September 13, 2007
Value-Added Programs Fall Short
Based on a recent Financial Research Corporation/Horsesmouth survey of 2,200 financial advisors, value-added programs are the most important access element with branch managers. Our study found that responsibility for value-added almost always falls within Marketing. But, we consider what’s being done by the industry as a whole “a big brand miss.”
How much longer can financial services distributors be expected put up with the free “value-added” training programs offered up by asset managers? If it were up to me, I wouldn’t defer critical training of my FAs to some of these second rate efforts.
For the record, I’m not against manufacturers delivering programs, I’d just like to see some efficacy. Most of these programs are little more than ‘edutainment’ that live three steps removed from the real subject matter expert. In other words, the people who understand the content aren’t the same people delivering it.
Imagine a pharmaceutical wholesaler standing in front of a room of doctors talking about a new spinal fusion procedure. “So how do you do that?” asks the surgeon. “Er, you glue the big one to the little one above it. You want to use really strong glue.”
For marketers, the call to action is step in and upgrade your content. Or at a minimum, connect your program to your brand! Successful value-added programs effectively extend the brand promise.
