3rd October 2012

Aegon: What is your elevator pitch?

In 2013 the world of UK Financial services changes, we all know that or do we?

Yes we all know that the RDR comes into force on the 31st December 2012 and that our world may never be the same again. But how many of us know what will be the key currency of the advisory profession in our brave new world?

To answer that question we have to reflect on what is it we actually do in our profession. We do not sell products regardless how it might seem with the current commission regime. If you have ever sat down and reflected on what it is that you actually offer your clients you would hopefully have considered these:

• Expertise
• Experience
• Empathy
• Problem Solving

These are the corner stones of the future advisory profession. The challenge we face is to communicate this to our clients and to ensure that they pay for the benefit of receiving this service.

Communication is fundamental to the success of any business in a post RDR environment. How a business highlights its experience, empathy, expertise and its history of problem solving is key.

Have you considered how you will do this? If you have what tactics will you use. Will you use your website, will social media come into the communications mix. Will you use testimonials and referrals to show clients all the help you have given people in the past?

We should never underestimate the most powerful marketing technique on this planet and one we can all use, word of mouth.

How many of us have developed our RDR Elevator pitch to make sure people are aware of our service proposition and the value it adds.

What is your RDR Elevator pitch?

Imagine an elevator door opens. And there stands a potential great client. It's the chance of a lifetime. But that chance only lasts as long as the elevator ride - you have less than a minute to make an impression. Hopefully, you've got a well-crafted elevator pitch ready to give.

The elevator pitch is not the hurried presentation of a full-blown business plan. It's an introduction, an overview and a pitch - and a short one at that - meant to capture the attention of a potential client. Here are 10 tips to keep in mind as you craft your elevator pitch:

1. Keep it short highlight the value you add
2. Have a hook what makes you different
3. Pitch your value and ideas
4. Don't forget the to highlight what makes you different
5. Don't use technical or industry jargon
6. Practice on family and friends and be bold even existing clients
7. Use the same tactics for print to ensure you have a consistent message
8. Revise and adapt as you gain confidence
9. Be sure you believe in it
10. Listen to clients reaction do they value certain elements if so major on them next time.

If you get your elevator pitch right and you cascade this on to your clients they can pass this on to those they know using the power of the spoken word. You will also grow in confidence as you articulate that you are not about products but in the profession of advice. I would urge you all to have a go now and see how you get on.

John Joe McGinley
Head of Business Brain
AEGON

RDR