Some say it’s bad form to use a business blog to wage a personal vendetta, but I’m far from the first – I may even be the last.
Honestly, this is really true, not just brown-nosing – in the seven years since I launched Lucian Camp Consulting, the overwhelming majority of my clients have been an absolute pleasure to work for. They’ve ticked all three of what I think of as the Good Client boxes – they’ve been friendly and amiable, they’ve been receptive and they’ve been open and communicative. (Actually nearly all have ticked a fourth box too, come to the think about it – they’ve paid up remarkably quickly on receipt of their invoice.)
So, lots of grateful thanks to a long list of admirable firms and individuals. But, there’s no denying, it’s an incomplete list. If you grouped all those clients – I guess there must be either side of a hundred of them – into financial services industry sectors, while most sectors would be basking in warm sunlight there’d be one beset by dark clouds and rain. Yes, the exception would be the independent financial advice firms.
I should say that a few years ago, I doubt whether this sector would have been represented at all. Very few of the thousands of firms in this fragmented cottage industry could see any sense in spending money on people like me. Most, quite frankly, wouldn’t have bothered even if my services were on offer free of charge – marketing and branding and all that daft colouring-in nonsense just seemed like a waste of time. But as a waste of both.time and money, well, no-brainer.
It was the RDR that changed things, and specifically the bit about needing to tell clients what they’d get in return for that “ongoing adviser charge.” (Previously, of course, that was what had been known as “trail commission,” and what most clients got in return for that could be briefly summarised in the word “nothing.”) This new need for advisers to justify the ongoing charge connected strongly to what people like me call “defining the value proposition,” so all of a sudden I found I was speaking on this topic at quite a few IFA events and leaving the events with a pocketful of business cards from advisers wanting follow-up meetings.
Which all sounds great, except that it really hasn’t been. In case any of my adviser clients are reading this, I should say that two or three have been lovely. But most really haven’t been very lovely at all – not easy at a personal level, suspicious and dubious about everything I have to say to them and, probably worst, hopelessly uncommunicative. The default is that most just don’t reply to things. They don’t answer phones or respond to voicemails or emails. The only time when they’re not maintaining a couple of months’ worth of radio silence is when they are in fact maintaining a permanent period of radio silence, having just decided to stop dealing with you without ever quite getting round to saying so. And, needless to say, as regards that fourth box, a well known expression about blood and a stone is the only one that comes to mind.
The reasons for all this, I do appreciate, may be a) good and b) circumstantial The firms I’m talking about here are small, and no doubt both busy and under-resourced. And I suppose there is some benefit to me in these otherwise useless experiences – as the proprietor and indeed entire workforce of a small firm which is often busy and arguably under-resourced, they do give me the clearest possible education in the art of pissing your clients off.
The theory behind this born-again blog is that I’m supposed to choose topics that whet your appetite for my forthcoming book on financial services marketing, co-written with my old friend Anthony Thomson. This morning, though, I’ve gone off-topic. There’s nothing in the book about (most) financial advisers making rotten clients. Which, if you’re among those who think this kind of personal grumbling is n’t really appropriate, is probably just as well..