Workshops should take advisers out of their comfort zones, argues Peter Welch, head of sales and distribution at Bridgewater Equity Release

The tendency at this time of year is to look back over the past 12 months and review what has happened during the year. While this can be a useful exercise as a reminder of what happened, the major issues that were raised and hopefully resolved, I believe it’s more important to focus on the here and now, and future plans for 2011.

This was essentially the reasoning behind the launch of our Business Planning Workshops – the first of which were held during the last week before Christmas. These events are for equity release advisers looking for a steer in the right direction in terms of their business plans for 2011, whilst also helping attendees clarify the service they offer, the fees they charge, they value they provide and the ways in which they can bring in more business.

Bridgewater already runs regular Broker Forums however the workshops we have held this month, and the two further events we will hold in January, are much different beasts. Without wishing to unnerve those who are due to attend in 2011, we are using the Workshops to ‘shake’ the adviser, perhaps even make them a little uncomfortable in order to shine a light on the way they currently work and the ways in which they could work in order to get more out of their time and efforts.

Einstein’s definition of insanity was ‘doing the same thing over and over and expecting different results’. Too many of us are stuck working in the same ways we have done for many years and it is true that if we keep working along these lines we are only going to keep getting the same results. Therefore, the workshops are all about sharing information on different ways of working plus in a peer group environment we can all learn from the way other advisers go about their business because each will be different.

A constant refrain from equity release advisers is that they are not getting what they need from the industry in terms of support and resource we would suggest that this is only partly true and in fact advisers have what they need they just need help in recognising what they already have. Only then can they forge ahead with developing and growing their offering.

With our workshops we want attendees to be confident about what they are offering to others. For instance, we run two very challenging exercises in which we ask advisers to focus on a couple of core areas of their business. Our experience is that through this experience advisers grow in confidence both about their proposition and themselves.

We also cover key areas and provide help and advice on writing a professional business plan for the year ahead too few advisory practices have this in place when they enter a new year. It does not need to be followed to the letter, as events will always deliver an unexpected change of course or commitment, however it can be a valuable structure that can be constantly referred to in order to get that lasting change which delivers the desired results.

Other topics under discussion include work on building referral levels plus discussions about how advisers can increase the value of their client relationships over and above just the sale of an equity release plan.

The results from the first workshops have been surprising to say the least. Many attendees have said they were taken out of their comfort zone which at first was, by definition, not comfortable but was a necessary exercise in order for them to see the new ways of working which may bring far more rewarding results for both them and their clients. The exercises outlined above certainly require advisers to analyse what they currently offer and why they use their current approach many attendees have gone away and began work on their business plans which has also meant a fundamental shift in their service offering.

For us, it is also important that the workshops do not end at the end of the session. We are making sure that attendees are able to continue talking after the workshop via specific LinkedIn groups and it is our intention to bring attendees together again for further sessions during 2011. All in all, it appears to have been a rewarding exercise for those who have taken part, and we hope (and believe) that those who are signed up to attend our workshops next month will also gain greatly from the day. They should certainly expect to be (slightly) shaken and (definitely) stirred by the experience.