View more on these topics

Target young guns

IFAs need to be aware of their immediate target market and where their

client bank will come from in the future. Effective planning is necessary

to build long-term sustainable business.

It is easy to become a jack of all trades and a master of none. But a

company can easily become disjointed, especially if there are attempts to

expand the business base. The danger is that you can lose control along

with the prosperity that was originally wanted.

It is very important for a company that wishes to expand to look at how to

develop niche markets. If you are able to spot an area that is not being

utilised, then it is worth spending the time and money to develop knowledge

and contacts.

If you specialise in an area, other than the general work that you will no

doubt continue to do, it is much easier to get publicity through the

national or specialist press.

It is also easier to develop relationships with accountants and solicitors

and to find new introducers of business.

But although it is important to have niche areas where you become well

known, one area that you should never lose sight of is young clients.

These will help the business in the future as their own careers develop.

You need to make sure you look after them properly so they will continue

to use your services and not drift away to another organisation or arrange

things themselves.

This market can easily be a loss-leader to begin with but the work done

at the start of the relationship should pay dividends in the future.

Ask yourself first if service is the most important priority of the

business. If the answer to that question is no, you have no chance.

People&#39s attitudes are changing, especially among the younger generation.

Loyalty has to be earned more than ever before. If you cannot deliver a

service that is perceived as offering quality and value at the least, you

have a big chance of failing.

The most important way for you to be able to control this area of your

business is to have a clean and effective database. Using the database as a

starting point, you will be able to keep in touch with your clients. This

can be done with a regular newsletter telling them of seminars that you are

planning to run. You should also make sure that regular meetings occur.

This can also help with the referral system that you are developing.

If you do not have many younger clients, how can you attract them? Be sure

of your target market and recognise the value of affinity grouping. Someone

is more likely to deal with you if they know that you advise other people

in that area or profession.

If you can develop a service tailored to a section of younger clients,

this can be marketed directly at them through the media. You will then

start to build up awareness. The more specific that you can be with the

target audience, the better the chances of success. If you have a

scattergun approach, it is unlikely that you will see any significant


If you do not feel you have an affinity with the younger market but have

an idea, employ a PR/design agency to help you. Although the cost might

seem high at first, a properly managed campaign can turn out to be very


Once you have these clients coming through the door, your work is only

just beginning. This where the service element of your plan comes into

play. Be prepared to adapt as the marketplace continues to change.

The younger generation are the managers and owners of the businesses of

the future. This obviously leads to enormous potential as long as you have

structured your business plan properly and kept to some broad principles

related to service.


US stays cool as tech stocks feel the heat

The overvaluation of American tech stocks, which triggered last month&#39soverdue adjustment, has left US markets uncertain and looking volatile.With the technology sector having grown at a remarkable speed in the pastyear and now making up around 35 per cent of the S&P 500 index, fundmanagers found tech stocks hard to resist.Despite many funds making an […]

School of thought

Will negative media coverage become a self-fulfilling prophecy and willlife insurance companies have no reason to maintain the level of terminalbonuses with so many people cashing in policies?Around 35 per cent of policyholders do retain their policy until maturityand only around 3 per cent of all in-force with-profits endowment policiesare surrendered on the secondary market […]

Britain is “nation of shareholders” says Schwab

Britain is a nation of shareholders, according to new research for Charles Schwab, the online discount broker.From a sample of 2,000 phone interviews carried out in February, Schwab found 13.5 million Britons have a stockmarket investment of some kind, including shares held directly or unit and investment trusts. A further 2.7 m people have considered […]

Halifax and Woolwich offer mortgage brokers on-line access

The Halifax and the Woolwich have joined the internet bandwagon offering mortgage brokers on-line accessThere are currently eight “high street” mortgage suppliers offering between 30 and 40 loans products over the net. Online mortgage brokerages are also taking off in a big way with Emfinance promising a decision within three minutes on online mortgage applications.On […]

Stop the cold-calling

Royal London is pleased to support the petition calling for a ban on cold-calling for pension and investment products. The petition, launched by IFA Darren Cooke of Red Circle Financial Planning and hosted on the Parliamentary website, calls on the Government to ban cold-calling for pensions and investment products. A similar ban is already in force […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm