Tom Feher, Director of Execuserv, the Durban based financial advisory practice that won the inaugural SA Best Practice of the Year award last year, shares his insights about what winning the award has meant to the practice.
Winning the SA Best Practice of the Year award is like receiving a trophy before you run onto the field. From that point on you are under scrutiny and must prove that you are worthy of the award," says Tom.
Enhanced professionalism
"Winning resulted in an immediate, even more positive attitude in the team as they jealously protect the recognition we had been given – ensuring that it was not simply lip service. Our clients felt that they 'owned and shared' the award with us and their pride in association with the practice was often very obvious. In a way, we feel as if we have 'come of age', have moved up to the next level and can never afford to rest on our laurels. If anything service standards have escalated significantly," explains Tom.
Opportunities
"We sent out thank you letters to our clients for helping us win. The response was overwhelming in terms of unsolicited referrals and networking leads. It has done wonders in promoting our brand without the need to spend a cent on advertising. Financial planning, review and business meetings have all been made easier and being able to include the Practice of the Year logo on written communications, opens doors.
Measuring success
"It is always difficult to know how well the practice is doing or how it really shapes up against others. At the time of the 'audit' by Celestis as part of the competition, we felt exposed, not knowing what to expect. Industry benchmarks are few and far between, usually relating to new business production or assets under management. Now, we are confident that we are doing many of the business things right and can get even better."
The value proposition
Tom says that the HealthCheck analysis, an essential part of the competition, is a fantastic tool to identify a practice's strengths and developmental areas. "Had we not won the competition, that exercise on its own would have made participation worthwhile. I would urge every serious minded financial advisory service business owner to subject the practice to this test.
"We operate in an environment that has been tainted by stigma and poor publicity for some time. Winning the award cleanses the air, as it focuses attention on the business with its values, integrity and culture that ultimately determine how we do business."
Execuserv will be entering the competition again this year and we urge others to do the same. Many of you will understand the need to manage the practice as a business and not a brokerage. The latter is an organisation equipped to sell policies. The former is an organisation that profitably delivers professional services to a select clientele according to international best business principles. The Practice of the Year competition allows you to measure how well you are doing in achieving this goal.