It has been a fascinating exercise to talk to the CMOs of large super funds in our latest installment of After Hours. Their discussions on the investment super is making in technology, member communications and brand are real eye-openers regarding the power and strength of large financial services businesses.
It also got me thinking about brand for financial planners. In discussions with Peter Chun from Aware Super, he discussed the fund’s need to invest in a unified brand now that its acquisitions made it the second largest super fund in the country. According to him, brand would play an increasingly important role in the fund’s overall investment and strategy for growth and member efficiencies.
So how can an independent adviser ever compete with big brands like super funds and banks? The reality is that you can’t. An adviser, or any small business, can never make the same investment in brand to grow confidence and awareness.
Which brings us to one thing that the best advisers have always known: you are the brand. No matter what you call your practice – and I know many advisers who are self-licensing and creating their own brand in this brave new world – you will never get the impact of a strong brand for a business name without spending a considerable sum. And with a focus on lowering overheads to increase profitability, this is not the best spend, anyway.
The human face of planning has always been the most valuable part of an advice business’s “brand”. Planners themselves inspire confidence with their knowledge and their ability to put a process around reaching life goals.
So it makes sense that any investment in this area should be based on your own personal brand. Whether it’s via social media, with tips and commentary on how to improve money skills, or good photography of you on your website, an investment in you and your personal brand will be the best bang for an adviser’s buck.
There is also a big case for you to increase your communications to the world – whether through writing for the local paper or posting more in LinkedIn client groups. The more your “virtual” voice can be heard, the stronger your brand will be.
It’s hard to put a price on this investment because brand has always been one of those nebulous things that’s hard (or even impossible) measure. It takes time to be build a strong brand, and just like personal relationships, that brand must be built on trust – doing what you say you will, over and over again.
So when you watch this series of After Hours, learn what the big funds are doing and think about how your personal brand could support this investment. That way, you too can reach a broader community with your important message and grow your client base.
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