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Is An Online Execution Only Service The Big Opportunity Nick Bamford

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Is An Online Execution Only Service The Big Opportunity Nick Bamford

  1. 1. Is an online execution-only service the big opportunity IFAs have been waiting for? Nick Bamford APFS AIFP Chartered Financial Planner Chief Executive Informed Choice
  2. 2. Social Media = Business <ul><li>Social Media = Business </li></ul><ul><li>Full Stop </li></ul>Informed Choice Source: Why now is the time to Crush It! Gary Vay-ner-chuk
  3. 3. Website + Social Media = Business <ul><li>Website + Social Media = Business </li></ul><ul><li>The biggest business opportunity in history </li></ul><ul><li>Full Stop! </li></ul>Informed Choice
  4. 4. 10 ways to murder a business <ul><li>Take on too much debt </li></ul><ul><li>Choose the wrong business partner </li></ul><ul><li>Become over dependent on one customer </li></ul><ul><li>Get ill </li></ul><ul><li>Make a mess of a major IT project </li></ul><ul><li>Get into a price war </li></ul><ul><li>Sign a burdensome property lease </li></ul><ul><li>Forget your customers </li></ul><ul><li>Never evolve </li></ul><ul><li>Don’t bother investing </li></ul>Informed Choice
  5. 5. An 11 th way to kill a business <ul><li>Ignore the power of the Internet </li></ul><ul><li>“ Convince yourself that you add value as an intermediary by choosing and implementing the most competitive and appropriate best buy financial product” </li></ul>Informed Choice
  6. 6. 9 + 11 = Extinction! <ul><li>Full stop! </li></ul>Informed Choice
  7. 7. 3 learning points <ul><li>How online execution compliments your traditional advice business </li></ul><ul><li>Develop a viable online business stream for less than £1,000 </li></ul><ul><li>Your clients want this service </li></ul>Informed Choice
  8. 8. Website or social media? <ul><li>Website = what you do/how you do it </li></ul><ul><li>Social Media = essence of your brand </li></ul>Informed Choice
  9. 9. A traditional model <ul><li>Adviser acquires client </li></ul><ul><li>Finds out what they need </li></ul><ul><li>Sells product to solve problem </li></ul><ul><li>Gets paid commission </li></ul>Informed Choice
  10. 10. New model adviser <ul><li>Advice not product </li></ul><ul><li>Service not sales </li></ul><ul><li>Fees not commission </li></ul><ul><li>RDR means this is the future </li></ul>Informed Choice
  11. 11. Going online <ul><li>“ They have the Internet on computers now?” </li></ul><ul><li>Demand for information, guidance and implementation </li></ul><ul><li>Gen X hates salespeople </li></ul>Informed Choice
  12. 12. Budget website development <ul><li>This doesn’t cost millions </li></ul><ul><li>Content, content, content </li></ul><ul><li>Work with strategic partners </li></ul><ul><li>Forget about traditional marketing </li></ul>Informed Choice
  13. 13. The result Informed Choice
  14. 14. <ul><li>Went live August 2009 </li></ul><ul><li>10,605 page views in first 3 months </li></ul><ul><li>Over 50,000 words now published </li></ul>Informed Choice
  15. 15. And then an online SIPP <ul><li>New entrant SIPP provider </li></ul><ul><li>UK’s first online SIPP </li></ul><ul><li>Low cost and very transparent </li></ul><ul><li>Full investment choice </li></ul>Informed Choice
  16. 16. The revenue model <ul><li>No advertising or affiliate schemes </li></ul><ul><li>Margin on SIPP assets under management </li></ul><ul><li>Website visitors become advisory clients </li></ul>Informed Choice
  17. 17. The future <ul><li>Client pays for advice </li></ul><ul><li>Client executes financial product online </li></ul><ul><li>Client pays for reviews </li></ul><ul><li>Client uses Social Media to tell the world what they have done </li></ul>Informed Choice