Integrate Web into planning business
The creation and maintenance of a web strategy should not be regarded as separate strategy in a financial planning business but rather one which sits alongside mar-keting and business development.
The creation and maintenance of a web strategy should not be regarded as separate strategy in a financial planning business but rather one which sits alongside mar-keting and business development.
Mercantile Mutual’s Lester Wills and Stephen Langsford say there are a number of areas planners need to examine in using the Internet to enhance their business.
Wills emphasises that web pages should not be merely “brochureware” but provide in-depth information presented in several ways.
"There should be a dynamic nature to a site which makes use of features such as video footage, sound files, interactive calculators and tools and links to other rele-vant web pages," Wills says.
The best way to ensure a Web site had these features was to adopt a clear plan and then employ external web designers, says Wills, and avoid using staff to work the site. Rather staff and planners should concentrate on advising clients.
“There has been more noise about DIY investors on the web but many are still not satisfied with the generic information available. These people want to be in touch with a financial planner who will meet their needs, their personality and be in their locale,” Langsford says.
Langsford says this is the main purpose of a Web site and Internet strategy, target-ing and servicing existing clients.
“This should be the main focus, providing a 24 hour presence, with access to ac-count information and low cost communications such as email,” Langsford says.
However, Wills also suggests having more than one site or taking different ap-proaches to avoid catering to one market only.
Both speakers emphasise the need to avoid being regarded as outdated by clients.
They say it is important to get any strategy operable as soon as possible, to revise goals and adapt on the run and to experiment widely, abandoning any method which fails to meet preset targets.
“The Internet is not about products themselves but rather the solution products provide,” Wills says.
“Any Web site should supply tools to ultimately help clients solve problems for themselves,” Langsford says.
AUTHOR
Jason Spits
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
