Dora the Explorer bedspread and the lampshade that matched. Maybe it was the Ironman posters or the Peppa Pig frieze that surrounded the room. Whatever it was they loved it…at the time. But now they’re asking about redecorating.
If you are serious about managing your clients as your most important and valuable asset, then you should make the effort to obtain their feedback on a regular basis. Yes, this could include an ad hoc discussion while you’re meeting with your clients, but ideally should include a more formal request for structured feedback about key outcomes that are critical to the future of your client relationships and your business. Here I mean the need to understand whether your clients:
For most of my lengthy career in financial services it was accepted knowledge that trying to manage individual client relationships was like ‘herding cats’.
There’s already a fair amount of data you’re collecting on your clients through their lifecycle. Are you using it to your practice’s advantage?
Every young child loves a birthday party – the chance to celebrate their special day of the year. For parents however, the arrival of the big day and the lead up to it can be something of a nightmare. Pressure to invite all their friends and plan something that makes the day unique contributes to budgeting stress, and fear of letting your child down. Often the significance of the day can be lost in the hype that surrounds it.
Owning a car is a costly business, especially if you need help with financing it. In a perfect world, it would be best to save up to purchase your vehicle – after all there is no greater way to burn through cash than borrowing money to purchase a depreciating asset. The reality is sometimes you don’t have a choice. Work commitments and a lack of other transport options can leave you forced to purchase a vehicle whether you’re ready or not.