AMP-aligned dealer group Hillross has unveiled a new branding strategy following research that suggests client aspirations were being lost under the weight of compliance.
The new strategy aims to refocus on the emotional engagement of the client by asking the question "what is your idea of financial freedom?"
Hillross managing director Hugh Humphrey said the group hadn't sought feedback from the end client often enough, and arguably hadn't communicated well enough what it is it does.
Hillross undertook an in-depth process of examining what its end-to-end advice process was like for a new client, from finding the right adviser to signing off on the authority to proceed. It involved interviewing both the client and the adviser after each significant stage in the advice process.
The group is also now looking at the review and ongoing servicing process, Humphrey added.
The group found that a statement of advice (SoA) had become very technical and had gotten in the way of a client's understanding of the content of the advice.
Clients' understanding and level of depth and number of times they would refer to the document over time was nowhere near as good as an adviser would want it to be, he said.
In general the focus on compliance aspects was detracting from the aspirational elements of advice, he said.
Humphrey was speaking at the group's recently opened Hillross CBD practice, where each client meeting room was designed to evoke a particular idea of financial freedom, such as a holiday beach house, Tuscan holiday or expensive car.
This is done with the aid of over 100 black and white concept images that will be available to advisers to use on their business cards and in SoAs to help personalise the process.
Hillross brand and communications manager Leah Hitching said the rebrand was a two-year process, based on a cultural shift that showcased the clients and provided new clients with something tangible. It was about bringing the 'why' of the advice process back in rather than just the 'what' elements of wealth creation, she said.
