Seven Deadly Sins of Consulting

MacKillop, Scott
September 2000
Journal of Financial Planning;Sep2000, Vol. 13 Issue 9, p168
Academic Journal
This article presents guidelines for evaluating consultancy services provided by financial planners. The way investment services are delivered in this country has undergone profound change in the last decade. One of the most significant changes has been the shift from the product-oriented sales approach to the consultative approach for providing financial services. Along with this new ideology has come a new methodology for providing investment services to individual investors. The consultative approach to providing investment advice caught on and grew rapidly in many parts of the financial services world, but particularly among financial planners and independent financial advisors. Ultimately, the financial services behemoths took note and initiated a rapid migration to the consultative model of doing business. There are still pockets of resistance, but people are now witnessing the phenomenon of vast armies of formerly product-oriented brokers laying down their arms and being transformed.


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