Profit

Every few years, we do a research study to put together our Adviser Pricing Models Research Report. We’re currently in the middle of the data collection right now, and thought we might reveal a couple of the findings that we’ve discovered. Of course, when we re-cut the data after closing off submissions, the numbers will change somewhat, but so far, we’ve been fascinated to see that:

I wrote an article recently for Risk Adviser magazine, that I have recreated here for our subscribers. There are some significant changes afoot to the last bastion of advice commissions, and we’re getting a little concerned that advisers are being lulled into a false sense of preparedness by well-meaning, albeit inexperienced supporters. I’ve been very vocal in sharing our view that this does not mean the end for insurance advice, and that we may see an even stronger demand for professional risk advice, but I’ve also not sugar-coated it. Any adviser who currently receives up-front or hybrid commissions, be they risk-focused or provide risk in a broader proposition will find it challenging to make the changes necessary in their business. It will, however, be well worth it - as our experience shows us that the type of thought process and change required will have a dramatic impact on a range of areas of their business, not the least of which, their bottom line. Here is what was published in Risk Adviser…..

We've been busy these past few months, starting to work with advisers on how to handle the proposed Life Insurance Framework when it gets implemented.  Two weeks after receiving confirmation that the new government is supporting the industry-proposed new Frameworks, I thought it might be helpful to share a few free resources we've developed.

Ever get that feeling that you're run off your feet and you're not convinced that the rewards you're getting from your business are worth it all? There are so many great ideas you hear, and you see other advisers that look so successful, but you don't have time to stop and think about how you can tweak your business strategy to do things differently. It probably frustrates you to hear statements from people like us about how our clients have tripled their revenue in three years, or they've doubled their net profit in one year, or they're spending more time with their kids and less at the office?

ELXR_infograph_overheads   When it comes to your overheads, business owners often ask us what percentage of their turnover should be spent on marketing? Or premises? Or—gulp—on business coaching? The most annoying answer to the turnover question is always “it depends,” and it really does depend, right? Well, yes, but as I studied some compelling benchmarking data recently, I came across some really interesting findings that helped put those turnover questions into perspective.