A company that has immense skill, know-how and expertise but has no way of packaging, presenting and promoting what it does will fail to attract clients. Irrespective of how good the business is at adding value, it’s all for nothing if nobody knows.
On the other hand, a company that promotes itself endlessly and attracts a wide audience, but lacks the skill or the expertise to live up to its promises or carry out its pledges will fail just as quickly, but often in the glare of publicity. Businesses only get a limited chance at creating a reputation, so they need to be exceptionally careful about what kind of reputation they create.
The successful IFA needs to be a master in both of these worlds. It goes without saying that good IFAs know their field and deliver great value to their clients, putting their interests first without fail.
However, not all IFAs are brand managers, marketing professionals or salesmen. Promoting a business can be exceedingly costly, sometimes IFAs need to employ marketing specialists who cost a premium to employ, or they work simply through referrals.
These challenges are not insurmountable for many small IFA businesses, but they do tend to ensure that the business remains at a modest size. The IFA sector, after RDR and the end of trail commission, is a far more challenging environment for smaller firms than their larger counterparts who can leverage economies of scale in order to thrive and attract clients in the new regulatory landscape.
Many smaller IFAs are considering leaving the industry in the next twelve months as a result of the changes and ongoing challenges like attracting new business in a rapidly changing marketplace, but what if there was another option?
The proposal that Bradbury Hamilton has for many small IFAs might help to stop a generation of talent and expertise from exiting the sector; we can help eliminate the competition for clients and the cost of attracting them, and we’re looking to help you grow. We’re looking for the pearl in your firm’s value.
Small or one man IFA businesses who lack the economies of scale in terms of marketing or sales that large firms have can benefit from coming under the Bradbury Hamilton umbrella in one of two ways.
Firstly, we are keen to talk to IFAs who want to stay working as IFAs but have been considering selling their business. With us as your partner we can ensure that you won’t have to rely on referrals, instead our expertise in generating leads will allow you to concentrate on giving great service.
Secondly, there are many IFAs who are looking to completely exit the industry and sell their firms.
They can benefit by discussing the value in their businesses and client lists with us as well. The client relationships IFAs have built up over the years are immensely valuable, but clients need a reliable firm with a strong track record once an IFA has retired.
If your career has been about adding value to your clients and developing technical knowledge as an IFA, the coming changes might not necessarily spell the end to your professional life, in fact it might be the beginnings of the next stage in your development.
Post RDR, small IFAs do exist in a much more challenging world and those that adapt to the changes quickly stand the best chances of survival. Bradbury Hamilton can help with the transition and give you the ability to simply focus on what you do best, serving your clients.
We understand how challenging building a reputation, client base and a solid business is and how many IFAs are anxious not to lose what they have strived to create over many years.
If you have decided to take action and ensure the longevity of your business into the future, we would like to hear from you. You can contact us here for a informal chat.