Believe in the power of experts

Politicians, whatever their denomination, do have the occasional tendency to say things that they come to regret.

Indeed, just about every politician worth their salt has hit the headlines thanks to a slip of the tongue or a vocal misstep when the pressure is on.

One of the most memorable of recent years was Michael Gove’s claim in the run up to the Brexit vote that it was his belief that the good people of this country “have had enough of experts” when discussing the various predictions being made about the potential impact of a vote to leave the European Union.

It was a claim that made little sense when it was uttered and five years later, it is hard to argue that it has aged particularly well.

The truth is – regardless of the context – we dismiss the importance of expertise at our peril. 

Now many people will believe they are an expert in something but merely having experience and knowledge of a given subject does not automatically translate to expertise. 

To be an expert is to have gained more knowledge and experience than others – to have taken their learning to an advanced level and been validated through performance and potentially certification.

In the context of business, it is this expertise that often makes the difference between a good business and a great one.

Business owners and entrepreneurs, particularly those who have tasted some success, can easily believe that they know all there is to know about their chosen field but the reality is that there is always somebody out there who knows more.

Regardless of the industry, working with experts and ensuring that your business has the right technical expertise is absolutely critical, particularly in a trading environment where customers are demanding more and disrupters are emerging from every corner.

It may seem like such an obvious thing to say and yet there will be those in business who will always believe that if their customers are satisfied then so are they.

It was the mercurial Steve Jobs who said in one of his most famous quotes that at Apple they “hire smart people so they can tell us what to do” and he certainly knew a thing or two about stealing a march on his competitors.

By embracing the power of experts and focusing on continually improving your technical expertise, you are far more likely to provide better outcomes and so rather than just making your customers or clients satisfied, you are also going to make them loyal – something else Steve Jobs completely understood. 

In the financial services industry, it is hard to underestimate the importance of embracing and nurturing expertise as the advice that is being sought by clients really does have the potential to be genuinely life-changing. 

It is a heavily regulated industry and so thankfully the quality of advice generally will be at worst functional but to coin a phrase, there is always more than one way to skin a rabbit.

In wealth management we seek to overcome a wide range of pain points for our clients and there are so many potential outcomes – approaching these with the best possible technical expertise can never guarantee a better result but what is unarguable is that experts are more efficient, they generate better ideas and they can provide unique perspectives.

The result of this is a service that is not just about delivering continuous ‘wow’ moments that leave your clients clamouring for more – although that is certainly not an unhealthy aspiration.

It is about being completely dependable and consistent – ensuring that for every perfectly ordinary interaction with a client or customer, you are delivering a service of the highest quality that can be repeated again and again. 

In the end it is this belief in the power of experts that separates the great from the good – and it’s hard to believe that anybody has had enough of that. 

The Partner Practice is an Appointed Representative of and represents only St. James's Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the group's wealth management products and services, more details of which are set out on the group's website www.sjp.co.uk/products The 'St. James's Place Partnership' and the title 'Partner' are marketing terms used to describe St. James's Place representatives.

Penney Financial Partners is a trading name of Penney Financial Partners Ltd. Penney Financial Partners Limited is registered in England and Wales, Number 09964340. Registered Office: Kensington House, Knights Way, Battlefield, Shrewsbury, Shropshire, SY1 3AB, UK