Is your financial planning business a painkiller or a vitamin?
When you think about your financial planning business, do you see yourself as a painkiller or a vitamin?
Are you the immediate solution to someone's burning pain, or are you an optional, life-enhancing supplement?
Are you helping people get out of credit card debt, or are you helping them reach their financial goals?
Are you helping them put insurance in place, or are you helping them fund their children's future?
The reality is, you probably do all of those things at some point in time. Most advice is a combination of painkillers and vitamins.
You perform triage when you first meet a client, get them stabilised, rehabilitated, and then coach them to "Rambo-fit" status. Some will need more time in the emergency room than others. Some will keep relapsing.
So one of the things you need to consider when marketing your financial planning business, is whether your ideal clients engage with a painkiller message or a vitamin message, and if that message is even the same as it was five years ago.
With technology moving towards taking over many of the "painkilling" tasks of old, such as share purchases and portfolio management, the definition of what is painful to your clients, is shifting.
Consider the following painkiller message:
"Stop throwing money away. We'll consolidate your super so you pay less fees and maximise your returns."
Sounds pretty good. It says what you do. Explains the benefits. It meets an immediate need. It's easy to understand.
Compare that with a vitamin message:
"Plan for a retirement that’ll make your friends green with envy. Money-worry free."
Neither is right or wrong.
But one message will appeal more to your ideal clients than the other.
Try different messages with your audience and see what hits the mark.