Financial Planners have been told that performing a good service is no longer enough to do well in business and that is about creating a memorable experience.

Royston Guest, chief executive of Pti Worldwide, gave the keynote speech this afternoon at the IFP annual conference on raising the bar.
He discussed the difference between service and experience.
Experience is life time value rather than a one off or just short term, as service can be, he said.
He said: "It's not about the service, what's our differentiation. People want memorable experiences. It's all about the experiences. The question is 'are you a stager of great experiences?' It's the little things that make the big difference."

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Regarding making a difference through experience rather than service, he said it comes down to satisfying four psychological needs of the customer:

1. Tangible
2. Informational
3. Intangible
4. Affiliation

He said the informational need is the least fulfilled but also the easiest one to address for a business.
Regarding the intangible, he said if it was a restaurant this would include things like comfort, atmosphere.
He highlighted a restaurant he knows which will pick up and drop off any customers within an eight-mile radius, which is an example of making the client feeling loved and giving them the kind of experience he was speaking about.
He said: "Never has the world seen such a sustained period of change as over the last two decades. The three revolutions; technology, consumer habits/ behaviours and the global economy have changed the face of the world in which we operate today.
"Coupled together with a relentless pace and speed with which we all move at how can you ensure you're in the driver's seat of your life?
"How do businesses and individuals need to be thinking, feeling and acting to not only survive, but thrive?
"Is your mentality accelerating as fast as reality and pace of change? Is change an opportunity or a threat? Your friend or foe?"