Are you fed up with being successful? Bored with delivering high-quality financial planning services that change people’s lives and help them achieve their goals? Maybe you’re looking for ways to torch all the client trust you’ve built over decades of hard work and dedication?

Fortunately for you, the Gallagher brothers of Oasis have just given a disasterclass in how to destroy your reputable brand, and lose the goodwill of even your most trusted clients.

In late August, the iconic UK rock band surprised fans young and old when they announced that they’d be reforming after a 15-year hiatus to play shows in London, Manchester, Cardiff, Edinburgh and Dublin.

But excitement and anticipation soon turned to anger and frustration when fans rushed to buy tickets through the Ticketmaster website on launch day.

While tickets were advertised as £150, Ticketmaster applied “dynamic pricing” to capitalise on the huge surge in demand when they went live. So, after waiting for hours in an online queue, fans felt shocked and betrayed to discover that when they got to checkout, the tickets had been hiked to £350 – over twice the advertised price!

So, if you want to see trust in your business burn, read on to find out what Oasis and Ticketmaster could teach you.

Avoid clear communication

Ticketmaster has used dynamic pricing in the US for years to capitalise on high demand for tickets for music and sporting events. While this is technically legal, and Ticketmaster do mention it in their lengthy terms and conditions that no one ever reads, many see it as unscrupulous and exploitative, especially as they did not announce this would be happening with the Oasis shows.

So, you certainly could have transparent discussions with your clients at each stage of your relationship, where you are open about expectations, availability, jargon, terms and conditions, contract fine print, fees and so on.

But if upsetting your clients so they never come back is your goal, follow Ticketmaster’s lead instead.

Do it for the wrong reasons

Many in the press speculated why Liam and Noel decided to get back together now when they had fought so much in the band and had been so publicly estranged since their on-stage brawl that split Oasis in 2009.

With Noel’s £20 million divorce not too long ago, and this new scandal over the Ticketmaster’s price-gouging, some journalists have asked if this reunion is driven more by money than the love of making music.

While making money is an important part of running any business, as a financial planner there is also an important human element: the reward of helping people use their wealth to build the best lives for them and their families.

Nurturing trusting relationships with your clients over time by focusing on their needs is a great way to fortify your reputation, as clients recommend you to friends, family and colleagues.

But if that sounds lame, focus on making as much money as possible from your clients to ensure they never recommend you to anyone.

Never apologise

Taking accountability for mistakes or misunderstandings is an important way to repair trust in a relationship when you’ve done something wrong. Everyone makes mistakes; the important thing is how you handle it.

When Oasis were confronted about the ticket price scandal, instead of apologising to fans or offering refunds, they blamed promoters, Ticketmaster and the band’s management for the oversight, claiming that they knew nothing about this pricing loophole.

They offered a slightly different balloting system for extra shows they’ve since added to the tour, but the reputational damage had already been done.

So, if losing clients and torching your financial planning business is your number one priority, double down on your mistakes and avoid taking accountability for your actions.

Conclusion

You could argue that Oasis and Ticketmaster’s exploitation of their fans doesn’t really matter – they still sold out all 17 shows and will no doubt walk away from this debacle much richer.

But while entertainers can get away with being dreadful people, the bedrock of the financial planning sector is trust. That’s why you can be sure that following the Gallaghers’ example will put your business in the ground for good.

Get in touch

If, on the other hand, you want expert help branding and marketing your services to make your business thrive – or want someone to show you the chords to ‘Wonderwall’ – we can help.

Email hi@theyardstickagency.co.uk or call 0115 8965 300.