Let’s Move On To A Better Place
I understand that the changes ahead are complex, costly and may have some unintended consequences. But, for consumer marketing, I’m happy about what this change means in terms of our ability to improve our shared reputation. Lately, a few big brokerage firms have come out with statements about supporting the new standard, changing rules and adapting product prices and account minimums to make things work. Others are exiting aspects of their business or relying on BICE.
If you need to change your model, spend time recruiting advisors who embrace the new ethos. Firms should build the training, tools, products and service models that allow scale and appropriate advice. I expect many advisors and firms will convert to a level fee RIA model, which has an advantage in the new landscape. Consider positive statements about the changes, demonstrate your desire to continually improve to serve people, and you don’t need to go down a rabbit hole of explaining regulations the general American public won’t understand anyway. Keep it simple.
If we handle this with respect, empathy and a willingness to innovate within the new rules, a more consumer-friendly industry will make marketing easier for everyone.
Gail Graham is chief marketing officer at United Capital, an innovative and fast-growing financial life management firm with a unique approach to the market. Having earned awards in retail investor and advisor marketing, Graham is driving United Capital’s brand development, marketing and lead generation across all channels. Follow her on Twitter: @GailGrahamUC