In a post RDR world, IFAs will need to constantly strive to differentiate themselves from other financial advisers. In a fee charging environment, consumers’ approach to choosing an IFA will be very much more selective, and IFAs’ marketing and advertising will need to be much more strategic, creative, targeted and coordinated than it is now.
IFAs will need to consider new ways to target and communicate their proposition clearly and succinctly – and in ways that consumers can quickly understand and digest.
Philip Calvert, founder of IFA Life said today: “If I’m going to pay for an IFA’s services, I’m going to want to see and experience them before I make a decision as to who to approach. And that means that sound, video, social media and live events will dominate IFA marketing over the next five years.”
Referrals from existing clients will still be a good source of new business to IFAs, but people will undertake a lot more research on an adviser before they make contact. The Internet – and in particular Social Media will be at the heart of that research, where they can
- • Get to know an IFA through their social network profiles
- • Get a sense of their expertise through their articles and online comments
- • Watch and listen to IFAs through video and podcasts
- • Interact with IFAs and ask questions through their networking meetings, seminars and online events
Philip Calvert continued:
“Sound and video will become very important in IFA marketing. Brochure websites have already become almost obsolete and will become even more so. This means that IFAs must now consider new ways to get the attention of their target market and in ways that they have traditionally ignored – such as radio advertising.”
Many IFAs perceive that radio advertising is expensive, but would be surprised to discover that it is both affordable and proven to be particularly effective for targeting specific audiences such as the ABC1 demographic. Radio is also a very intimate medium, allowing advertisers to get very close to their target audience, most of whom spend long periods listening to the radio – often while accompanying another activity.
IFA Life has teamed up with Airforce – a leading producer of radio commercials, and is offering a 30 second, fully compliant audio advertisement as a prize to an IFA who can create a winning script. The commercial could be used in a variety of different ways, including:
- • As background audio for an IFA’s website
- • As part of an IFA’s podcast
- • On an IFA’s social networking profile or YouTube channel
- • As a radio commercial*, or
- • To introduce an IFAs seminar or other event
Philip Calvert concluded: “A new approach for a new era is needed where marketing is concerned, and IFAs now need to open their minds to exciting new opportunities. Sound and radio are not exactly new, but are hugely underused by the IFA profession. Our competition will give one lucky IFA an opportunity to really differentiate themselves from everyone else.”