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One great way of doing this is utilising a social trust platform like VouchedFor . By verifying your good reviews are from real people , they help build trust not only in your advisers , but also in your firm . Their searchable web profiles put your advisers ’ reviews alongside your firms ’ details and logos , so that the positive vibes generated by your advisers also rub off on your brand . And if you qualify as one of their ‘ Top Rated ’ advisers or firms at the end of the year , they ’ ll even tell the good readers of The Times , Telegraph and Mail how good you are ! Of course , this is not the only way this can be done but does help to illustrate that basic concept of brand - a promise , often one linked to an emotion , consistently delivered by your business , and that that success is evidenced and communicated outwardly to your target customers .
Successful brands win new business Even advice firms with the most tightly defined niche exist in a hyper-competitive environment . Competitors aren ’ t just other IFAs – it ’ s every other way that money that could be invested . As such , standing out from the crowd is imperative in getting your message across . However , this doesn ’ t just mean being seen at all costs , because effective branding also plays a role in persuading prospects to choose one adviser over another . Firms whose brand helps with client acquisition usually have imagery and messaging that not only stands out from the crowd , but also articulates something fundamental about their unique value proposition . Which is why now is a good time to reassess what exactly your brand is , or should be , and build a marketing plan around it - thanks to the Consumer Duty , you ’ re likely very well versed in exactly what your value proposition is !
Successful brands drive higher profit margins Beyond client acquisition , a robust brand presence can also bolster profitability . Studies have shown that businesses with strong brands command higher prices for their products or services . Clients are often willing to pay a premium for the quality , reliability and prestige associated with a well-established brand . By cultivating a distinguished brand image , IFAs can position themselves as premium service providers , allowing them to command higher fees and margins ( whilst remembering that they will need to be able to justify the fairness of the value of each of the products or services offered to each customer group ). Moreover , loyal clients who are deeply connected to the brand are less price-sensitive , enabling IFAs to maintain profitability even in competitive markets .
Successful brands are visible to their target customers You don ’ t have to be on Linkedin and you don ’ t ’ have to be on TikTok . But if your target customers are on those channels , you probably should be . There ’ s no point building a great brand presence if the right people don ’ t see it . However , the modern media landscape is very fragmented , so try and think as widely as possible about where your target customers might see you . If you ’ ve traditionally been active in the local community offline – sponsoring local events and charities etc – can you do this online too ? Does the local online news site need its own Martin Lewis ? Can you use Facebook or Instagram advertising to target followers of local interest groups . Are there popular social media accounts that align with your brand values that you can work together with ? A cohesive brand presence across many channels enhances visibility and reinforces brand recall . A compelling website , informative blog posts , engaging social media content and consistent branding across all on and offline touchpoints create a cohesive brand narrative , amplifying both your message and your reach . Amidst fierce competition and evolving consumer preferences , the importance of brand for advisers and advice firms cannot be overstated . A strong brand serves as a cornerstone for IFAs , instilling trust , driving new business and enhancing profitability . By cultivating a distinct brand identity and leveraging digital channels effectively , IFAs can navigate the complexities of the modern business landscape with confidence , solidifying their position as trusted go-to financial advisers .
Your brand-building tools
Ask your Support Manager for more information about :
Build trust and value with verified reviews , and maybe earn Top Adviser or Top Firm status !
Build a website and communications with a visual identity that ’ s personal to you .
Our Compliance Helpdesk is always there to help with simple financial promotions , but if you ’ re planning a major brand and marketing exercise , our Specialist Technical team can offer more bespoke guidance .
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