This is from a series of articles by David Inglis that first appeared in the IFA Magazine in July 2018.
What Does Video Do For Your Viewer?
In looking at how to use video, in my last article I outlined some of the blocks that get in the way of advisers embracing videos into their businesses. And suggested how those blocks could be removed.
But none of that answers the question about what the videos should actually ‘say’.
It may be worth considering the answer to this in the context of the modern market-place and the trends towards future movements in this space.
The big buzz at the moment is around robo-advice – the fast moving competition to the traditional adviser model whereby consumers, in this sector ‘clients, will get advice through data-driven, algorithm based software.
Allied to this is a growing pressure on the recurring income model, the so-called 1% model, plus a complete disconnect between the demand for adviser services and the supply – basically there are nowhere near enough advisers to support the market demand. That may look a good thing on the surface, as it suggests advisers will make hay from this imbalance, but it probably spells the end for the traditional adviser model.
Consumer surveys also show that the consumer is changing – there is a lot to this but reports from Accenture and Mintel in recent times, readily available for advisers to read, conclude that consumer behaviour is taking them in a different direction from the solutions offered by the classic face to face advice approach.
The irony is that the adviser’s role may well become less adviser and more facilitator. For many advisers this will be a wonderful move! The paperwork and compliance attached to advice (plus the costs and the business risk) would make such a move highly desirable.
The adviser can look after the client relationship, the robo-advice can provide the advice and investment solutions and everyone is happy. Many advisers we are working with today on video are already moving in this direction.
Independent Check | Own Branded Video
A key to this is another part of the fast moving consumer trend, which is to seek out and work with firms that can support an educational experience.
Historically clients have worked with the adviser to get advice and relied on the adviser’s expertise. The service has largely been one where the client was passive and trusts the adviser to do the best for them.
This seems to be changing and there is a growing trend with clients who want to engage and want to engage properly with their financial planning. This is not the same as saying they want to use a DIY approach.
The engagement – in large part – is about learning and education. Clients want to understand more about what ‘it is all about’.
This helps them with confidence and makes for a better process including a potentially better client/adviser relationship.
Again we are working with more and more firms who are determined to provide much more educational material for their clients to enjoy. They are extending this to prospects as well, because there is considerable evidence that if you spend time helping people for nothing, before they engage, this proves fruitful in acquiring new clients.
What better way to engage and educate than through video?
Video is many things all at once: engaging, entertaining, widespread in that the message can get to hundreds, if not thousands of people, easy to access, easy to follow and modern. This is therefore the way to think about video usage, in my opinion.
Use it as a medium to share ideas about your areas of expertise, on pensions, investments, protection and tax, in a way that carefully balances simplifying the subject against providing information of real tangible value.
A client – or prospect – looking at drawdown is probably looking for a certain level of knowledge how drawdown works, by sharing this knowledge for free and upfront with the client/prospect you are helping them and contrary to what some think, making it more likely they will engage.
This is the crux, giving out ideas and information is not going to make it less likely someone will use your advice services, it will make it more likely.
Video is a wonderful way to provide educational experience to your audience. Putting such video together, or acquiring it, and using it in your branding is a smart way to hook in to a series of current and future consumer trends.
Dave Inglis
Dave is the owner of Gadget Line Films, a specialist video production company.
Gadget Line produce animated videos as part of a joint venture with Independent Check Ltd called “Own Branded Videos”. Independent Check distribute the video into the adviser.