Likes, follows and testimonials
“We all have personal brands and most have us have already left a digital footprint, whether we like it or not.”
— Amy-Jo Martin
Managing perceptions
Despite the ubiquity, accessibility and sexiness of consumer technology, we’ve noticed that many financial advisers still underestimate the role their website plays in establishing their credibility and legitimacy.
If you’re convinced that a compelling digital presence will have little, if any impact, on the growth and success of your business, then enjoy the commercial irrelevancy you’ve voluntarily embraced.
You don’t need to slavishly embrace AdviceTech, RegTech or TechTech but, in a competitive environment, moving beyond economic updates and newsletters might help you more than you realise.
We appreciate that you may not believe a website will generate leads (or generate enough leads to justify your investment) but, particularly now, don’t underestimate its role in validating you or reinforcing your potential clients’ assumptions.
Credibility is established far differently now and, in some respects, your digital presence validates you far more effectively than your professional designation.
Financial services are complex, and advice is a “credence good” that most consumers are unable to properly assess.
A “credence good” involves an asymmetric relationship where the purchaser lacks the information to accurately assess the worth of the good and where the value or real cost of the good will often not be known for some time.
It’s therefore important to remember that most consumers lack the time, inclination and capability to accurately assess the quality of the financial service you can provide. So they rely on brands and, as trusted brands become tarnished or industries pilloried by the press, they look for social proof.
The first, and often the only, inquiry made by many consumers seeking advice is to visit the adviser’s website.
Over time, AI, social signals (and voice search) might be more important, but we’re not at the tipping point yet.
In fact, there is a wide body of research that suggests that most consumers’ decisions to proceed are based, primarily, on the results of the initial on-line search.
While you might criticise this approach, the consequences and implications of it need to be properly appreciated.
Not only is an online presence very important for you, but the quality, construction and currency of your websites is critical.
CHECK OUT: Simply Advice Websites or consult The Customer Space.
In reality, social proof is becoming an increasingly important part of consumers’ selection and engagement processes. Googling is a significant and ubiquitous component of the modern consumer’s decision making process.
Research consistently shows that most consumers routinely validate their buying decisions (or crystallise their preferences) through internet searches, a review of the Provider’s website and by reference to their own social networks.
Your digital presence
Your website, and your digital presence, is far too important for you to ignore.
As much as consumers may be told to check out their adviser on the Moneysmart site, their Association website or via private service, most consumers will not do so.
They’ll google you and visit your site.
They’ll check out what others say about you. If your site is bad, if your content is un-engaging and if your testimonials are middling or non-existent, they’ll never become a prospect.
If you don’t have a site, most consumers will presume you’re not a legitimate business.
You no longer have the luxury of being invisible. Instead, you’re expected to be compelling and active.
If you have aspirations of building a successful financial planning practice, a compelling site is now a ‘must have’ and not a ‘nice to have’. If you don’t have a site, you need to build one or engage someone to do it for you.
In an increasingly crowded and competitive environment, your website plays a crucial role in establishing your legitimacy, credibility and capability.
Don’t ignore it.
Five website issues
If you already have a site, here are five things you should immediately check:
- RESPONSIVENESS. Mobiles and tablets have replaced laptops and desktops as the search tool of choice and you need to ensure your site is properly rendered for mobile consumption. Services, like squarespace, do this automatically. TIP: If this is already too much to process, contact Patrick Flynn.
- ACCURACY. ASIC have publicly admitted using technology to identify non-compliant sites and drive surveillance and enforcement activity.
- Is it clear what services you provide and how you charge?
- Does your site explain how people can contact you?
- Think about what your site says about your professionalism and approach?
- Proofread your content, correct the spelling errors and standardise your voice.
- Is your Licensee and your capacity is correctly presented.
TIP: Shameless self-promotion may be the mother’s milk of financial services professionals, but ASIC have recently shown how seriously they take misrepresentation and misleading statements. Be genuine and, if you’re concerned, get expert advice.
- COMPLIANCE. Consider ASIC RG234 to ensure that you don’t publish content that contradicts the law or their expectations. Writing engaging, useful and relevant content is harder to address, but there are businesses and content experts that can assist you.TIP: Avoid the sea of sameness. If you’re going to outsource content creation, engage experts that can use your distinct voice and engage with your clients.
- APPEAL. You don’t need to obsess over minimalist design trends, UI tips or hot fonts, but consumers expect beautiful design and intuitive functionality. There are any number of providers, from Squarespace to Wix that can give you the tools and templates to present yourself well. Look at the images you’ve used, the layout you’ve chosen and ditch the corporate stock photos used by Money Management. Carefully consider the images you’re using, ditch the watermarked photos you found through google images and visit pexels.com, CC Search, Getty Images or pixabay.TIP: Avoid the usual tropes of FS stock imagery – disembodied hands and phallic corporate structures – in favour of images that capture the mood or tone of your content.
- REVIEWS. You’re probably conditioned to ask for referrals and testimonials from clients. That’s a great start, but consumers looking for social proof are looking for real reviews from real people. Encourage your clients to be open and authentic in their reviews but resist the impulse to edit or eliminate bad reviews. Studies suggest that around 70% of consumers check the reviews first, so the best long term play is to embrace transparency and deliver exceptional service.Any reviews you use, have to be genuine. Consumers and regulators are well aware that reviews can be ‘fixed’ to present an idealised version but appreciate that too many bad reviews can persuade prospective clients to go elsewhere. Even worse, inauthentic reviews (gaming, misrepresentation or manipulation) can attract regulatory attention you neither want nor need. Make sure you understand the rules. TIP: Resist the tendency to polish, edit or correct feedback. Don’t allow anonymous feedback (for which you may be liable) but allow customers to choose how they’re presented on your site – first name, pseudonym or avatar.
read accc’s guidance
