Outsmarting the recession
The asset management arm of JP Morgan, the US bank, has published a report with tips on how to survive the recession for independent financial advisers.
The report comes at a time when wealth advisers are struggling to differentiate themselves from rivals. Ed Jewson, chief executive of Jewson Associates, a consultancy, believes clear winners and losers will emerge soon as clients start to reconsider their adviser options following performance assessments.
The report detailed amongst other things, cost-cutting, finding investors for the business, building a client book, gathering assets and managing revenue.
Brian Dennehy, chief executive of Kent-based IFA Dennehy Weller & Co, said the most important thing is a clear communication strategy. He said: "Illustrate your expertise regularly to your clients, show you have something to say and you have some value to add. There are investors and savers out there who desperately want and need to talk to a skilled adviser but you need to let them know you’re out there. Above all, be positive – what can really kill your business is your own fear.”
Andrew Merricks, head of Skerritts Consultants, in Sussex said “To be honest we’ve never been so busy. If you are an adviser who deals in mortgages or who is transaction-based and needs to generate commission, you’re in trouble. But if you are an investment IFA working on a recurring fee basis, the opportunities in the current market are significant. The two things that people usually put their money in – cash and property – aren’t delivering so they have to look elsewhere and that’s when they’ll come to you."
Outsmarting the Recession
- Click here to read the full report - Web link
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