The Hidden Marketing Opportunity in Reg BI
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Watch a video of Samantha discussing this topic.
Do you use the line “I’m a fee-only, fiduciary, independent advisor” on your website to explain how you’re different?
News flash! If you answered “yes” to this question, you need to prioritize creating a new unique value proposition (UVP) ASAP.
With the passing of Regulation Best Interest (Reg BI), consumers’ minimum expectations are going to change, so the differentiation factor in your marketing needs to as well.
What will be expected of every single financial advisor as a basic operating practice will no longer be something you can tout as a true differentiator.
In fact, with large numbers of advisors beginning to offer fee-based or fee-only advice in the last few years, we at Twenty Over Ten have already been advising our clients to go beyond the “I’m a fiduciary” spiel in their marketing.
Yes, it is very important. No, it is not enough.
Of course, not everyone agrees on all the effectiveness of Reg BI or how it will impact the industry. But most consumers aren’t paying attention to all the nuances and fine print of the law. They are busy living their lives.
What has stuck with consumers through all the news coverage over the past few years is the importance of financial professionals operating as true fiduciaries. All consumers will expect this.
It’s a minimum expectation, not a differentiator. List it on your website. But go further – what else makes you different?