Seventy questions to bridge the advice gap

Bridging the advice gap

Chris Riley of Seventy came to us by way of referral and with a fascinating pitch for a new idea, and a requirement for a new website to support it. Immediately intrigued we listened as Chris spoke passionately about the problem of the ‘advice-gap’, and his solution to help bridge that gap. How does one go about making financial advice accessible and affordable for all?

We were charmed by Chris, and hooked by his big idea. OK, we’re in. What’s next? Well, the financial advice and planning sector is one we know very well at PLOTT. So much so that we’ve spotted several areas of similarity between the way we work, and the way a financial adviser works. We’ll first need to get to know our new client. The company history, and their personal story. This is a deep dive. It’s vital for us, as it allows us to begin to visualise their goals and aspirations, and requirements. From this we will turn ideas into tangible creative work.

Seventy Financial Planning

Seventy is already a successful business with an enviable reputation. It’s a forward thinking organisation too, ready to embrace new ideas and new technology. The development of fintech has changed the face of the sector, and promises to continue to do so. This presents financial advice companies with new opportunities. Such as the opportunity to make advice more accessible and more affordable and thereby, to bridge the advice gap.

Chris wanted Seventy to be able to offer a service to anyone, no matter where they are in their lives, no matter their level of wealth. This is the aforementioned ‘gap’. For too long have financial advisers found it uneconomical to offer advice. There are many who believe it impossible to provide affordable advice due to the regulatory burden on advisers. That is until people have reached a certain level of wealth.

The affordability debate rages on, and millions of consumers are missing out. Fewer than one in six is taking advice – according to online advice service OpenMoney.

This leads to a gap, not just in wealth, but often in age – as most people don’t reach the level until their peak earning years. It leaves younger people out of the loop, as it were. Chris believes financial advice really should be accessible and affordable to all. It brings improvements to people’s lives, beyond their finances. The peace of mind it offers can improve one’s wellbeing.

Advice for everyone

Chris and Seventy have built their reputation in no small part by putting the client first. Therefore it matters less how much a client has to invest, but more about when they get started. If it’s uneconomical for a client to pay for advice right now, how will they begin to invest? Seventy believe that technology and automation – such as robo advice, digitisation and hybrid advice – can be used to provide free or low-cost advice.

A true believer in the benefits of financial advice, Chris is passionate about offering this to everyone. To deliver this he developed three service levels: full, hybrid and self-managed.

• Full advice is traditional – often face-to-face – for a fee, and based on client relationships and a deep understanding of their needs, desires and objectives.
• Hybrid advice allows clients to manage their own finances as much as they wish. But it also offers professional advice when needed. For example a planned, or surprise life change might make traditional advice necessary.
• Self-managed means just what it says. Clients utilise Fintech to manage their finances, but without the typical financial advice costs.

Chris’s initial pitch to PLOTT also included a requirement for a quiz. This would allow visitors to answer a series of questions and calculate an answer to the simple question “which level of advice do you need?”

This posed a fascinating technical challenge for the PLOTT web developers. We began by working out the quiz questions with Chris, deliberately putting the horse before the cart. Let us decide what to ask, and how to respond to visitors – and only then develop the technology for the quiz. 

This led us to programme bespoke software for this purpose, as off the shelf solutions were driving us to compromise on our vision. The ideal outcome would be a quiz that was comprehensive enough to output intelligent results and comes with the advantage of brevity. No small feat. PLOTT created a quiz with elements of gamification (by which we mean simplicity) and a slick app-like interface. We believe this helps to sell the idea behind Seventy’s service levels, that technology can be our ally.

PLOTT go to work

Armed with Chris’s ideas, and our understanding of Seventy as a business, we got to thinking about how best to deliver. The brand was in need of an overhaul. The brand was in need of PLOTT. As it stood their website and branding was quite traditional and very masculine. “Financial advice for all” suggested to us that the brand needed to be softened and made inviting. Truly one brand for all. 

We chose bold, vibrant colours to make an immediate impact. Combined with short, meaningful messages and ending with a strong call to action it makes for an impactful home page. 

Quirky and friendly illustrations softened the look to something calming and trustworthy. PLOTT copywriters got to work on an engaging story (or PLOT) and a suite of employee biographies. These are essential ingredients for any website, because speaking about one’s values, beliefs and history can connect to visitors on an emotional level. This therefore creates and drives engagement.

Postscript.

Well, the site is now live, [take a look]. It’s already generating interest and we’re really proud of it. The proof, as they say, is in the pudding. Or, put another way, PLOTT are only happy if our client is happy. Chris is delighted with the site, and showed his appreciation by sending PLOTT a crate of fine Champagne to celebrate. Who said we’re not celebratory?

Cheers Chris, here’s to you, and to Seventy!