001: How to successfully transition from product-centric into an advice-centric practice

February 19, 2018

When you want to create a strong financial advisory practice, it helps to have advice from those who are experienced in the field. Today’s guest, John Page of PlanPlus Global Financial Planning Awards, has plenty of experience to share from his years of experience in insurance and financial advising. Tune into the episode to hear some important insights from John about building your financial advisory practice and about the differences between a product-focused strategy and an advice-focused strategy.

Topics Discussed in this Episode:

  • Transitioning from a product-centric to advice-centric strategy
  • The pros and cons of paid commissions
  • The ingredients of a well-run financial practice
  • The importance of knowing the values of the client
  • John’s process for financial advising
  • When to mention pricing and how to position pricing with clients

Quotes by John:

“In order to give advice, you have to ask a lot of questions, and you have to really try to determine what the needs are.”

“If somebody is extremely risk-averse, and you recommend all equity investments, you’ve violated their values.”

“They need to know what the value is before you tell them what the fee is.”

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