“They've now started investing because it felt alien to them. They've now been able to look at starting a business. The information and the things that we have and know shouldn't be kept secret. Sometimes I feel like it's having a cure to cancer and saying only certain people can get it, we have got the knowledge and everyone needs it.
“The problem is that, because we're not doing it, a lot of people that are not qualified are just out on social media speaking from their own experience, which is fine, but we are professionals. We understand what people have been through, and we should be the ones speaking to people,” he explained.
Matt Cockayne, chief revenue officer at Unbiased, said to differentiate your offering it was important to understand what an adviser's ideal customer profile was in order to understand what success is.
“Do you want to just do one off financial plans and go for that sort of mass affluent space, and not do holistic advice. Or do you want to just do holistic advice?
“So understanding what good looks like to you as a business, whether you're a single person adviser, or you have 200 people in your firm, it is really important. Once you know that, you can then try to work out what those people are looking for,” he said.
Cockayne urged advisers to try different strategies like Google ads and sponsoring a post on Facebook to see what the response was like.
“I would always recommend you use multiple channels because you will see where different things work and the same things will not be right for everybody.
"Do you want people with a million pounds of assets? O do you want people with upwards of £50,000 and instead build that long term customer base, so when they inherit some money they come back to you? Those are fundamental questions about what type of consumer you want to attract and try to keep them,” he added.
alina.khan@ft.com
