New Model Adviser® recently released their 2019 list of the Top 100 financial planning businesses and the key thing that stood out was how many of these firms have started to take marketing and branding seriously. Finally!
Earlier this year I was asked to speak at Adviser Tech LIVE and the Technology Emporium series on the importance of brand building to help IFA’s and Wealth Manager’s future proof their firms for the next generation of potential clients, and potential employees.
We know the next-gen client (and employee) is a very different breed to their predecessors, and it’s great to see The Top 100 financial planning firms recognising the need to embrace and evolve their brands and service propositions to connect and engage with the next-gen.
With the rise of mobile first challenger banks and fintech companies, customer behaviours and expectations are changing at a rapid pace. We are seeing more traditional firms having to work much harder to build trust, add real value and deliver a client experience fit for purpose for the digitally savvy next-gen.
Key for us this year has been educating our clients on the need to start telling, and selling, a more compelling story, and find their reason for existing beyond the desire to make money.
We know next-gen clients prefer working, and buying from, companies with a strong sense of purpose. It’s not a secret anymore.
And why is this so important for financial planners and wealth managers to be thinking about, because nearly two-thirds of the next-gen will FIRE their parent’s advisers!
In fact, as I mentioned a few months ago, I was one of those people.
So, the threat is very real.
The great wealth transfer is underway and this brings a fantastic opportunity for firms who are able to meet the expectations of the next-gen. All of us here at PLOTT are passionate about helping financial firms discover their purpose and work with them to really take their business to the next level.
With the Top 100 firms leading the way now is the time to take a closer look at your firm and discover what you stand for and why you exist. And it’s not a ‘nice to do’ anymore, the new wave of consumer and client demand it.
Businesses, regardless of size or sector, who understand the need to find their inner purpose are thriving. Their bottom lines have never been healthier and they’re attracting the best talent.
At PLOTT we exist to help our clients find their WHY, and their authentic story. If your firm is unsure how to start on this journey, we can help. We’d love to hear from you.
In the meantime, here is a link to our self-help brand storybook to help you on your way.
The full list from New Model Adviser can be found here.
