Adviser all-rounders falling behind
Advisers' attempts to cover all bases could be costing them new clients, with search patterns showing those with specialist offerings have greater pulling power, a planning consultant believes.
With industry pressure to upskill and "do everything", planners often fall into the trap creating generalised websites and marketing campaigns in an attempt to appeal to the masses, according to Elixir Consulting managing director Sue Viskovic.
However, the ones who hone in on a niche area have a far greater chance of attracting a loyal client base, through both marketing and referral networks, she said.
"The most successful (planning groups) I'm seeing are very specific in the messages that they are sharing and what they stand for as a business," Viskovic said.
"A lot of advisers think ‘if I get too specific, I won't get too many clients', but what actually happens is that they actually appear more often in searches," she said.
"It's about getting really finite and tailored and focused in the messages that you're sharing.
Part of the problem is how advisers market themselves through their website, she said.
Her advice to advisers was to be clear about what the business represents and how their offering differs from that of their competitors.
"If you want to attract the small business owner that has got six to 10 employees and they're within a 30 kilometre area, then you talk very specifically about the issues that those people have. You don't want to attract everybody, you really want to attract a certain group."
Recommended for you
It can be extremely hard to realise the gains from financial advice M&A, according to Peloton Partners’ Rob Jones, and more could be gained from firms looking inward at their own practice.
With platforms reporting their quarterly results, there is a clear divide in the adviser markets they are targeting, according to platform specialist Recep Peker, and which would be right for your clients.
The Federal Court has imposed a $10 million penalty on Macquarie Bank for failing to prevent and control unauthorised fee transactions by third parties including financial advisers.
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.