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Financial Planner's Guide to an Advice Based Practice

How to make your Advice Model a powerful marketing asset.

Guide 1 - Financial Planner's Guide to Implementing an Advice Based Practice_Lo Res.jpg

This Guide is the first in a series of four marketing guides written specifically for financial planners. It addresses the key issue for each adviser of being able to demonstrate and deliver advice based solutions to clients.

AVAILABLE NOW as a PDF download for $32.95 AUD - to obtain a copy of this guide click here.

Before launching any marketing or branding activity, the practice must clearly define its Advice Model and packages for clients. “Advice based” clients are the target market for advisers seeking to grow their practices in the high cost, high compliance financial services market.

Its not only a matter of advisers being able to communicate (and market) the value of their advice and fees to existing and prospective clients, but also ensuring the Advice Model is fully developed to deliver high quality advice matched to the needs of target clients.

As clients are required to “opt-in”, it is essential for advisers to articulate what they do and demonstrate the benefits of their advice. This Guide addresses the key topics for ensuring a practice has a clearly defined Advice Model:

  • How to make advice "tangible" to clients
  • How to build an advice based practice
  • Demonstrating the value of advice
  • Explaining the true cost of advice to clients
  • The benchmarks for implementing advice
  • Identifying advice based opportunities
  • The challenges for specialist risk practices
  • Assessing how "advice based" your practice currently is
  • The 6 key steps for implementing an advice based model (each step is a Chapter with a set of actions to implement)
    • Step 1: Set Objectives
    • Step 2: Establish Target Client Profiles
    • Step 3: Determine Advice Model and Packages
    • Step 4: Determine Fee Schedule and Practice Remuneration
    • Step 5: Implement Advice Model Statement (Internal)
    • Step 6: Launch new Advice Model (External)
  • Implementation checklist and Advice Model Statement template

This Guide is based on two decades of working 'hands-on' with financial planners across Australia. It focuses on the key topics for ensuring advisers establish advice based solutions for target clients and can effectively communicate this to clients and referral sources.