What Price Advice
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I wrote this book for three reasons...
1. throughout the 2008/9 global financial crisis, a number of my great advice clients actually raise their fees as their client asset balances reduced. As the majority of the self-proclaimed fee for service financial advisers (i.e. priced on the quantity of assets) took a bath, there were great advisers providing great advice (i.e. delivering confidence, direction, leadership and peace of mind) when everyone else was sitting on their hands waiting for markets to lift their fees again - the story behind the pricing models these great advisers used needed to be told...
2. the great new financial advisers entering the market don't (and can't) repeat the careers of those that went before them. In Australia (and soon the UK), commissions charged on financial products are becoming more transparent (i.e. expressed in dollars terms, not just confusing percentages) and in some cases outlawed. The paper trails required for compliance and quality advice are far more onerous and the competition far more advanced (and far more aggressively advertising on TV). But most importantly, new advisers want to align their advice and earn their fees even when the best advice might conflict the marketplace paranoia or 'herd mentality'. Sometimes even the best surgeons need to amputate - but they still deserve their fee.
3. pricing theories have languished. The logic behind commissions dates back to early 1900s and hourly rates mid-1900s. Compared to advances in IT, HR, pricing theories are badly dated. What Price Advice simplest aim is to advance the debate with alternatives for professionals that want to move beyond fees v commission or hourly rates v value.
I'd welcome comment/debate.
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