Netwealth IQ Report - Advisable Australian Research
Bridging the value gap to win new clients
Convert prospects into clients using the principles of behavioural science
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Overview
Are you struggling to convey the value of your financial advice to potential clients?
This report is based on our 2024 Advisable Australian research and uses the latest advancements in behavioural science to help you gain a deeper understanding of how prospective clients form judgments and make decisions regarding financial advice. Learn how to close the “value gap” by altering perceptions, turning those new and positive beliefs into action, and converting prospects into clients.
Understand what ‘value for money’ means for prospective clients:
- Discover the main barriers that prevent prospects from engaging with financial advice.
- Use Netwealth’s Value for Money Model, which is a behavioural science model, to understand their key drivers of value.
- Access over 40 marketing strategies designed to help you alter perceptions and to bridge the “value gap” converting more prospects into clients.
- Learn about the power of language and how to use it to shift value perceptions.
Key findings
Behavioural insights into your prospects
Netwealth’s 2024 Advisable Australian research paints a vivid picture of the opportunities financial advisers face in engaging potential clients.
Prospects are not driven by price alone
One of the main findings of our research is that the barriers to advice is not just price, but largely deep-rooted emotional drivers, like being loss-adverse, being focused on today or having an unrealistic overconfidence in financial abilities.
Using the right language will influence a prospect
Whether you are communicating digitally via your website, or in person, the language you use can sway a prospect. Our research has identified that certain persuasive language can articulate value better, so it is important that advice firms spend time crafting appropriate language to use.
59% of prospects will value education and knowledge from their adviser
One way to bridge the value gap is to educate prospects and help them navigate complex financial decisions. Our research shows that most prospects want to learn and understand their finances, not just receive advice. They seek to enhance their financial literacy by challenging themselves with new perspectives and insights.
Case-studies can go a long way to demonstrate value
The use of case-studies that showcase how your firm has helped clients with similar goals, challenges, circumstances and even background is an important tool for advice firms to demonstrate value and increase trust and credibility.
Value for money model
Prospects say they want value, but what is value?
Value is ambiguous, however with Netwealth’s Value for Money Model we have defined three key drivers: motivation, ease, and context.
- Motivation refers to how your service aligns with the prospect’s personal goals and aspirations.
- Ease refers to how the service simplifies the process of engaging and receiving financial advice.
- Context refers to how the service provides cultural, social, and environmental cues that foster confidence in your service.
Innovation workshop: Acquiring more customers
In this self-guided workshop you and your team will utilise Netwealth's Value for Money model to uncover the touchpoints that matter for your prospects and develop actionable plans to turn them into clients.
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