Nick Bamford's presentation at the start of a panel debate at Money Marketing Interactive 2017 in London on 18th May. Two months ago, Informed Choice’s Nick Bamford set advisers a challenge to demonstrate how they would win over a prospective client and articulate the value of advice. Here we reveal the winning entry as part of a wider discussion about advice charges, and putting a price on value. Nick joins a panel debate with Paul Lewis, Freelance Financial Journalist and Presenter of Money Box on Radio 4, and Dennis Hall, Managing, Yellowtail Financial Planning.

1. P U T T I N G A P R I C E O N V A L U E
Money Marketing Interactive
N I C K B A M F O R D
C H A R T E R E D F I N A N C I A L P L A N N E R

2. Advice clients "may not be getting value for
money". Advisers "may not be taking sufficient
account of value for money when making a
recommendation".
- FCA Sector Views, 2017

3. T H E C H A L L E N G E . . .
* Case study write an engagement letter
* Paul & Kim can they retire now?
* What will you do for them?
(Your proposition)
* Detailing what you will charge
* Explaining why your service is of value

4. W H A T D I D W E L E A R N ?
* What we do is valuable but we need to explain why
* Consumers may lack the time, inclination and
skills to do it for themselves
* We need to show price clearly and transparently

5. W E S C O R E D T H E
E N G A G E M E N T
L E T T E R S
* Explanation of the service
* A value statement
* Identification of client priorities
* A description of the initial and
future services
* Transparency of fees both %s and £s
* Description of the client journey
* What the next actions were
* Absence of jargon

6. Sophie Marfell, NBS Financial Planning
Clear, succinct, visual and transparent
A N D T H E
W I N N E R I S . . .