The proposition of first choice for financial advisers must surely be uncertainty itself.
We’re at a tipping point on so many fronts that the only certainty for the financial lives of our clients seems to be continued uncertainty in their financial lives.
On one front is the obvious struggle coming to grips with our interconnected and leaderless global economy.
On another front is the local battle for distribution of financial services with various sides claiming better independence, value for money and stewardship through their marketing campaigns, mergers and acquisitions, and product-based brand names.
Regulatory change has added to the change fatigue particularly in the financial institutions as product-based remuneration and business models are re-examined, re-modelled and eventually re-presented as even more ‘client focussed’.
In the middle is the confused consumer, apparently holding onto whatever savings they have, uncertain which path provides them with the least uncertainty, most security, best options and less financial stress.
Propositions built upon performance, or cost savings, unique product features, or ‘trusted’ brand names don’t appear to offer safe harbours within which advisers can park their firms waiting for clearer times. The longer they park their firms the more at risk are their current business valuation models, the former value propositions and pricing models.
Advisers can chase perceived trends by re-inventing themselves as self-managed account experts, or self-managed super fund experts, or cashflow specialists or structuring specialists.
I wouldn’t waste your time.
Why not focus on a proposition that won’t change – your client’s financial uncertainty.
Build a proposition that provides as much financial certainty for your target market.
Use your expertise, your experience, your leadership, your contacts, your knowledge, your skills and objectivity to take on the risks, challenges and obstacles that hinder your clients from achieving the financial outcomes important to them. Aim to remove as much uncertainty from their lives.
If it’s not the ever-changing markets, the on-again off-again legislation, the growing list of new products and services then maybe it’ll be the clients themselves that will constantly creating changes and the uncertainty that it inevitably brings.
What do you think?