{"id":5486,"date":"2018-02-13T22:07:58","date_gmt":"2018-02-13T22:07:58","guid":{"rendered":"https:\/\/www.prosolution.com.au\/?p=2749"},"modified":"2018-03-08T17:17:11","modified_gmt":"2018-03-08T07:17:11","slug":"pursuit-quality-advice","status":"publish","type":"post","link":"https:\/\/wealthcoach.com.au\/stage\/pursuit-quality-advice\/","title":{"rendered":"The pursuit of \u2018quality\u2019 advice"},"content":{"rendered":"<p><a href=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2018\/02\/The-pursuit-of-_quality_-advice-email-banner.png?ssl=1\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"2753\" data-permalink=\"https:\/\/wealthcoach.com.au\/stage\/home-meet-the-team1-768x530\/\" data-orig-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2014\/06\/Home-Meet-The-Team1-768x530.jpg?fit=768%2C530&amp;ssl=1\" data-orig-size=\"768,530\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Home-Meet-The-Team1-768&#215;530\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2014\/06\/Home-Meet-The-Team1-768x530.jpg?fit=300%2C207&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2014\/06\/Home-Meet-The-Team1-768x530.jpg?fit=768%2C530&amp;ssl=1\" class=\"size-full wp-image-2753 aligncenter\" src=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2018\/02\/The-pursuit-of-_quality_-advice-email-banner.png?resize=600%2C200&#038;ssl=1\" alt=\"Quality advice\" width=\"600\" height=\"200\" data-recalc-dims=\"1\" \/><\/a><\/p>\n<p>Our core goal at ProSolution is to exceed our client\u2019s expectations in the <em>quality<\/em> of advice that we provide. Of course, our fees need to be competitive and fair, our service caring and attentive but it\u2019s the <em>quality<\/em> of the advice we give that we must continually improve.<\/p>\n<h3>Why is quality so important?<\/h3>\n<p>Quality financial advice results in quality outcomes (meaning more wealth). The reverse is true too. That fact is that quality trumps everything. For example, most people will be prepared to suffer poor service if the quality of financial advice more than makes up for it i.e. if you are building a lot of wealth then that\u2019s the most important thing. In short, the quality of the financial advice you receive will determine how successful you will be in building wealth.<\/p>\n<p>Quality is therefore more important than other considerations such as price, service, convenience and so on. That is not to say that we ignore everything else. Certainly not. However, we absolutely recognise that <em>quality<\/em> is by far the most important consideration for us at ProSolution.<\/p>\n<h3>The 6 factors of quality advice<\/h3>\n<p>There are 6 factors that influence the quality of advice:<\/p>\n<ul>\n<li><strong>Absolute independence<\/strong> \u2013 we must staunchly protect our independence such that we have no vested interest in the advice we provide. This means that our only concern needs to be what is best for our clients. Almost all financial advice or investment horror stories are a result of conflicts of interest.<\/li>\n<li><strong>Strong discipline<\/strong> \u2013 we must have the discipline to stick to evidence-based, sound methodologies. Sometimes this means investing in a way that is counter-intuitive. Sometimes it requires patience including coaching our clients to be patient too.<\/li>\n<li><strong>Continual education <\/strong>\u2013 we must invest time and money in continually educating ourselves. There is always a tension between learning and doing i.e. a day out of the office at a conference creates a backlog of work. However, we absolutely must prioritise education to ensure we\u2019re giving our clients the best advice.<\/li>\n<li><strong>Lots of experience <\/strong>\u2013 there is no substitute for experience. Knowledge is relatively easy to replicate but there are no short cuts for increasing your experience. Experience tells you how and when to apply the knowledge you have. The more experience, the better the advice.<\/li>\n<li><strong>Fanatical quality control <\/strong>\u2013 one of the biggest challenges of any large advice businesses is how do you ensure that all employees (advisors) are giving the <em>right<\/em> Advice must be vetted. Therefore, I think smaller is better (i.e. I\u2019m very keen for ProSolution to continue to be a boutique business).<\/li>\n<li><strong>Avoid templates<\/strong> \u2013 there is one thing that large and growing businesses like to do and that is to find ways to scale their business. Because scale equals profit. However, advice businesses do not lend themselves to being scaled. In fact, the more you try and scale a finance advice business, the more you destroy the value of advice (because advice becomes less tailored and more templated).<\/li>\n<\/ul>\n<p>I have noticed that there is a worrying tend of some financial businesses orientated their advice and products to suit either the market or their client\u2019s budgets. If you cannot afford to invest in an <a href=\"https:\/\/wealthcoach.com.au\/stage\/makes-proprty-investment-grade\/\" target=\"_blank\" rel=\"noopener\">investment-grade property<\/a>, you do not compromise and invest in a secondary location (i.e. non-investment-grade property). Instead, it\u2019s often better to invest in alternative assets such as shares. In the long run, a quality share market investment strategy will beat an average investment property.<\/p>\n<p>Therefore, our approach is to find the right assets that fit our clients\u2019 circumstances, budget and goals. We will never compromise the quality of our advice just to suit or win a client.<\/p>\n<h3>Use this as a checklist<\/h3>\n<p>I realise that I have a vested interest in espousing the benefits of our approach. However, I thought this blog was good because it helps you think about what is important i.e. price, service or quality \u2013 it\u2019s almost impossible to have all three \u2013 as Seth Godin eloquently communicates in <a href=\"http:\/\/sethgodin.typepad.com\/seths_blog\/2018\/01\/your-corner-of-the-sphere.html\" target=\"_blank\" rel=\"noopener\">this short blog<\/a>.<\/p>\n<p>I have made it clear that I think <em>quality<\/em> is the most important. And you now have a checklist of 6 things to ask about or consider when selecting an advisor.<\/p>\n<p>&nbsp;<\/p>\n   ","protected":false},"excerpt":{"rendered":"<p>Our core goal at ProSolution is to exceed our client\u2019s expectations in the quality of advice that we provide. Of course, our fees need to be competitive and fair, our&#8230;<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"__cvm_playback_settings":[],"__cvm_video_id":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"footnotes":""},"categories":[30],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The pursuit of \u2018quality\u2019 advice - the 6 factors of quality advice<\/title>\n<meta name=\"description\" content=\"When selecting a financial advisor, the most important thing to focus on is the &#039;quality&#039; of the advice - here a checklist of 6 things to focus on.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The pursuit of \u2018quality\u2019 advice\" \/>\n<meta property=\"og:description\" content=\"When selecting a financial advisor, the most important thing to focus on is the &#039;quality&#039; of the advice - here a checklist of 6 things to focus on.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wealthcoach.com.au\/stage\/pursuit-quality-advice\/\" \/>\n<meta property=\"og:site_name\" content=\"Prosolution Private Clients\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ProSolutionPrivateClients\/\" \/>\n<meta property=\"article:published_time\" content=\"2018-02-13T22:07:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-03-08T07:17:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2018\/02\/The-pursuit-of-_quality_-advice-email-banner.png\" \/>\n<meta name=\"author\" content=\"Stuart Wemyss\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@StuartWemyss\" \/>\n<meta name=\"twitter:site\" content=\"@StuartWemyss\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Stuart Wemyss\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/wealthcoach.com.au\/stage\/pursuit-quality-advice\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/wealthcoach.com.au\/stage\/pursuit-quality-advice\/\"},\"author\":{\"name\":\"Stuart Wemyss\",\"@id\":\"https:\/\/wealthcoach.com.au\/stage\/#\/schema\/person\/c3aa63480e5d77a56fbd3f70e41b9ce8\"},\"headline\":\"The pursuit of \u2018quality\u2019 advice\",\"datePublished\":\"2018-02-13T22:07:58+00:00\",\"dateModified\":\"2018-03-08T07:17:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/wealthcoach.com.au\/stage\/pursuit-quality-advice\/\"},\"wordCount\":704,\"publisher\":{\"@id\":\"https:\/\/wealthcoach.com.au\/stage\/#organization\"},\"articleSection\":[\"Financial Planning\"],\"inLanguage\":\"en-AU\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/wealthcoach.com.au\/stage\/pursuit-quality-advice\/\",\"url\":\"https:\/\/wealthcoach.com.au\/stage\/pursuit-quality-advice\/\",\"name\":\"The pursuit of \u2018quality\u2019 advice - 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