23 - Sin Bin or Send Off?
TRAP: The Real Adviser Podcast
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The Importance of a Clear Client Value Proposition
We had to create a very clear client valued proposition and fee model. We're no longer getting paid commissions in a traditional way. So over a period of time, we built that and we took it to our client base. And as I say, the vast majority really engaged with it. But a certain amount of our clients didn't and a certain amount were frankly not commercially viable for us. What we ended up doing was carving out quite a number of clients, quite a few, you know, several dozen clients. And we packaged them up and we effectively, we sold them to another firm. This other firm was happy to take them on an ongoing basis. And we no longer could.
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