Financial advisory services are built on three pillars: results, relationships and reputation. Investors Group (IG) appears to be doing well on all three, climbing one spot to #22 and increasing brand value by 36% over 2012 (3rd highest riser by brand value). But how much do IG clients understand about their financial planners’ performance as opposed to the company’s aggregate performance?
In today’s world of ubiquitous ranking sites and social network opinion-sharing, you cannot find consumer ratings on financial planners. Lawyers, doctors, employers and teachers – all rated. But not financial planners. This anomaly is an opportunity waiting for a brand.
Investors Group is well positioned to become the first financial advisory brand to leverage this truth and engage stakeholders in a new and unique way. The IG philosophy talks about comprehensive planning and being diligent in our efforts. What better way to embody those beliefs than by helping existing and future clients evaluate their financial planner through tangible metrics? The scorecard should consider at least three broad categories: financial results, investment philosophy and alignment with brand values.
Results could be reported in a digital environment where clients input their investment objectives and financial planners are matched accordingly. The environment would encourage existing and former clients to provide first-hand commentary that goes beyond the scorecard to help all clients get a complete picture.
This bold new level of transparency and engagement would change the way clients select a financial planner. It would also help IG leadership ensure that their reputation and relationships are being maintained while driving short and long-term results.