Adviser feedback – How important is branding to a financial planning practice?

"While I have had no experience with it, I feel that the negatives would outweigh the positives. Some clients may feel more secure because they feel that their adviser is now vigilant of their investment, however it could also lead clients into believing that their adviser is actually managing their investment.

Clients of independent advisers who are encouraged to go into a branded product may start to doubt the independence of that adviser in that they would appear to be offering their own product.

It may also become quite restricting and embarrassing for an adviser in that if it performs poorly for reasons other than market forces, the adviser may find themselves locked into the product."

Elizabeth Winters CFP

Director & Authorised Representative

Elizabeth Winters & Associates

Adelaide

"I certainly believe branding is very important. The unethical actions of a single adviser in a dealership can certainly bring down the standards and professionalism of a whole dealership in the eyes of the consumer.

I think a lot of advisers have not embraced branding because of the issue of identifying their own business and how the client perceives them.

This theory is tested in regional country areas. For example, I'm an adviser with Garvan Financial Planning and Lend Lease, but in the country, I am known as Greg Thompson. In the country, I never get asked which dealership I belong to.

But when I did work in the city, one of the first things people asked was what my dealership name was. It has really come home to me that branding is very important."

Greg Thompson CFP

Principle

Thompsons Financial Services

New South Wales

"I guess branding is incredibly important for a financial planning practise. And really financial planning practices are no different from any other practice.

In any firm, it is important to promote branding. You probably want clients to remember the practise rather than the individuals. The promotion of the practice will then enable the business to continue in the event of any personnel changes.

Basically I think branding is very important."

Neil Crawford CFP

Partner

Heffernan Crawford Partners

Melbourne

"I'd say it depends on the size of the practise. So for the larger dealer groups, I'd say branding is very important.

But for smaller planner groups, positioning is more important than branding.

In a small firm, it is more important to let the client know they are your first point of call. They want to know you are not firstly concerned with your company's name."

Frank Paul CFP

Managing Director

Moneytree Partners

Sydney