Watch what you say when speaking with prospective clients Firms push new tech as advisors build post-pandemic businesses “That’s the big sort of wake-up call for advisors,” says Amelia Young, principle with Upside Consulting. “Clients, particularly post-financial crisis, are just that much more skeptical and getting warm and fuzzy with a person is not enough.” Upside Consulting conducted the study along with Atherton Consulting Group LLC, headquartered in San Francisco. The study’s results were collected through online surveys completed between September and October 2012 by Canadian and American advisors and clients who had chosen an advisor within the last five years. The study had a total of 250 respondents. Advisors and clients can’t even agree on what makes a personal connection work, according to the study. For example, over 85% of advisors ranked things such as demonstrating empathy and sharing personal stories as important aspects of forming a personal connection with a prospective client. Yet individuals evaluating potential advisors placed far less importance on those attributes (52% and seven per cent, respectively). Instead, 87% of surveyed clients said an advisor’s listening skills were far more important to developing a personal connection. Rather than a personal connection, the study found that when it comes to making the final decision about whether to work with an advisor or not clients look for more tangible evidence. For instance, clients were more impressed with advisors who were able to demonstrate their ability to manage the clients’ financial affairs, such as through performance records and client records. Clients also appreciated advisors who could communicate investment advice in a way that was easy for clients to understand. As one respondent put it, “I don’t want therapy from my advisor. I do want attentive, interested and tailored advice.” The study did find, however, that a personal connection and things such as sharing of stories became more important as the client-advisor relationship develops. Young says: “The personal connection needs to be earned.” Finding a personal connection is far less important in the decision-making process for prospective clients than advisors tend to think, according to a recent study by Toronto-based Upside Consulting Group Inc. The study, titled Closing the Gap: Aligning Client and Advisor Needs to Grow the Wealth Management Firm, found that while 94% of surveyed advisors believe a personal connection is a key reason as to why clients chose to work with them only 66% of clients agreed. Keywords Client prospecting Related news Share this article and your comments with peers on social media Broadridge launches prospect intelligence platform for advisors Fiona Collie Facebook LinkedIn Twitter
NEWS SCAN: ECDC EV-71 analysis, funding for Nigeria’s fight against polio, poultry vaccine virus recombination
Jul 13, 2012ECDC weighs in on Cambodian EV-71 infectionsThe recent spate of enterovirus 71 (EV-71) infections in Cambodia might represent the severe part of a wider epidemic of hand, foot, and mouth disease (HFMD) in that area, the European Center for Disease Prevention and Control (ECDC) said today in an epidemiological update. Evidence suggests that the incidence of HFMD and severe EV-71 infections in children have increased in parts of Asia over the past decade. The large size of some of the Asian outbreaks and the elevated risk of neuroinvasive infections with respiratory complications in children make HFMD and EV-71 a major public health worry in affected countries. However, the ECDC said it’s not clear why epidemics in Cambodia are just surfacing now, given that HFMD epidemics are ongoing in neighboring Vietnam. The reasons for the scale and severity of EV-71 infections in East and Southeast Asia compared with other parts of the world are unclear, though some experts have suggested that virologic, host, social, and environmental factors could play a role. The ECDC said it isn’t aware of any travel-related HFMD or EV-71 infections in Europe, and while the outbreaks in Cambodia appear to increase the geographic distribution of the disease, the events are unlikely to increase the overall risks to visitors. The outbreaks raise important research questions, such as what determines if an EV-71 infection will be asymptomatic or severe. It added that although young age is an important risk factor, it doesn’t explain the spread of large outbreaks in Asia. It’s unclear if the Asian EV-71 genotypes could cause large outbreaks in Europe, but countries need the capacity to diagnose human enterovirus infections and genotype EV-71 subgroups, the ECDC said.Jul 13 ECDC statementWorld Bank aids ‘final’ push toward polio eradication in NigeriaNigeria has received a $95 million commitment from the World Bank board to continue its ongoing drive toward eradicating polio there, according to a press release yesterday. Nigeria is 1 of 3 countries where polio has not been eradicated, with Afghanistan and Pakistan also still seeing cases. The funding will provide for about 655 million doses of oral polio vaccine for Nigerian children under the age of 5, particularly in the northern states where the disease is more prevalent. The goal of the eradication effort, called the Nigeria Polio Eradication Support Project, is to achieve and sustain 80% polio immunization across all Nigerian states. The monies will come as a “credit” (ie, a loan), through the World Bank’s International Development Association, established in 1960 to help the world’s poorest countries with projects and programs aimed at improving economic growth, reducing poverty, and improving poor people’s lives. The loan will be repaid through the Gates Foundation, the US Centers for Disease Control and Prevention, and Rotary International via the United Nations Foundation when pre–agreed upon results are attained. Dr. Mohamed Pate, an official in Nigeria’s polio program, said, “We have beaten back the disease to a large extent already, and with the support of our partners, we are gearing up to make the last big push.”Jul 12 World Bank press releaseScientists trace novel poultry virus to vaccine virus recombinationAustralian researchers today described how use of multiple attenuated herpesvirus vaccines in poultry led to the rapid emergence of two recombinant viruses more virulent than the viruses the vaccines were designed to battle. The group described its findings in a brief report in the latest issue of Science. In 2008 soon after a new vaccine against herpesvirus infectious laryngotracheitis virus (ILTV) in chickens was introduced in Australia, scientists detected novel genotypically distinct viruses from birds in several parts of the country. ILTV, also known as gallid herpesvirus 1, is one of the most contagious viruses that affects the poultry industry. The authors hypothesized that the emergence of the new viruses could be related to a European vaccine strain first used in Australia in 2006. When they compared genetic sequences of the novel strains with the European vaccine strain and with two closely related Australian-origin ILTV vaccines that are also used in the country’s poultry, they found that the novel viruses were mostly related to the European vaccine strain, though they also contained genetic material from the two Australian vaccine strains. Pathogenicity tests on the novel viruses found that they were more virulent and more able to replicate than the parent viruses. The researchers concluded that the recombination between attenuated herpesviruses is rare but can have serious consequences. They added that the findings have implications for other attenuated viruses.Jul 13 Science abstractIn a Discover magazine blog post on the study above by Ed Yong yesterday, researchers said the problems aren’t likely to translate to human vaccines. Joanne Devlin, PhD, a professor of veterinary public health at the University of Melbourne who coauthored the Science study, told Yong that using more than one live vaccine at a time is a feature of veterinary medicine rather than human medicine. Vincent Racaniello, PhD, a virologist at Columbia University, commented to Yong that it’s useful to know vaccine-related recombination can occur but that any danger is probably outweighed by the disease risk. He said the two strains in the inhaled seasonal flu vaccine are weakened by the same mutation and that any recombination would produce an equally weakened vaccine, according to the blog post. Racaniello added that polio vaccine is an exception, because it contains three strains and can rarely lead to vaccine derived polio.Jul 12 Discover blog post
Mississippi State remains in the College Football Playoff in the latest rankings released by the committee on Tuesday.The Bulldogs ranked No. 4 in the rankings. They would face No. 1 Alabama if the season ended today. The two would meet in the Sugar Bowl on Jan. 1.The Crimson Tide beat MSU 25-20 earlier in the year in Tuscaloosa.Oregon remained No. 2 and Florida State was No. 3.TCU was No. 5, Ohio State No. 6 and Baylor rounded out the top seven.Mississippi State’s opponent this week, Ole Miss, fell from the top 10 to No. 19.The Bulldogs have one win within the top 25 of the committee’s rankings. Alabama remaining No. 1 bodes well for MSU.Oregon has more wins in the top 25 and a “better loss.” The Ducks lost to No. 11 Arizona. The Crimson Tide lost to No. 19 Ole Miss. The numbers suggest Oregon would be the No. 1 team. However, Alabama remaining No. 1 shows the respect the committee has for the Southeastern Conference.
St. Stanislaus College, Youth Basketball Guyana [YBG] Cluster and Marian Academy secured U14 wins when the YBG ‘Regional Conference’ continued on Saturday at the Cliff Anderson Sports Hall, Homestretch Avenue. St. Stanislaus College defeated St. Rose’s High 27-24. Daniel Bailey recorded an impressive double-double of 11 points, 16 rebounds and five steals for the victor, while Brandon McKoy and Shalom Ault added eight and six points respectively.For St. Rose’s, Caleb Bernard and Chris Perez scored eight and six points correspondingly.Continuing in the same division, YBG Cluster dismissed Tutorial High 24-5. Jaden Mohan, Kallani Howard and Javod Hodge tallied six, five and four points each for the victors. For the losers, Melech Barton netted three points. Similarly, Marian Academy blanked Bladen Hall 22-0. Trevor Rose accumulated nine points, eight rebounds, while Demetrius DeAbreu tallied six points, 14 rebounds and six steals.In the lone U18 match, Plaisance Secondary defeated Queen’s College via walkover. The event continues Saturday and Sunday at the same venue.Sponsors of the event include Edward B. Beharry & Company Ltd, NSC, Banks DIH LTD and Exxon Mobil.