It’s 1 July. The flurry of 30 June has passed, and 52-year-old Diane and her 54-year-old husband Peter are now…
Written by Rachel Polglase Published: June 27 2019 Investments
We are all doing our best to build a great business which provides an outstanding proposition for clients and prospective clients.
In doing this, it is important to not only identify the services that cost the most for your business to provide, but also take the time to correlate these to the services that your clients most value when engaging with your business.
Now, this can be problematic! It is not simply an objective analysis of cost drivers in your business. Rather it involves an open and honest understanding of the “real” value that your clients believe that you provide.
How do you do this? Now that is the easy part – Ask your client …“Why me? “Why us?”
What do you think the most overwhelming response will be? Almost always it will be… “I/we trust you”.
Trust is core to all advice businesses, and clients are more than likely engaging and continuing to engage with you on that basis. Everything else is irrelevant. Got an amazing website, a great office, a high-touch service proposition? All these are great tools to demonstrate credibility, however building and maintaining trust is critical.
Every decision that you make within your business should always be guided by “Will this enhance or jeopardise the level of trust my clients have in me and my business?”
When it comes to outsourcing, trust is the most “at risk” component of your value proposition. If you do not have great systems in place and tight control of the process, clients can easily become disconnected from the business over time.
Back office administration, advice production and implementation are all ripe for outsourcing, and an increasing number of advisory firms are well down the path of incorporating off and on shore outsourced providers.
A successful outsource arrangement should be a great enabler for your business. It should help you focus on the critical components of your proposition that enhance and secure the client relationship. Perhaps even help you reach the “utopian” position of being known as their “trusted adviser”.
Outsourcing should provide the opportunity for you to focus on and deliver an outstanding and valued proposition to your clients without adversely impacting your balance sheet.
This is where the Cashwerkz platform really comes into its own. Cash is an important part of your clients’ portfolio. Cash offers liquidity, which in turn provides the client with freedom and relatively low market risk.
Often much maligned due to its simplicity and minimal yield in low interest rate environments, many advisers believe that advising on cash is a drain on resources. The administration process to establish a term deposit for example, can equal that of establishing any other investment product. It can, in turn prove difficult in some cases to charge for instructing your clients to invest in cash, if it is viewed in isolation.
The traditional solution has been to encourage a client to invest their own cash outside of your scope of advice. This can inevitably dilute your overall advice offering and presents the potential risk of the client going elsewhere to seek the services that you do not provide.
Leveraging technology with innovation, Cashwerkz enables advisers to invest their clients’ cash in Term Deposits, Cash Management Accounts, Bonds* and Fixed Interest*, without the hassle of maintaining the paperwork and application documentation. Cashwerkz manages the KYC verification process through to completion.
Investing your clients’ cash can become a profitable component of your offering. The Cashwerkz platform ensures your clients’ cash is working as hard as possible, through offering a wide range of term deposit options with competitive rates.
Cashwerkz enables you to easily manage and incorporate cash into your client’s entire portfolio, focusing your energy towards building a long-standing, values-based relationship with your clients. After all that’s what you do best isn’t it?
*Offered through our fixed interest partner, RIM Securities