Last October’s blog post (What’s your Value Now) was a call to update branding and value messages in light of the coming revolution in the investor marketplace. Two recent events reveal that the revolution has arrived.
Story of the Day
First, Schwab has launched a large multi-faceted advertising campaign to educate investors on the differences between RIAs and traditional wirehouse or broker/dealer providers. They’re not advertising Schwab directly. Instead, they’re advertising the RIA professional as the preferred provider (and giving their RIAs polished materials to finalize the sale). Surveys show that investors continue to be very suspicious. This campaign will get their attention.
Second, a new Silicon Valley company, Personal Capital, has erupted on the financial services scene. They’re targeting investors with assets up to several million dollars and providing custom services in a revolutionary way. Rob Foregger, Personal Capital’s chief strategy officer puts it this way:
“Think about the personalization that’s gone on in the last decade in the United States for commercial activity for consumers…Why aren’t there truly personalized financial services for the mass market. Really that’s what we’re out there to change and build….Essentially our mantra is give our clients information that their bank or broker won’t tell them”.
This could revolutionize investing the way Amazon & i-Tunes revolutionized the consumer products market.
Tip of the Day
If you haven’t done so already, it would be timely to revise your message to the market we’re in now. Click the links below for more on how.
Resource of the Day
Take a look at this post for advisors on creating value in a commoditized market
Sales Tips from Salad Dressing
Here’s a recent article about pricing and value specifically for RIA professionals