Simon Rogerson continues his columns for PA with his opinion on why advice businesses are not as valuable as they could and should be…
Financial advice businesses should be about the best kind of businesses you could build. Massive customer loyalty, brilliant annuity revenue and delivering a service that fundamentally changes the lives of their customers. The problem, however, is that these businesses are nowhere near as valuable as I think they could and should be. The biggest blocker is scalability and the associated margin expansion that comes with it. Most advice businesses don't use technology in the most efficient way, and most individual advisers don't look after that many clients. It's the latter point that I...
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