It is really important to be clear about what Advisory means to you, your people and your firm.
There is tonnes of research that suggests most people forget at least 80% of what they heard the day after they heard it – so having a structure and process and writing it down is ESSENTIAL
Here is a simple but powerful model to help you be really clear about YOUR ADVISORY.
Defining each type of advisory service will enable you to build a Stack of Advisory Services that you are comfortable with, in order that it can be YOUR ADVISORY … YOUR WAY.
These three types of advisory services in your Advisory Stack are:
PRIMARY Advisory Services – these are focused on the client’s vision, goals, and priorities, creating personal and business plans, and then reviewing and updating them with regular meetings.
SECONDARY Advisory Services – these are expert services that you choose to provide and are often revealed as being required by the client’s plans, they are often technical, these would include tax planning, management accounting and Fintech services.
TERTIARY Advisory Services – these are all the services that clients need that you have decided not to provide yourself. You can either outsource or put on your concierge hat and introduce others. These often include Marketing, HR, Legal, and regulated Financial Services.
This Your Advisory…Your Way.
For instance your firm might provide R and D Claim services in which case this would be one of your Secondary Advisory Services or you might have decided that you don’t want to but have a relationship with a third party provider that you will introduce to your clients in which case this would be one of your Tertiary Advisory Services.
If you want to know more about the Primary/Secondary/Tertiary model and how different firms have deployed it within their firms to build their Advisory Stack then get in touch!