Your LifeTalk Insider #34

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Welcome back…

From the LifeTalk forum this week:

LifeTalk member and 28 others: Does anyone have experience of reporting unauthorised pension payments? Husband and wife both have pensions with same provider; adviser has been taking ongoing charge for both from Mr's pension and 0% from Mrs' Click…

Serena and 12 others: Suggestions for transferring cash from UK to France? Client’s usual method has doubled their charges. Click…

LifeTalk member and 12 others: I have a client whose father passed away last year and he inherited a substantial amount of money. He wants to invest a lump sum for growth with the flexibility to take an income in the future if needed. He’s also spoken to his solicitor to write a deed of variation to mitigate IHT for his children. Am I right in thinking he needs to have the deed of variation in place before he invests? Click…

Nick and 18 others: Looking to model care home fees for a client. We have agreed to base this on average age, average monthly cost and average time in care. Are there any references I could look at that will give me a good idea of the numbers? What do other advisers do? Click…

John and 4 others: Does anyone have a contact number or email for complaints to Prudential? Click…

Nicholas and 5 others: What cash based / money market alternatives to short term fixed rate deposits are people utilising within their professional recommendations with individual clients? Click…

Charles and 14 others: Has anyone tried to use Microsoft Dynamics 365 to build a customized back office system with workflows instead of specifically building software like Intelligent Office or Xplan?

Aiming to to develop technology in the business to make it more efficient and effective before taking on more advisers and other team members. Click…

Paul and 23 others: There have been lots of posts around Starling Bank over the past few years and mixed information about whether they will deal with firms regulated by the FCA.

Having been with them since 2020 they have decided to give notice to close our business account citing that we are a regulated entity and this is documented in their T&Cs. We have been given a 60 day notice and beyond a few poorly worded emails there is virtually no communication or explanation.

Just a warning to other businesses that have an account with them and to perhaps plan ahead. Although their tech is good I fear there are ethical concerns around their approach to banking. There are also serious concerns about their AML and KYC checks given they were aware of our status when the account was opened.

If this is suppose to be a challenger bank then there is little hope for the UK Banking sector! Click…

Kevin and 17 others: Has anyone been able to obtain a copy of the information request sent by FCA to wealth managers and stockbrokers relating to MPS and bespoke fees? Click…

Long read (1 minute)

Lead Generation: A Trip Down Memory Lane for IFAs

When looking to attract new clients, the internet has become the go-to medium for lead generation. But what about the pre-internet era? Those "old school" techniques were effective, foundational strategies that still hold value today.

Let's dust off the history books and explore 20 pre-internet tactics:

1. Networking: Face-to-face interactions at industry and local gatherings.
2. Seminars: Educating potential clients about financial planning.
3. Referrals: Leveraging satisfied clients to gain new ones.
4. Cold Calling (remember that?!): The art of the first impression.
5. Direct Mail: Personalised letters and brochures.
6. Print Advertising: Newspapers and niche magazines.
7. Public Speaking: Building credibility and visibility.
8. Client Appreciation Events: Strengthening existing relationships.
9. Sponsorships: Aligning with relevant events or causes.
10. Local Community: Building a local presence.
11. Merchandising: Pens, diaries and other branded items.
12. Business Cards: A tangible reminder of your service.
13. Partnerships: Teaming up with solicitors, accountants or estate agents.
14. Radio Advertising and Phone-Ins: Reaching a wide, local audience.
15. Bus Stop Advertising: Strategic placement for maximum exposure.
16. Educational Articles: Positioning oneself as an expert.
17. Door-to-Door: The personal touch in client acquisition.
18. Printed Newsletters: Keeping in touch and sharing insights.
19. Local Directories: Being visible where people are searching.
20. Trade Shows: Bringing visibility to your Expertise.

Why Old School is Still Cool (with a Digital Twist)

Many of these strategies might seem archaic in our digital world, but they're not just effective; they're battle tested and can create a lasting impression.

But imagine combining these with the power of the internet and now, AI.

- Seminars can be augmented with webinars, reaching a far wider and more targeted audience.
- Networking can be done online.
- Advisers can now host their own radio shows.
- Referral programs can be managed through sophisticated software.
- Client newsletters can be distributed with interactive personalised content.
- And much more

This blend of traditional and digital marketing can be a game-changer for IFAs and financial planners, so it’s important to remember that in our rush to embrace digital solutions, we shouldn't overlook the proven value of these classic techniques. By integrating them with modern technology, you can not only reach a broader audience but also provide a more personalised experience.

In 2024, it’s easy to think that the internet is the only way forward. But let's not forget the roots of our industry. Those roots are the foundation upon which we can build a more robust, dynamic approach to marketing and lead generation.

So, which 'old school' technique do you think could make a comeback in your marketing strategy? Join our dedicated marketing group here.

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