It is really important that advisers can simply communicate their value proposition to consumers, according to panellists.
Speaking at the Stockbrokers and Investment Advisers Association (SIAA) conference in Sydney, panelists said the client value proposition (CVP) was a crucial part of running an advice business.
This included considering who a firm was targeting, why a firm had a particular specialisation, the firm’s scope of advice, the pricing model, how efficient the firm was and its market strategy.
Mark Hannan, practice manager at Canaccord Genuity, said: “The CVP is the absolute bedrock of an advice business and provides the structure and framework not only of the business but around the interactions with colleagues and clients. It has to be really clear on how you articulate value, you have to write down to attract the ideal client.
“Put it in everyday speak, ‘this is what I do, this is who I am and this is how I’m going to help you’.
“All the evidence has shown that if an adviser has an extremely well-structured business with a clear mission statement then they have happier clients and have better adviser wellbeing.”
Sharon Williams, founder of Taurus Marketing, agreed it should be “practical and simple” and that it should engage the client on a personal level. LinkedIn was a great medium to find new customers as well as engage with existing ones, she said, as was in-person events such as lunches or drinks now that the pandemic was over.
“Empathy is the new brand currency, make sure your customers know you care for them and are touching base with them. Everyone out there is hurting since COVID so ask them how they are doing.
“Take the time to respond to your LinkedIn messages and engage with your connections, ask if they can refer you to anyone else.”
She also suggested advisers get involved with their local community, volunteer or join non-profit boards as a way to reach a different set of individuals and new business opportunities.