Creating Value-Added Services in Growing Financial Planning Practices (4Qs Thought) पार्ट 1

Financial planning is a BIG PUZZLE Scientific Word for normal man on the street. Everyone knows the important of financial planning but not many follow through due to lack of in deep knowledge, skill and execution power. Many of the financial services professional such as insurance agents, unit trust consultants, accountants, bankers etc also claiming as “financial planner” or “financial advisor” to take advantage of polishing up their image even this is strictly under regulated framework by SC and BNM.

As whole, financial services firms everywhere have undergone major changes over the last several decades. The firm includes investment banking, asset management, trust institutional, insurance, commercial banks, takaful, securities broker, mortgage brokers etc. Financial planning is a new, exciting and growing industry in Malaysia. Finance is an important aspect of our life. You work so hard to earn money so it becomes our duty to manage our finances well. You can manage your finances through a proper financial planning and financial solutions. This is wealth management and it involves financial planning by utilizing various financial instruments of insurance, unit trust, stock, real estate, personal banking, asset management, estate planning, offshore planning legal resources and others investment resources.

Financial service is a very competitive industry. As a financial service provider, what does creating value mean to you in your business? How do you deliver value to client? How to be the best in your practice? To grow our respective practices, we have to distinguish ourselves from the competition as common named as your Blue Ocean Strategy in your practices.

So what make you different? Why are you special? You design life plans. You create relationship and trust. You do base on the need of your customers. You share from your experience and education. You understand a little stuff that makes a difference. You have the ability to communicate clearly without confusing. You integrate the big picture and accomplish this without losing sight of objectives. You light up other live.

Time is money. Each of you is a very valuable economic enterprise. You are in an era where creative ideas and energy flow with the speed of light worldwide. How do you compete in this new quicker, faster market place? You compete by taking responsibility for your professional lives.

How do you do that? There are 4 questions of thought (4 Qs) that you as an advisor have to address:
1. Who are you?
2. What do you do?
3. Whom do you serve?
4. How do you deliver value?