Is An Online Execution Only Service The Big Opportunity Nick Bamford
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![Page 1: Is An Online Execution Only Service The Big Opportunity Nick Bamford](https://reader035.fdocuments.in/reader035/viewer/2022070301/546235e3b1af9fba388b4d1f/html5/thumbnails/1.jpg)
Is an online execution-only service the big opportunity IFAs have been waiting for?
Nick Bamford APFS AIFP
Chartered Financial PlannerChief Executive
Informed Choice
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Social Media = Business
Social Media = Business
Full Stop
Informed ChoiceSource: Why now is the time to Crush It! Gary Vay-ner-chuk
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Website + Social Media = Business
Website + Social Media = Business
The biggest business opportunity in history
Full Stop!
Informed Choice
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10 ways to murder a business
Take on too much debt Choose the wrong business partner Become over dependent on one customer Get ill Make a mess of a major IT project Get into a price war Sign a burdensome property lease Forget your customers Never evolve Don’t bother investing
Informed Choice
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An 11th way to kill a business
Ignore the power of the Internet
“Convince yourself that you add value as an intermediary by choosing and implementing the most competitive and appropriate best buy financial product”
Informed Choice
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9 + 11 = Extinction!
Full stop!
Informed Choice
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3 learning points
How online execution compliments your traditional advice business
Develop a viable online business stream for less than £1,000
Your clients want this service
Informed Choice
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Website or social media?
Website = what you do/how you do it
Social Media = essence of your brand
Informed Choice
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A traditional model
Adviser acquires client
Finds out what they need
Sells product to solve problem
Gets paid commission
Informed Choice
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New model adviser
Advice not product
Service not sales
Fees not commission
RDR means this is the future
Informed Choice
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Going online
“They have the Internet on computers now?”
Demand for information, guidance and implementation
Gen X hates salespeople
Informed Choice
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Budget website development
This doesn’t cost millions
Content, content, content
Work with strategic partners
Forget about traditional marketing
Informed Choice
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The result
Informed Choice
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BrilliantWithMoney.co.uk
Informed Choice
Went live August 2009
10,605 page views in first 3 months
Over 50,000 words now published
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And then an online SIPP
Informed Choice
New entrant SIPP provider
UK’s first online SIPP
Low cost and very transparent
Full investment choice
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The revenue model
Informed Choice
No advertising or affiliate schemes
Margin on SIPP assets under management
Website visitors become advisory clients
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The future
Informed Choice
Client pays for advice
Client executes financial product online
Client pays for reviews
Client uses Social Media to tell the world what they have done