What is commerciality?
Commerciality is about providing advice which helps clients maximize their profitability. Advisers can achieve this through understanding the client’s issues, understanding the context in which they are operating and delivering advice that helps them reach their goals and outcomes.
It seems simple, but many professionals struggle. Professionals need to become more like business people. They can no longer be technocrats with a very narrow range of skills. They will need to be more proactive in going to the client with ideas.
Adrian Furner on ‘What is Commerciality?’
Adrian Furner on ‘The starting point for becoming more commercial’
About the 7 Habits
To help unpack the term ‘commerciality’ and provide actionable opportunities for improvement we have, through research and client discussion, identified seven key areas that make up commerciality – the 7 habits of commerciality framework. Following the 7 habits will enable advisers to give better, more useful advice to their clients and attain trusted adviser relationships.
The 7 habits of commerciality can be broadly split into two categories: those that focus on better understanding and aligning with the client’s desired outcomes; and those that help develop and deliver practical, value adding solutions to the client. Collectively the 7 habits of commerciality make up a flexible and scalable framework which professionals, their firms, and clients can use to better communicate, to identify areas for development, and to benefit from improved commerciality.
In order to help understand the approach that is right for you, we have developed a number of diagnostics which can be deployed to understand where you sit today in terms of your strengths and weaknesses.
Read more about the benefits of the 7 habits of commerciality framework.
Setting and Providing the Context:
Habit 1 – Understand the client’s desired outcomes
Habit 2 – Understand the business
Habit 3 – Understand the economics
Habit 4 – Understand the people
Outcomes Based Delivery:
