What are challenges advisors may have to deal with?

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Never underestimate the power of a rock in a storm.

 

Clients are real people and must be treated as such

One of the biggest challenges facing advisers today is saving investors and clients from themselves. The pressure that came with the recession of 2008 left many in a difficult position, the effects of which are still being felt. Extreme risk-aversion and following fads are just a few of the side effects.

Steering habits and educating clients can make a little go a long way. Calling clients and balancing portfolios are small, but necessary steps to defeating larger challenges that

Your understanding of these challenges can greatly enhance your relationships with the clients and their organisation.

  • An advisor should have a feel for all the main functions of a business, non-profit or community.
  • Lack of understanding the importance of business planning and budgeting.
  • Businesses have what they need, but you do not understand what to do with it?
  • Danger, they have all the information available but lacks the skills to act.
  • Changing of old entrenched habits within a business and with relationships.
  • The Internet and other technology issues for business.
  • Integrating new technologies into the business because to lack of resources.
  • Cultural and language problems.
  • Providing innovative and inexpensive ideas and having them appreciated.
  • Dealing with mendicant behaviour (they want everything done for them).
  • Understanding the pitfalls of working in isolation and dealing with loneliness.
  • Information overload.
  • The solutions are beyond the businesses current level of understanding or capacity.

 

“Results are obtained by exploiting opportunities, not by solving problems. All one can hope to get from solving a problem is to restore normality”. Peter Drucker

 

  • Getting people to understand the bigger picture.
  • Understanding the difference in value between information, knowledge, and wisdom.
  • The turbulent environment in which we all work, “free for all”.
  • The challenges of making changes; that need to be made.
  • The degree of specialisation and focus required compared with the depth of experience.
  • Difficulty in monitoring and measuring business satisfaction and performance.
  • Identification and communication of new opportunities.
  • Coping with government involvement which can be very frustrating.
  • The evolving and challenging business culture. Differences in regional, rural, remote, Indigenous, Ethnic and city business culture.
  • Identifying “hubs,” associations, networks, influencers, communities, groups, alliances that would be helpful to the businesses you are working with.
  • Gathering market and community research. Quality research on which to base decisions is often difficult to get from businesses and their communities.

 

[read more=”Personal Experience” less=”Personal Experience”]

Personal Experience:

Today advisors, facilitators and coaches face many challenges in their practices. They must wear many more hats than they did in the past as their clients are now better educated and more business savvy than ever before.

It is now more important to understand where clients are coming from along with their problems, frustrations, wants and needs. Advisors must also be prepared to stand by their clients when the going gets tough.

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