Scott Fitzpatrick:
So this document is just about the commoditisation of professional services. For those in accounting, legal and wealth management, as you know we’re being commoditized.
- In accounting, we can get cheaper tax returns overseas,
- In legal, documents online,
- In financial services, online products and services are easily available.
So what’s occurring is that we all need to move up the value chart to more complexity, high net wealth families and business. So all we’re trying to say is that there’s a real role here for advisors to move up the value chain, where private family wealth sits, business succession, advisory boards, general counsel, family office, complexity, intergenerational succession issues, mergers and acquisitions, worldwide assets, etc.
Then just looking at this particular document here, the commoditisation, what’s the skill sets required for this. The ability to position yourself in the service, ability to hold context, ability to collaborate, the ability to construct a lifetime plan, then the ability to help manage total balance sheet for clients, their risk frameworks, whether it’s tax, legal, investment. So that’s quite an eclectic skillset. It’s almost this elevation that needs to occur from out of the content and into the context.
