FEE-ONLY MARKETING


Fee-Only Firm Marketing Through the Company’s Value System

By Christina Gayman

Not so long ago, Fee-Only financial planning firms were new and novel and that newness made it easy to market. While the marketing strategy for new isn’t necessarily easy, it is linear and often follows a more traditional marketing plan. As the Fee-Only financial planning field continues to grow (which is a great thing!), it’s becoming more difficult for Fee-Only firms to stand out. Once the newness wears off in any industry, marketing must get creative!

Marketing our firm as Fee-Only happens in various ways, including:

There are several avenues Fee-Only firms can take to set themselves apart but two I have seen work focus on education and values.

Knowledge is Power

According to the U.S. Census Bureau, only 50% of millennials ages 24 to 39 have at least one retirement account. This same group also has an average of $5,000 in credit card debt, according to Experian. One out of three Americans have more credit card debt than emergency savings, according to a study done by Bankrate.com. Without a solid foundation early in life, it will be nearly impossible to do things like purchase a home, retire early, or help a child save for their college education.

Since Fee-Only firms aren’t focused on selling products and earning commission, they have more capacity for sharing financial literacy education and can take time to teach clients and prospects. For example, our firm combined our giveback mindset, passion for financial literacy, and a desire to teach to create a Financial Foundations course in 2020 targeting young adults ages 18–40 because that is generally the most critical period in a person’s financial life.

This free, two-part course is open to the public and offered each summer both in-person at our office and virtually so anyone, anywhere can participate. The students receive access to financial planning tools they can use to develop their own personal financial plan. In addition, and perhaps the most beneficial aspect of the program, is that each student is offered an opportunity to meet one-on-one with one of our financial planners to discuss their personal situation. We keep the course attendance small to ensure everyone who attends receives personal attention and has all their questions answered.

Financial literacy is at the heart of who we are as a firm. From the free educational workshops and events we host for both clients and the public—including a series on aging concerns and the power of connection for women—to the organizations we donate time and money to as a company and as individuals, we know the path to financial literacy and financial security begins with education. It’s worth exploring how you can integrate financial literacy education into your firm’s day-to-day work because you are able to make the time for it. 

Values-Based Philosophy

If financial literacy is at the heart of who we are, our core values are at the heart of what we do. Our legal name is Values Based Holding Corporation—as homage to our founders’ strongly held values throughout their careers and in recognition of the seven core values Syverson Strege uses to guide the decisions and interactions of all members of our firm as we serve our clients and work together. A blog series on our website details each individual value and how it correlates to the work we do for our clients every day.

Another area to consider is key differentiators. What makes your firm different or unique, or provides added value to clients?

One key differentiator within our financial planning process is our experience within the area of philanthropic giving. We strive to help clients reach their and their family’s goals but we know their community is important to them as well. Our values-based financial planning approach allows clients to leave their wealth to their families and communities while limiting the amount that goes to the government. Philanthropic planning is not a common component of most financial plans, but at Syverson Strege it is. Our experience and team can help create a legacy that benefits generations to come.

And lastly, evaluate your community connections to ensure you’re able to easily point clients to an additional resource when needed. For example, we collaborate with more than 100 nonprofit organizations and offer donor education programming tailored to explain the tax benefits of philanthropic giving—both for the donor and the organization. We hosted our first non-profit volunteer fair at our office earlier this summer to help individuals who want to volunteer their time learn more about non-profits in central Iowa that are seeking volunteers. It was a wonderful way to both promote a give-back mindset and create additional awareness for Syverson Strege.

Johnne Syverson and David Strege founded the firm based on the simple premise that there had to be a better way. Both Johnne and David felt like they were in a sales culture rather than an advisory culture. So in 1997, they founded Syverson Strege to focus on a culture of education and understanding, not selling. Their goal was to understand clients to create comprehensive, understandable financial plans on a Fee-Only basis, which ultimately reduces the firm’s conflicts of interest to each client’s benefit.

Today, Syverson Strege has a team of skilled, credentialed financial planners and analysts who are client focused, thought leaders in the industry, and pursue knowledge on a continual basis. Our clients’ life goals are our biggest priority, and we lead all marketing efforts with our passion for education, the sharing of core values, and the promise that we only work for them.

Visit www.onlyworkforyou.com to learn more about Syverson Strege.

Christina Gayman is director of communications & marketing at Syverson Strege in West Des Moines, Iowa. Before joining Syverson Strege, she spent 19 years in corporate communications roles in the grocery and construction industries, led client accounts at marketing agencies in Des Moines and San Diego, and worked as a newspaper and magazine journalist.

image credit: istock.com/wildpixel