Here are seven of Rory’s top tips to enhance your client relationships today.

1. Embrace the explore-exploit trade-off

Rory explained what we can learn from the behaviour of bees, and how that can be applied to your business. Hives that have scout bees and explore new opportunities survive longer than those that don’t because they use the resources available to them more efficiently.

Rory said, “If you don’t invest in exploration, you become over-optimised and trapped in a local maximum… you become obsessed with exploiting what you know, not with discovering what you don’t yet know.”

So, encourage innovation within your financial services firm. Allocate time and resources to exploring new strategies and services, ensuring you stay ahead of industry changes and client needs.

2. Highlight the role of intangible value

As Rory explained, you can generate value simply by curating an experience that makes people look at something that already exists in a more favourable light.

Emphasise the intangible benefits of your advice in client communications, such as peace of mind and financial security. This can create a stronger emotional connection and help your clients understand the non-financial benefits they’ll get from working with you.

A great way to show this off is with testimonial videos of your clients sharing their experience and how you’ve helped them. Get in touch with us at hi@theyardstickagency.co.uk to explore how we can help you collect these.

3. Simplify financial jargon

Rory points out, “We’ve been trained at school to think linearly, and [the] compounding effect takes us by surprise.”

Rory believes that because things are advertised on the basis of their APR, it can understate the compounding effect of saving, borrowing, and the like.Using clear, jargon-free language to explain complex financial concepts will ensure your clients fully understand your advice by breaking down information into simple, relatable terms.

Understanding the options available to them in simple terms makes clients feel more empowered to make a decision that’s right for them, and it reinforces your expertise.

Win-win!

4. Use positive framing

One thing Rory advises to build your client base is to, “Find a little negative to flip into a positive.”

This sentiment is something that we champion at Yardstick.

Understand what keeps your prospects awake at night -­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ their financial concerns – and explain how working with a financial planner can alleviate their worries and provide confidence for their future.

5. Enhance trust through transparency

One of the barriers to people taking financial advice/planning and experiencing the benefits that you offer is a lack of trust in the profession.

Rory explained, “There is a famous thing called the paradox of choice, which is that there are so many financial entities competing for your attention that you become blinded by the headlights and end up doing nothing.”

Educating clients on which choices would suit their individual circumstances, and regularly updating them on their financial status, promotes a deeper relationship.

As well as clients experiencing the paradox of choice for financial products, prospects face it when looking for the right financial adviser and planner for them. To stand out from competition and engage more prospects, you can foster a trusting relationship by being transparent about your services and fees.

6. Provide psychological wealth management

Rory fondly remembered a quote he once heard, “Wealth is what you’re left with after you lose all your money.”He wholeheartedly agrees with this and shared that what he values about his own financial adviser is their conversations surrounding wider life goals.

He suggests supporting your clients to reframe their understanding of wealth and not just helping them become rich, but also helping them live richly.

By asking philosophical questions about your clients’ aspirations, you can offer advice that enhances their overall happiness and quality of life beyond financial accumulation, showing that you care about all aspects of their wellbeing.

7. Capitalise on technological capabilities

Rory enthused about technology and encouraged all financial advisers and planners to capitalise on the value it can provide to clients and prospects.

He reckons Zoom is the perfect medium for the profession, stating, “There are all these virtues of the Zoom call, which means it’s just the right amount of interpersonal action for financial services purposes.”

Rory also recommends investing in good quality equipment for your Zoom setup to deliver a more professional experience to your clients.

It doesn’t stop at virtual meetings though. You can connect further with your clients in innovative ways such as sharing YouTube videos from captivating and qualified content creators in the profession.

Build stronger client relationships with us

Implement Rory’s insights to create a client experience that stands out, attracts prospects, and fosters long-term loyalty and satisfaction among your existing clients.

You can watch more great webinars like Rory Sutherland’s and access comprehensive marketing content on our website.

Subscribe to The Yardstick Agency newsletter and follow us on LinkedIn to improve your marketing today.

Written by Emily Lang at The Yardstick Agency.

Who is a Business Manager?

Meet the backbone of successful businesses – The Business Manager! They symbolise a unique blend of traits and skills that drive success. An integrator with the ability to make tough decisions, adaptable in the face of change, and equipped with leadership, communication, and strategic thinking skills. They are the architects of a thriving business.

   – Traits:

     – Integrator: An ability to see the bigger picture and set long-term goals.

     – Decision-Maker: Capable of making informed decisions under pressure.

     – Adaptable: Flexibility to navigate through changing business models.

   – Skills:

     – Leadership: Inspiring and guiding teams toward a common goal.

     – Communication: Effectively communicating ideas and information.

     – Strategic Thinking: Planning and executing long-term business strategies.

What does a Business Manager do?

Have you ever wondered about the daily responsibilities of a Business Manager? They handle a wide range of tasks, including strategic planning, team management, decision-making, effective communication, and problem-solving. Their job is to ensure that the business runs smoothly and successfully.

Here are a few examples of what a Business Manager might do:

– Strategic Planning: They brainstorm and plan for the long-term success of the business.

– Team Support: Represent a manager overseeing and guiding a diverse team.

– Decision-Making: Visualise a decision-making process with arrows pointing to various options.

– Communication: Show effective communication channels between the manager and team members.

– Problem Solving: They solve problems and overcome obstacles that may arise while running the business.

The Skills of a Business Manager

Unlock the toolkit of successful business managers! These key skills are the secret ingredients to their leadership. From inspiring teams with effective communication to making strategic decisions and adapting to ever-changing views, these skills are essential for any successful business manager.

The following are the key skills that make a successful business manager:

– Leadership: Confidently lead a team towards a common goal.

– Communication: Effectively communicate with team members.

– Strategic thinking: Plan and strategize for the future.

– Decision-making: Make informed decisions under pressure.

– Adaptability: Navigate through changes with ease.

How it works with outsourced Business Managers

With an outsourced Business Manager, they work when it suits the clients best. From carrying out business focused meetings on a regular basis, to having quarterly 121 meetings with the team. Future business targets are created and reviewed to ensure the right focuses are being set and they are being met.

• Cost-Effective: Outsourcing can be more cost-effective because you only pay for the specific services you need. A full-time, in-house business manager may be more expensive due to salary, benefits, and other associated costs.
  
• Flexibility: Outsourced business managers often work on a flexible schedule that aligns with the client’s needs. This flexibility is particularly beneficial for businesses that may not require a full-time business manager or need support during specific periods.
  
• Remote Work: Outsourced business managers can work remotely, allowing them to provide services without the need for physical presence in the office. This can be advantageous for businesses with a distributed team or those looking to cut down on office space expenses.

• Access to Specialised Skills: Outsourced business managers often bring a wealth of experience from working with various clients. This can provide your business with access to a diverse skill set and a fresh perspective on challenges and opportunities.
  

However, it’s essential to carefully select an outsourced business manager with the right skills, experience, and compatibility with your business values and goals. Effective communication and a well-defined scope of work are crucial for a successful outsourcing relationship.

Challenges Business Managers Face

Business managers face a lot of challenges on their path to success. They need to have resilience to overcome hurdles such as navigating through uncertainties, making tough decisions, and balancing time constraints. Despite all these challenges, they still manage to achieve their goals.

To illustrate the challenges that business managers face, we can use the following examples:

– Uncertainties: Imagine a manager trying to navigate their way through a foggy or uncertain environment.

– Decision Dilemmas: Visualise a manager surrounded by arrows pointing to different decisions, trying to figure out the best one to make.

– Time Constraints: Picture a manager juggling multiple tasks against a ticking clock, trying to get everything done in time.

And there you have it – a journey into the dynamic world of Business Managers! From their essential skills to guiding teams and overcoming challenges, we’ve uncovered the secrets behind their success. Remember, they are the architects of strategy and the heroes of execution.

What motivated you to choose an apprenticeship over other educational or career paths?

Once I knew the end of school was approaching, I was eager to start my career; albeit I wasn’t sure exactly what I wanted to do. I loved helping people and using a computer. An apprenticeship route gradually helped me understand the ‘real world’ of working and allowed me to earn whilst I further developed.

How did you discover the apprenticeship opportunity you eventually pursued?

I believe it was a job site, via Bromley College.

Were there challenges or concerns you had before starting the apprenticeship, and how did you address them?

It’s always scary starting something new, especially going from a school setting to a business setting. However, I was passionate about finding a career path I was interested in and knew I would be able to find this via an apprenticeship.

Did you explore other educational options before deciding on an apprenticeship, and what set it apart for you?

Yes. I attended college / sixth-form openings, however, I was ready to move past this environment and wanted to learn whilst in a business setting.

How did the apprenticeship contribute to your personal and professional growth?

I genuinely do not think I would be where I am today without it. I’m hugely grateful to the bosses who hired me (Ian & Casey) for taking a chance on me all those years back. They interviewed a shy girl, who had just left school and watched me grow into a business manager who could sit in board meetings, help with business direction and absolutely love financial planning. It’s made me so much more confident as a person and I’m forever grateful for the opportunity provided to me.

What advice would you give to someone considering an apprenticeship based on your own experiences?

As long as you’re open to becoming passionate about the job/career you’re getting into, go for it & give it your all – take every opportunity provided to you to help yourself grow and develop.

Why?

Because they have the highest conversion rate and the lowest cost of acquisition.

So, it’s not surprising that almost all financial advisers and planners want more recommendations. 95.44% according to The Yardstick Agency’s 2023 Referral & Recommendation Survey.

If you’re reading this blog, you probably do too!

It’s simple…

What to do

The first thing you need to do to receive more recommendations is deliver a service that people want to recommend.

From there, develop a comprehensive strategy based on:

• Data
• Nurturing
• Education
• Appreciation
• Communication.

And, once you’ve outlined your strategy, you need to implement it at the right time for it to be as effective as possible.

The strategy explained

Data

If you’ve come across The Yardstick Agency before, you’ll know we like to be data driven.

We encourage our clients to use data to understand if they’re delivering a service that people want to recommend and, if they’re not, use the data to provide insight on how to rectify that.

If you ask the right questions on your client surveys, you can find out which of your clients are advocates and active advocates, what barriers there are stopping clients from being active advocates, and how you can improve from their feedback.

What makes a client an “active” advocate, as opposed to just an advocate? It’s those clients who have recommended you in the past 12 months.

After you’ve finished here, you can have a read of this blog for tips on how to create the perfect client survey and how to run it.

Nurturing

Close the loop after the survey is finished by sending the results to your clients.

Why?

• The people who completed the survey see the results of the time and effort they invested
• It allows you to explain the things you’ll be changing as a result of the survey and shows your clients that their feedback hasn’t gone unheard
• It shows the clients who didn’t complete the survey that there was a benefit in doing so and, therefore, should raise completion rates next time around.

By doing this, your clients will know that you genuinely care about their views and have their best interests in mind when asking for feedback. This nurtures your relationship.

And it’s not just current clients that you need to look after.

Prospects, including recommendations, who don’t immediately become clients, need to be nurtured until the time is right for them to engage. If you don’t nurture them:

• Your conversion rates will fall
• You’ll be operationally less efficient
• You’re throwing away the time and money you invested in creating the prospect.

Not sure how to nurture prospects? You should:

1. Make sure you have an effective enquiry recording system (how can you nurture someone without their details?)
2. Send a monthly newsletter to your clients, prospects and professional connections. Not quarterly – we will die on this hill!
3. Connect with them on social media and make sure you’re consistently sharing content that adds value.

Education

Once you have built trust and a relationship with your clients, you can ask for reviews and have a conversation about recommendations.

There is a distinct difference here.

85% of clients say their adviser/planner has never asked for a recommendation (Source: VouchedFor).

We get it. Advisers/planners are often nervous about discussing recommendations.

Consequently, they mention it briefly, and the client nods politely but then forgets what’s been said because it was just a passing moment.

Asking for a recommendation makes clients feel obligated to help, being put on the spot to think of anyone they can suggest. It’s easy to see how that could lead to an unsuitable name being plucked from the air, wasting everybody’s time or leaving your clients feeling alienated.

Instead, educate your clients on the types of recommendations you want to receive by setting aside dedicated time for this specific conversation.

• Talk about who you want to work with. Are they local? Retired? Business owners?
• Let them know when they should recommend you and how – do you want them to direct prospects to your website? Do you have a link to a specific form you’d like them to fill out?

This sort of transparency and openness will lead to a better experience for your clients, and more appropriate recommendations for you.

Appreciation

When you initially receive a recommendation, how do you thank the client who introduced you?
Most advisers/planners who took part in our Referral & Recommendation Survey said they either sent an email or gave them a phone call.

Thanking clients for recommendations in a unique way will make you stand out and make your clients feel genuinely appreciated, which could lead to more introductions later down the road.

Here are some memorable ways to thank your clients:

• A personalised thank you card when the recommendation is received. This is the classy option. It stands out more than a call or email and shows your clients that you’ve gone the extra mile (just as they have for you) to say thank you
• Sending a personalised gift or a charitable donation when the recommendation converts into a client, again, is classy and unexpected. The value of the gift is less important than the personalisation
• Run appreciation events to thank your clients for recommending people to you.

These options will make your clients feel that recommending you was worth their while.

Communication

Psychological studies have found that repeated exposure to a stimulus, including another person, can lead to an implicit preference for it.

So, in theory, the more contact you can have with prospects, the more they should gravitate towards you over other planners.

This tallies up with research from VouchedFor that implies that there is a positive correlation between the number of touchpoints clients have with their planners and how likely they are to leave a review.

Even more reason to believe us when we say that monthly newsletters are the way forward!

In addition to newsletters, you could run webinars for prospects, current clients and professional connections, demonstrating the value your services provide to people like them.

On the last slide, stick your LinkedIn details on there so they can connect with you, giving them more exposure to your content.

Get in touch with marketing professionals

So there you have it. We said it was simple, not easy!

Seen something in this blog you’d like to implement to get more recommendations but not sure where to start?

Please email hi@theyardstickagency.co.uk and we’ll set up an initial call. We’d love to hear from you.

Phil Bray, Founder & Director at The Yardstick Agency

Via

Emily Lang, Marketing & Operations Assistant at The Yardstick Agency

In September, Fusion Business Management celebrated its second anniversary. This does not quite feel real, but also feels like I’ve been steering this business and collaborating with our incredible clients for even longer. From the outset, I held onto the statistic that 20% of UK businesses don’t make it past their first year. Crossing that milestone filled me with pride, but I now continue to pinch myself with what we’ve achieved since.

Throughout the year, our business has experienced numerous highlights, including:

• Securing the title of the best financial services support provider in the East of England at the SME Finance Awards.
• Being invited by Nucleus to contribute to a blog (https://illuminate.nucleusfinancial.com/blog/outsource-practice-manager?).
• Receiving nominations for the Professional Adviser Women in Financial Advice Awards in the categories of adviser support services and rising star – non-advice.
• Earning a place as a finalist in the Professional Adviser Women in Financial Advice Awards in the adviser support services category.
• Celebrating Paul’s one-year milestone in the industry and joining Fusion Business Management.
• Fine-tuning our service proposition and strategically considering where we can add the most value, resulting in updates to our website and service brochure.
• Strengthening professional relationships with other outsourced providers in the financial planning industry.
• Concluding the year collaborating with many exceptional, forward-thinking firms with whom we’ve built incredible working relationships.

On a personal note, 2023 was an extremely special year as we finally had our dream wedding which we had been planning since the middle of lockdown. We jetted out to Cyprus, had the most amazing two-week holiday and got married in front of our nearest and dearest. Apart from becoming Lucy Myall, I’ve continued to witness the incredible growth of our now three-year-old, evolving into a remarkable little boy who makes me proud every day. For those who speak with us regularly, you’d know that Hunter has developed a keen interest in golf this year, often heading to the driving range or pitch & putt whenever the opportunity arises – undoubtedly a future enthusiast of financial planning!

A heartfelt thank you to everyone who has provided us with endless support, love, and encouragement throughout the year. I feel an immense sense of gratitude for the experiences listed above, and I eagerly anticipate what the future holds.

Wishing you a joyous New Year, filled with positive outcomes for 2024 and beyond. x

When speaking with a potential new firm recently, the first question I got asked was “what do you do?” and I think it’s a great place to start with a role which isn’t the most familiar in the outsourced financial planning space.

Being an outsourced practice management firm, the lines can be blurred about what we could / couldn’t help you with and hopefully the below clarifies this in more detail:

We do not help your firm with anything directly linked to client work; administrators & paraplanners are far better suited to help with this. We help you (as the business owner) with tasks that you do day-to-day for your business, when you should be focusing on what you enjoy – seeing clients and business direction.

When working together, we always start with your business plan (or develop one, if this isn’t available). This helps us both have clear understanding about what we should be focusing on in your business, to achieve your longer-term objectives.

We’ll then meet regularly, to provide you with some quality time to think about your business (away from anything client related) and ensure that your goals are still on track.

We focus on areas such as:

• People management
• Making sure processes are efficient and working for everyone in the business
• Marketing projects
• Compliance focuses
• Day-to-day issues
• Team prioritisation sessions
• Setting internal turnaround time targets and ensuring they work for everyone in the business
• System reviews
• Project management

If you have any questions about any of the above, or want to chat about how an outsourced practice manager could benefit your business, please get in touch with me on lucy@fusionmanagement.co.uk

Since having my son in 2020, 2022 was the most ‘normal’ I’ve felt since he arrived. We’ve been going into shops without wearing a face mask and he’s seen real faces in person instead of video chat! 2022 has also been the craziest journey for my career, as Fusion Business Management passed the twelve month mark alongside some incredible achievements along the way.

• We became a limited company (from Lucy being self-employed)
• Shortlisted for the Essex Business Awards 2022 – Entrepreneur of the year
• Bought my partner into the business, allowing him to stop working 12-hour day/night shift work so he can spend more time with our son and also step his foot into the door of financial services (& help grow the business along the way)
• Completed ad-hoc project work with several firms, making their processes more efficient and streamlined
• I was invited onto the Financial Planners Life podcast
• Built a stronger working relationship with Brett Davidson from FP Advance, working alongside a few mutual firms to achieve amazing outcomes for their businesses
• Continued to build stronger relationships with professional connections – referring work which is not in my skill set to some incredible businesses
• Received some encouraging and lovely testimonials / Google Reviews
• Finished the year working across seven forward-thinking financial planning firms
• Won an award – to be announced early 2023

As a whole, I am truly proud of how the year has gone. I’m still trying to perfect a work/life balance, having a two year old toddler whilst running a business is not the easiest. However, the twelve months have overall been extremely positive.

Next year I predict to be even bigger & better. Although one small thing to add onto the to-do list, planning our wedding in Cyprus for July 2023!

Thank you so much to everyone who has given me endless support, love and encouragement along the way. I feel extremely grateful to have had the year listed above and I can’t wait to see what the future brings. 

Wishing you a very Happy New Year, bringing positive outcomes to your 2023 and beyond x

My personal views on when an outsourced person usually works best:

• When the capacity need within your business, does not equate to a full-time role.
  
  
• The job can be done from a remote position, during flexible hours (not necessarily within office hours).

• Your current in-house team are at full capacity, with some overlap on certain tasks which need completing.

• The area in which you require extra capacity is a specialist area, which an outsourced firm may have more experience in.

• The role does not require day-to-day contact with the internal team.

Aside from the above, the obvious situation where an in-house person works best is when the role needs to be office based (i.e., greeting clients in the office).

Before thinking about making a new hire (outsourced or in-house), I would always look at your existing team and ensure that the current workload split is fair, works well and is playing to everybody’s strengths. If you have a Paraplanner still doing basic admin tasks, it’ll be clear to see that administration is the capacity gap. Ensuring you have the right people, in the right seats, doing the right type of work will help massively to establish any capacity gaps within your business.

No matter which decision you make, always ensure that the culture fit feels right and take stock after a period of time (usually 3 months) to ensure you are both happy with how things are working.

Would love to hear your thoughts.

By Lucy Byrom