The Hidden Marketing Opportunity In Reg BIAdvisor Perspectives
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Watch a video of Samantha discussing this topic.
Do you use the line “I’m a fee-only, fiduciary, independent advisor” on your website to explain how you’re different?
News flash! If you answered “yes” to this question, you need to prioritize creating a new unique value proposition (UVP) ASAP.
With the passing of Regulation Best Interest (Reg BI), consumers’ minimum expectations are going to change, so the differentiation factor in your marketing needs to as well.
What will be expected of every single financial advisor as a basic operating practice will no longer be something you can tout as a true differentiator.
In fact, with large numbers of advisors beginning to offer fee-based or fee-only advice in the last few years, we at Twenty Over Ten have already been advising our clients to go beyond the “I’m a fiduciary” spiel in their marketing.
Yes, it is very important. No, it is not enough.
Of course, not everyone agrees on all the effectiveness of Reg BI or how it will impact the industry. But most consumers aren’t paying attention to all the nuances and fine print of the law. They are busy living their lives.
What has stuck with consumers through all the news coverage over the past few years is the importance of financial professionals operating as true fiduciaries. All consumers will expect this.
It’s a minimum expectation, not a differentiator. List it on your website. But go further – what else makes you different?
Four ways to truly differentiate with your website
So we’ve established that you must have a true differentiator right on the homepage of your website. This is the niche audience you target – the group of people whose problems you help solve and who you understand how to serve better than anyone else.
But does that mean you should no longer mention that you operate a fee-only, or fee-based or independent practice? Should you not even mention that you are a fiduciary?
The short answer is – “no,” you shouldn’t leave it out. Even though operating as a fee-only fiduciary advisor is more common, this language should still be included on your website. It’s important to ensure that your prospects and clients understand what this means and realize that when they work with you, everything that your firm does has their best interest at heart. How can you highlight the fact that you are a fee-only, fiduciary advisor, but still focus on a more granular niche?
Here are four ideas to inspire you:
- Leverage an FAQ page
Life After Grief Financial Planning, based in Orlando, Florida, does a great job of highlighting their UVP directly on their homepage. After all, your homepage is the most visited page on your advisor website, so that is where you need to nail your messaging.
Immediately we understand that Christopher Dale, CFP® works specifically with those who have suffered loss, helping them navigate financial decisions after the loss.
However, as we continue to click through its website, the FAQ page is where Dale explains more about being fee-only and what that means for his clients. FAQ pages are a great way to present dense information – especially if you utilize a design element like an accordion, which allows site visitors to “click” on a question to reveal the answer like in the example below.
Read the full article here by Samantha Russell, Advisor Perspectives