As an Independent Financial Adviser (IFA), diversifying your offerings with in-house financial products can set you apart in a crowded market and provide tailored solutions that resonate deeply with your clients’ specific needs. This strategic enhancement not only enriches your service portfolio but also elevates your brand’s unique value proposition. Here’s why and how you should consider developing in-house financial products for IFAs.
Why You Should Be Developing In-House Financial Products
There are several ways strategically developing in-house financial products can boost your business. The majority of the time any IFA business can reap all of these great benefits:
- Tailored Solutions: Standard financial products often come with limitations that may not perfectly align with every client’s unique financial goals or risk tolerance. Developing your own products allows you to tailor offerings to fit the exact needs of your clients, providing a personalised service that can significantly enhance client satisfaction and loyalty.
- Increased Control: When you develop your financial products, you control every aspect from design to deployment. This control means you can ensure that these products truly reflect your investment philosophy and meet the highest standards of quality and compliance, giving you and your clients peace of mind.
- A Competitive Edge: Offering unique products that aren’t available elsewhere can distinguish your services from the competition. This exclusivity can be a key selling point in attracting new clients who are seeking novel solutions that better fit their financial landscape.
- Enhanced Revenue Streams: Custom products can open up new revenue channels. Whether through management fees, performance fees, or other structures, exclusive products often carry premium pricing that reflects their bespoke nature and the added value they provide.
How IFAs Can Successfully Develop In-House Products
Developing in-house financial products is one of those things many IFAs shy away from because it sounds like a complicated process. In reality, it’s extremely straightforward, particularly if you already have the tech and tools in place to facilitate it. Here are five simple steps you can take to get started immediately:
- Understand Your Client Base: Start by thoroughly understanding your current clients’ needs, preferences, and financial goals. Use this data to identify gaps in the market where your in-house products could offer a solution.
- Leverage Technology: Utilise the latest financial technology to aid in product development, management, and distribution. Efficient use of tech can help keep costs down and improve the scalability of your offerings.
- Ensure Compliance and Transparency: Regulatory compliance is critical in the financial services sector. Make sure your products meet all legal requirements and are transparent in terms of fees, risks, and expected returns. This will build trust and credibility with your clients.
- Marketing and Client Education: Once your products are ready, create informative marketing materials that clearly explain the benefits and potential risks. Educate your clients on how these products can fit into their broader financial strategy.
- Continuous Evaluation and Improvement: After launch, continuously monitor the performance of your products and gather feedback from clients. This ongoing evaluation will help you refine and improve your offerings, ensuring they remain relevant and competitive.
Enhance Your IFA Business with Lawsons Network
As an Independent Financial Adviser, developing bespoke in-house financial products can significantly differentiate your service offerings and directly address your clients’ unique financial aspirations. However, the journey of creating and managing these products requires a deep understanding of regulatory landscapes, operational execution, and continuous product refinement.
This is where Lawsons Network becomes your strategic partner. Joining our network empowers you with extensive support in regulatory compliance, access to state-of-the-art technology, and industry expertise that streamlines the complexities of product development and management. With Lawsons Network, you can focus more on innovation and less on administration, enhancing both your offerings and client relationships.
Why Join Lawsons Network?
Lawsons Network provides a comprehensive platform that supports IFAs like you in developing and managing in-house financial products. By becoming a member, you gain access to our regulatory infrastructure, cutting-edge technology, and a wealth of industry expertise, which can help streamline your product development process. Our network simplifies compliance and operational challenges, allowing you to focus on what you do best—creating tailored financial solutions that meet your clients’ unique needs.
