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Loyalty counts for more than novelty

When singing competition The Voice began on BBC1 earlier this year, there was much fanfare, with critics claiming it was the show that would knock ITV rival The X Factor from its position as the top talent show on television.

But some weeks in, ratings have begun to fall as audiences decide it is nothing more than a pretender to the throne and the original format is still the best.

In the business world, there are many examples of breakaway businesses and copycat firms that follow an idea or business plan started by someone else.

There are, of course, many industries in which copying a business idea and developing it works. In the technology and motoring industries, for example, the innovators of today would be nowhere if they had not copied the principal idea from elsewhere.

But I do not believe this is always the case in the financial services industry. In our sector, trust and loyalty count for a lot.

Brokers and their customers like to work with people who they have built long-standing relationships with – people whose form they know.

This loyalty is usually repaid as providers and suppliers seek ways to show their customers how much they are truly valued.

It is beneficial, then, to keep faith with the long-established, consistent performers.

As has been proven in the battle of the talent shows, in the long run these are the ones that will offer best value and still be around in years to come.


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