Developing a brand will be critical for Financial Planner firms in future, brand consultant Lucian Camp told 70-plus attendees today at the IFP's annual Accredited Firms Conference in St Albans today.
Talking about "Do your clients have a relationship with you or your brand" Mr Camp, of Lucian Camp Consulting, said that too many planners ignored branding at their cost.
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He said in many cases clients had a stronger relationship with planners' brands, or what the company stood for, rather than individual clients themselves.
In a though-provoking session, which started with a brand quiz, he said strong brands needed to be "positive, clear, consistent and differentiating."
He said most consumers made up their minds about brands very quickly and names were important as well as premises, citing one firm of accountants, which operated behind windows protected by iron bars.
He said that many planning firms were very poor in differentiating themselves from other planning firms and too many used similar names or similar branding.
When developing firm's branding he urged planning firms to talk to clients: "You need to know what your clients value about your firm's brand, it may not be what you think."
Maintaining focus on branding is also important.
He also said it was "essential to transcend the individual's (views on branding) if there are any ambitions to grow or sell the business."
He said the IFP's Accredited Financial Planning Firm mark was a "powerful endorsement" and should be integral to a brand. It said it was also important in setting the direction of travel.
He added that Financial Planning in itself is not a complete brand solution but part of the mix.
He concluded that branding was for small firms as well as big ones and it's actually "easier and more powerful in smaller firms."