An humorous social media campaign highlighting the worth of financial advice has been sketched out by an advertising agency.
The adverts use the phrases ‘you would not DIY your teeth, so don’t DIY your investments’ and ‘you would not DIY your electrics, so don’t DIY your tax planning’.
The prototype campaign was created by advertising agency AML after Kim Barrett, proprietor of Barrett Financial Services, told FTAdviser of his desire to see a campaign funded by the Financial Conduct Authority promoting the social worth of IFAs.
Mr Barrett is frustrated the FCA has not done more to help the public perception of IFAs.
AML, which specialises in financial services campaigns, stepped in to sketch out what such adverts might look like. The award winning company proposed the adverts are accompanied with the hashtag #ifanotdiy
Ian Henderson, chief executive of AML, said the intention was to create a message that is fun and provocative enough for people to share on social media.
A full campaign, he said, would ideally include follow-up emails, targeted adverts and a website with more information and links on how to find an IFA plus a video explaining more about the worth of financial advice.
“The value of good financial advice has never been higher, but has never been less understood,” said Mr Henderson.
“A high-profile public awareness campaign is not just good for IFAs – it is a social necessity.”
Mr Barrett welcomed the adverts for highlighting to people how a little knowledge about finance could be a dangerous thing on investments and tax.
Other industry figures said an advert for advisers was a good idea.
Keith Richards, chief executive of the Personal Finance Society, said segments of the public do not fully appreciate the need of professional advice and that Aviva’s ‘Reality Check’ TV advertising campaign had shown how effective marketing could change this.
“The IFAnotDIY concept is a catchy and simple concept, and the graphics are a fun way of delivering the important message of seeking professional advice when making complex financial decisions,” he said.
However, he pointed out a significant percentage of advisers since the Retail Distribution Review (RDR) are no longer IFAs so the ‘IFAnotDIY’ hashtag would not cover the full industry. This was a point echoed by the Chartered Institute of Securities and Investment.
Mr Richards revealed the PFS might be looking at its own campaign.
“The Personal Finance Society continues to implement a consumer awareness and engagement strategy and we are also considering campaigns similar to this which might also be backed by consumer research,” he said.
Barry Fromson, a consultant at Ascot Lloyd, said such campaigns would help change perceptions.
“The public in general have a tendency to think of us as order takers where their finances are concerned and have a preordained view on what they require in this complicated market,” he said.