Planners must break bad habits
TYPICAL planning practices are caught in a cycle of continuing to do business in certain ways because they have always been done in that manner, according to BT Funds Management Asset Accumulation head of distribution Chris Freeman.
He says many practices continue with the planner as the head of everything, even when it is not the best strategy for the group.
“Planners should be able to delegate roles. If someone can do the job 70 per cent as well, then it should be passed on. Bear in mind that Frank Sinatra was not paid to move pianos,” Freeman says.
However, he expressed concerns over those businesses that were not identifying these issues and encouraged them to crystallise the management processes in their business through discussions with business coaches, consultants and business development managers.
Freeman also says planners should corporatise their businesses and avoid selling themselves exclusively to clients in the event they can no longer work with them.
“Don’t over-promise and under-deliver but ensure you stay loyal to clients,” Freeman says.
He says part of corporatising a planning business includes segmenting the client base and phasing out those clients who are not benefiting the business.
“Eighty per cent of your business comes from 20 per cent of your clients, so why continue to service the bottom end?” Freeman says.
AUTHOR
Jason Spits
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