The history of the 7 habits of commerciality
How and why did we develop the 7 habits of commerciality framework?
We have been studying the relationship between professional advisers and their clients for 15 years. Throughout this time, clients have complained about advisers’ lack of commerciality, but it seemed that no one was really clear what “commerciality” really means. Others felt that advisers were either born commercial or not, ie it could not be taught. We disagree. We, therefore, sought to really understand what commerciality means and what practical steps professionals can take to improve. This was the birth of the commerciality project.
The 7 habits is based on extensive research into the needs of clients of professional firms. Our team has conducted thousands of client feedback interviews. In particular, the framework is based on two studies.
Effective client adviser relationships is a Financial Times report, produced in conjunction with Meridian West and the Managing Partners’ Forum.
The report draws on insight from an online study completed by 569 respondents across four sectors: law, accounting, property and consulting. Findings from the online study are supplemented by 18 in-depth interviews with representative of senior management and partners at both advisory firms and client organisations.
A lack of understanding about clients and their business can jeopardise relationships: 52% of clients cite a lack of understanding of their business as the biggest factor that could damage a client-adviser relationship. Lack of understanding is cited ahead of provision of inappropriate advice (45%) and slow response to communication (45%).
Delivering Commerciality is a Meridian West study.
The research is based on indepth interviews with partners from leading firms and clients focusing specifically on commerciality. The research includes a module specifically focuses on M&A deals and how professionals can improve the way they work.
The research was conducted with respondents from the legal and accountancy sectors. The interviews were conducted by Meridian West in Autumn 2013.