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Point, Counterpoint: Can fee-only financial planners serve smaller clients effectively?

Phil Billingham, CFP says yes:

As an argument for staying on commission, it’s right up there with ‘But my clients won’t pay fees’. It’s ‘If I move to fees, my older/smaller clients will not be able to afford me’. To translate this, the argument is that ‘I will have to stop looking after them because they will not be profitable enough’.

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Point, Counterpoint: What is the Best Way to Build Consumer Trust?

By Phil Billingham, CFP and Mark DiGiovanni, CFP

Phil Billingham, CFP from the UK says disassociation from product providers:

Disclosure is a failed way of making “Buyer Beware / Caveat Emptor” work, which will always fail. Asymmetry of knowledge is too great. To be trusted, we must be trustworthy, and trust.

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Client Engagement Segmentation: Seeing Clients for More than Their Money

By Phil Billingham, CFP

The story goes something like this.

“Dear client, I’m a financial planner, which is different from a sales person. We don’t sell products; we actually care about you, and look after you.”

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Financial Services Compensation and Regulatory Intervention

By Phil Billingham, ACII CFP Chartered Financial Planner

First the good news: We should get paid for the work we do, the value we add, and most clients understand that…sort of.

Next, the bad news:

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Focused Advice vs. Comprehensive Advice: Maybe the Answer is Both

By Phil Billingham, CFP

I’m a little confused and a little frustrated. Financial planners always debate whether focused advice or comprehensive advice is better. My question is: “Why do we have to pick one?”

The key question has to be: ‘What do consumers want?’, not ‘What do we think they need?’, or ‘What should we be providing?’. Come on! Which prospective client has ever approached us and said, “Can I have some focused/holistic/comprehensive advice, please?”

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Unintended but Positive Consequences from Financial Regulation

By Phil Billingham, CFP

Whisper it quietly – regulation can be a good thing. And in the UK, in particular, 24 years of point-of- sale regulation has had some profound effects on the marketplace, and these have not always been the intended or predicted ones.

In particular, the continued efforts of successive regulators to increase the transparency of the sales/advice/distribution process have been a big help to both consumers and financial planners.

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