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Anyone else watch the recent programme on CH4 "Undercover Boss USA" - featuring the CEO of the 7/11 empire going undercover in the 7/11 outlets as a novice employee?
One store he visited sold more coffee than any other 7/11 store and he wanted to discover why - he didn't think it was the coffee, because it had the same coffee as every other store.
What he found was a manageress at that store who knew every customer, knew them by their first names, knew about their families, their ups and downs in life, their background and their future plans - it was that unique person and the relationships she had built with the customers that sustained that business.
Maybe, one day Mr Hoban might just spend time undercover with the IFAs who have established just those types of relationships with their clients. Yes, some will have passed exams, and some will not, but it is the relationships and the trust involved that provides the value to the IFA and the clients.
You never know, one day Mr Hoban will indeed wake up and smell the coffee - and ask himself, just as the CEO of 7/11 did
- why IFAs (exam passed or not) have the share of the markets that they do have, and others don't.
- and the high level of complaints that they don't have, and others do.
By Mike Fenwick
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