Is an online execution-only service the big opportunity IFAs have been waiting for?

Nick Bamford APFS AIFP

Chartered Financial PlannerChief Executive

Informed Choice

Social Media = Business

Social Media = Business

Full Stop

Informed ChoiceSource: Why now is the time to Crush It! Gary Vay-ner-chuk

Website + Social Media = Business

Website + Social Media = Business

The biggest business opportunity in history

Full Stop!

Informed Choice

10 ways to murder a business

Take on too much debt Choose the wrong business partner Become over dependent on one customer Get ill Make a mess of a major IT project Get into a price war Sign a burdensome property lease Forget your customers Never evolve Don’t bother investing

Informed Choice

An 11th way to kill a business

Ignore the power of the Internet

“Convince yourself that you add value as an intermediary by choosing and implementing the most competitive and appropriate best buy financial product”

Informed Choice

9 + 11 = Extinction!

Full stop!

Informed Choice

3 learning points

How online execution compliments your traditional advice business

Develop a viable online business stream for less than £1,000

Your clients want this service

Informed Choice

Website or social media?

Website = what you do/how you do it

Social Media = essence of your brand

Informed Choice

A traditional model

Adviser acquires client

Finds out what they need

Sells product to solve problem

Gets paid commission

Informed Choice

New model adviser

Advice not product

Service not sales

Fees not commission

RDR means this is the future

Informed Choice

Going online

“They have the Internet on computers now?”

Demand for information, guidance and implementation

Gen X hates salespeople

Informed Choice

Budget website development

This doesn’t cost millions

Content, content, content

Work with strategic partners

Forget about traditional marketing

Informed Choice

The result

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BrilliantWithMoney.co.uk

Informed Choice

Went live August 2009

10,605 page views in first 3 months

Over 50,000 words now published

And then an online SIPP

Informed Choice

New entrant SIPP provider

UK’s first online SIPP

Low cost and very transparent

Full investment choice

The revenue model

Informed Choice

No advertising or affiliate schemes

Margin on SIPP assets under management

Website visitors become advisory clients

The future

Informed Choice

Client pays for advice

Client executes financial product online

Client pays for reviews

Client uses Social Media to tell the world what they have done