Update
April 2006
Welcome to the April edition of IFAP’s Update newsletter. Well, it’s the end of an era, as this is the last print version of Update we’ll be distributing. From now on we’ll be sending Update out by e-mail only – so if you want to ensure everybody in your office continues to receive future copies please make sure we’ve got all your office contacts’ e-mail addresses.
IFA Promotion news
New look for IFAP advertising
I’m pleased to start this edition of Update by announcing our new look consumer advertising campaign. We’ve been developing this with our advertising agency, who have come up with a campaign that reflects our headstrong online focus by creating a series of striking characters that already appear on a number of key personal finance websites and portals.
The IFAP ‘eye team’ (as they are collectively known), are there to search high and low for the best independent financial adviser (who in turn can scan the whole market for the best deals) for consumers and businesses nationwide. The new look advertising includes both generic and individual campaign messages. Adverts are currently running on sites such as AOL UK, yahoo.co.uk, Guardian Unlimited, Telegraph.co.uk, Times Online and yell.com.
In particular the new creative is designed to stand out from all the online clutter – to attract the attention of those consumers and business researching the web for financial advice. This all helps to underline our key messages that the IFA sector remains robust, and that finding a local IFA is a simple and straightforward thing to do.
Member IFAs can obtain free posters (subject to conditions) supporting the campaign by visiting the ‘IFA’ section of www.unbiased.co.uk. We’re really pleased with the new look, and hope you are too.
And a new look for future Update newsletters
As I’ve already mentioned, we’ve decided to move future Update newsletter distribution online. Please make sure you’ve provided us with the individual email addresses of all your contacts, so that we can keep everybody in your office up to date with future IFAP and industry news - you can do this at www.unbiased.co.uk/email. The new format will make it easier for readers to interact with relevant IFAP material e.g. campaign microsites, view press releases, fill in data capture forms etc, and will make Update a more useful communication tool for sponsors and member IFAs alike. A reminder that archive copies of Update can already be viewed online at www.unbiased.co.uk - just click on ‘IFA’ followed by ’Resources’.
How people are finding advice
As you know, we’ve been busy ensuring people understand that the IFA sector remains widely available post depolarisation, through a number of initiatives, including online and offline advertising, our ‘Be Advised’ PR campaign, joint initiatives with key national titles e.g. the Financial Mail on Sunday and the Sunday Telegraph, and by optimising key search terms online to maximise leads to our ‘Find an IFA’ search tools - to list but a few.
It is also vital that we understand consumers – how they search for advice, how they view the sector, how they do their research, and ultimately, where they go to for advice.
With this in mind, IFAP commissions annual consumer omnibus research to answer some of these questions. This year the research findings included:
- In terms of where people go for financial advice, a fifth (20%) of our core target audience (ABC1 25-64yrs) say they visit an IFA, but a similar amount (22%) still go to their bank or building society.
- In terms of where consumers turn to for researching a financial product or researching financial advice and where to find it, 2/3 (63%) of people in our core target market use the web as their research tool of choice.
- Recognition of the independent financial advice brand remains strong. Four in ten (39%) adults across the UK recognise the blue IFA roundel logo, without being prompted - rising to half (52%) of ABC1 25-64yr olds.
You can download the full research by clicking on ‘IFA’ followed by ‘Resources’ at www.unbiased.co.uk.
The results of this research are incredibly useful to us when it comes to helping us decide how we can most cost effectively promote independent financial advice (and our member IFAs) going forward. In line with these findings, and as you would expect, we are shifting even more of our marketing efforts online and this is reflected in our new look advertising campaign and online PR focus.
But what is also important, is that our members continue to do what they can to support our promotional work, whether this be by taking part in our core campaigns by displaying blue roundels and posters in your office windows (which we now supply FREE to members, subject to conditions – please visit the ‘IFA’ section of www.unbiased.co.uk to find out more) or by promoting yourself online by subscribing to our Online Marketing Package, which directly links your website to www.unbiased.co.uk, www.impartial.co.uk, our campaign microsites and all 52 of the white label ‘Find an IFA’ searches we’re running on partner websites.
To help explain just how important the Online Marketing Package is in getting the right sort of new enquiries to contact you, we’ve put together the following Q & As:
1. How does the Online Marketing Package (OMP) help me if all my business comes from existing clients and client referrals?
Because IFAP’s ‘Find an IFA’ searches can deliver precisely the type of new business enquiries you’re looking for - why would you want to turn these leads away? Is it really possible to have too much of the right sort of business? All IFAP’s searches match enquirers’ needs precisely with the information shown on member IFAs’ entries. Therefore if you only want to receive a particular type of lead we can structure your entry to ensure this happens (e.g. by product area, payment method offered, gender of advisers available and incremental qualifications held). Subscribing to the OMP means that more of these highly targeted consumer and business leads will find and notice your IFAP entry - as opposed to those of your competitors (who have not yet subscribed).
2. Why should I sign up to the OMP when I feel that the quality of leads I have received from IFAP has been of low quality?
According to our last Consensus research (Nov 2005, base 1,557 member IFAs returning a survey) 78% of all IFAP leads result in business being written. If the leads you are receiving are low quality we would suggest fine tuning your IFAP entry. Due to the way we match enquirers’ needs to the information shown on member IFAs’ entries, it is important to make sure your entry really reflects the business you want to attract. Subscribing to the OMP should also help improve the volume and quality of leads generated for your business as people researching online are twice as likely to view your entry if you subscribe to the OMP.
3. Why should I pay extra for the OMP if my IFAP entry is already working for me?
If your IFAP entry is already working for you then it can work even better when you have subscribed to the OMP. Consumers researching IFA information online are likely to want to continue their online research journey by checking out your website or contacting you via email (i.e. before they decide to arrange to come in and see you). With 86% of all IFAP fulfilments now being dealt with online, this demand will only increase. The web is now demonstrably the tool of choice for people looking for financial advice, and with the OMP you will be properly connected to this online revolution. It’s also perhaps worth noting that income generated by OMP subscriptions is used by IFAP to further promote the IFA brand and generate even more leads for our member IFAs (this is certainly not the case with other lead generators).
4. Why should I sign up to the OMP when I’ve never had a single lead from IFAP?
IFAP has dealt with 530,000 enquiries from people looking for a local IFA over the last 12 months and independent research shows that half of these enquirers go on to visit a member IFA. Therefore it is extremely unlikely that you have never received a single lead. You can call the member hotline on 0870 325 9020 to find out how many times your details have been put in front of an enquirer by IFAP. If you still feel your lead levels are low it is usually due to one of two things:
a) The IFA details you show on your IFAP entry are either incomplete or are not suitable for the type of business you are looking for. The ultimate aim of IFAP searches is to match enquirers’ needs with the information shown on member IFAs’ entries. Thus if you only want to receive a particular type of lead we can structure your entry on all our searches to make sure this happens (e.g. by product area, payment method offered, gender of the adviser available and incremental qualifications).
b) Your method for finding out where consumers found your details may not be completely accurate. If someone specifies ‘the web’, you need to ask ‘where on the web and how?’ For example, if they say ‘Google’ you need to ask yourself whether you have a presence on Google? The answer in most cases will be probably not - but IFAP does on your behalf, as it does on all UK search engines! With all the promotional activity that IFAP carries out across paid for search, natural search listings, white label searches, online banner ads, traditional press ads and online/offline editorial it is very likely that IFAP was the conduit for a number of the leads you’ve received – whether they contacted you by phone, by e-mail or in person - you just may not have realised it. Once you sign up to the package you will receive a monthly e-mail activity report which will further help you measure the benefit the OMP delivers to your IFAP entry.
5. How will the OMP help me if I don’t have a website?
Not having a website could certainly be detrimental to your positioning in today’s internet savvy world. However if you don’t have a website you can still use the OMP as a method of promoting yourself on the web by displaying your enabled e-mail address. Twice as many consumers will see your details if you have signed up to the OMP and enhancing your entry will help to offset the fact that you don’t have a website.
6. Why do I need the OMP if I advertise in Yellow Pages/Thomson (or another online directory)?
The cost of IFAP’s OMP is only £250 per year. Only one lead from IFAP a year is needed for this cost to more than pay for itself. If you are already advertising on the web you will already be aware that it has become the tool of choice for people researching for local IFA’s details. If you are advertising in published directories, now may be the perfect time to trial some cost-effective marketing activity online. IFAP already promotes you and other member IFAs all the time - just look at all the promotional activity IFAP is carrying out across paid for search, natural search listings, white label searches, online banner ads, traditional press ads, press PR and online editorial. Again, it’s also perhaps worth noting that income generated by OMP subscriptions is used by IFAP to further promote the IFA brand and generate even more leads for our IFA members (this is certainly not the case with other lead generators).
7. Is there any point signing up to the OMP when I’m not in a good residential area?
Consumers often search on their work postcode as well. But to make the most of your entry ensure that you have all of your business areas, payment options and qualifications listed. An alternative is to register your home address with us instead. Subscribing to the OMP is an extremely cost effective way to ensure your details are seen by more consumers who are looking for precisely what you offer.
8. I don’t believe website advertising is relevant to financial advice – so what’s the point of the OMP?
Consumer demand would say that this is not the case. Over 500,000 people a year are looking for a local IFA through IFAP’s searches and the vast majority of these (86%) are doing so online. If you want your services to be seen by these people, and it’s hard to imagine anyone who wouldn’t, the OMP is an extremely cost effective and targeted marketing tool.
9. Why should I sign up to the OMP when I don’t advertise anywhere else?
Your competitors do and are. Over 2,400 member IFAs have already subscribed to the OMP and are currently reaping the benefits. As mentioned previously, due to the way that IFAP’s searches precisely match consumers’ needs with information shown on member IFAs’ entries, if you are interested in only receiving a particular type of lead we can structure your IFAP entry to ensure you receive leads from this type of enquirer. Subscribing to the OMP means that more of these highly targeted enquiries will find your business details as opposed to those of you competitors. It’s also perhaps worth noting that income generated by OMP subscriptions is used by IFAP to further promote the IFA brand and generate even more leads for member IFAs – and this means people are more likely to value your independence, whether or not they found you via IFAP. Oh, and we would value your support!
Any members not already subscribing to the OMP interested in finding out more should call the IFAP member Hotline on 0870 325 9020 or visit www.unbiased.co.uk and click on ‘IFA’ to find out more.
Have you updated your qualifications profile?
Latest enquirer figures show that a third of all consumers and businesses using IFAP’s ‘Find an IFA’ search facilities now select an IFA’s incremental qualifications as part of their search criteria.
Please note that we’ve recently added to our listing of 38 qualifications across eight awarding bodies, to enable those members with Chartered Financial Planner status to be selected by enquirers on this basis.
It’s vital that you update your entry, so please take the time to fill in the data capture form enclosed with this copy of Update to inform us of any amendments you wish to make.
PR campaign round-up
TaxAction 2006 PR campaign launch
I’m delighted to report that we’ve just launched our annual headline campaign TaxAction, which has received the biggest uptake by the media ever. The campaign, now in its fourteenth year, generated over 120 pieces of coverage in its launch week alone, including 36 broadcast channels (e.g. BBC News 24, BBC Breakfast and ITV lunchtime news, etc), six pieces in national newspapers, over 40 pieces of coverage online and over 50 pieces of regional coverage (and counting).
As you all know, TaxAction aims to highlight how much as a nation we unnecessarily hand back to the taxman. This year the figures were astonishing:
Four out of five (82%) people in the UK are set to waste a massive £7.6 billion in tax - £1.8 billion more than in 2005. Despite 31 million people claiming that they resent their rising tax bills, over three quarters (78%) admit to doing nothing to help reduce the amount of tax they pay. The average UK adult will therefore squander £155 this year in tax.
Interestingly, the research identified the biggest area of tax waste stems from the tax credits system – to the tune of £2.9 billion – overtaking IHT, which has been the biggest area of waste for several years.
The campaign, which will roll out for the next twelve months, highlights the specific areas in which we waste tax, and how we can avoid this, through careful tax planning and with the help of a local IFA. When you consider that the amount we waste collectively is enough to create a new millionaire every day for the next 21 years, the need to take action is immense.
All members are reminded that we have a dedicated TaxAction website at www.taketaxaction.co.uk, where you will find all the research information and press releases – including figures highlighting how much people in your area specifically waste, as well as interactive tools and a downloadable guide.
After such a fantastic launch it’s only onwards and upwards from here and we look forward to reporting on the rest of the campaign as it unfolds.
Get Saving! PR campaign update
Continuing with our annual Get Saving! campaign, we have been speaking to the media about Debt Freedom Day – the hypothetical point in the year at which we have earned enough to service the interest on our debts [excluding mortgages]. This year, Debt Freedom Day fell on 6th February, and whilst this was four days earlier than in 2005, it is still worrying that it takes the nation 35 days’ pay just to clear the interest on our credit card and loan debt.
Although figures show that the level of unsecured debt in the UK is slowly falling, the aim was to highlight the need for people to take control of their finances and start saving for their futures.
As always, the initiative enabled us to once again, hit home with the message that seeking independent financial advice is key to reviewing your financial situation, as well as reminding people of our dedicated website www.unbiased.co.uk/getsaving, where consumers can not only get details of a local IFA, but also get access to a host of useful information on steps to take to start budgeting and saving.
Take Pension Action PR campaign activity in the run up to A-day
We have been ploughing on with our Take Pension Action campaign in the run up to A-day. Since the last edition of Update we have issued two press releases on the subject.
The first identified that whilst awareness of A-day has tripled since June 2005 (47% now recognise what A-day refers to), intended action is mismatched as only 21% of people plan to review their pension arrangements in the next six months.
The second reported an increased demand for IFAs specialising in pension advice, as IFAP’s dealt with 21,580 enquiries for independent financial advice on personal retirement planning in January 2006, through our website and free phone Hotline – double the level in January 2005.
Both initiatives intended to remind people about the value of seeking independent financial advice for pension planning, and of the useful information and tools available to consumers on IFAP’s dedicated campaign website www.takepensionaction.co.uk.
Mortgage IFA PR campaign and www.impartial.co.uk
We have also been continuing to raise the profile of our mortgage IFA members and the dedicated search facility at www.impartial.co.uk. Using research into triggers for a mortgage, we identified that when questioned, 70% of first time buyers said that independent financial advice was important when arranging their mortgage, but only 18% of people buying their first home actually sought advice from an IFA, compared to four in ten (43%) who visited their bank or building society.
Although the figure visiting an IFA rises when it comes to remortgaging (30%), it’s important that those inexperienced in the mortgage market receive unbiased advice not only on their mortgage, but also on any associated investment or protection product bought alongside it.
Be Advised: Sunday Telegraph joint PR campaign
As you are probably aware we are currently running a campaign in partnership with the Sunday Telegraph, to promote a joint guide to financial advice in the paper’s Money section and on www.telegraph.co.uk. This is being promoted through a combination of editorial and advertisement in the paper and has so far delivered a total of over 1700 requests for copies of the guide and details of local IFAs.
Press Clubs report
News from around the Country.
Newcastle: Following recent planning meetings, this Club has reached an agreement with its host newspaper The Journal, to run a 12 month campaign. This will include a full page feature, carrying three articles written by members, plus a series of News In Brief pieces, and will appear monthly.
Darlington: Members in the circulation area for the Northern Echo are invited to a fact finding meeting on the 6th April at the newspaper’s offices. It is hoped that from this meeting a new campaign can be agreed.
Scotland: Following negotiations between the paper and IFAP, a twelve week campaign is now running with the Scottish Daily Mail. Members in the local area are being offered cost effective advertising within the section and an opportunity to comment on various personal finance issues.
Edinburgh: A recent recruitment campaign for the Edinburgh Club has taken place, with members continuing to publish a six page special Independent Advice Feature in the Money Moves section of the Scotsman. Regular editorial comment continues to be provided by members of the Club in the main personal finance section.
Bournemouth: This small but enthusiastic Club continues to enjoy a positive relationship both advertorially and editorially with the host newspaper, The Echo. The Club provides a feature on a monthly basis and is currently recruiting for new members to take part in its next annual campaign.
Sussex: Members in the Sussex area should watch out for a new campaign which is currently in the planning stages with the team at The Argos.
The PR team at IFAP continues to maintain its relationship with the regional newspapers across the country, regularly issuing press releases to them. A reminder for any member who is in regular contact with regional journalists that all IFAP’s media material is available at www.unbiased.co.uk, including both national and regionalised research and press releases.
Anyone wanting further information on IFAP’s Press Clubs should contact IFAP’s Regional Press Officer, James Sharp on 01902 850053 or at james@ifap.org.uk
Forthcoming Press Club Meetings:
May:
23rd – Liverpool
24th - Edinburgh
24th – Glasgow
June:
1st - Shropshire
The bottom line
The challenge was there for the taking, with 2005 being our best year yet, we really had to make 2006 even bigger and better than ever before. And what a cracking start so far......since the beginning of our financial year in October, we’ve already dealt with over 300,000 enquiries from consumers and businesses searching for details of local IFAs and our main headline campaign, TaxAction 2006, has received its best launch in fourteen years. But there is no room for complacency, and rest assured we are motoring on with our activity across all marketing areas, to continue to promote independent financial advice cost effectively and deliver value to sponsors and members alike.
David Elms
Chief Executive
IFA Promotion Ltd
david@ifap.org.uk
