The 5 concepts

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The 5 concepts
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5 concepts
Somewhere to go for advice only (i.e. cant buy
products)

• Financial Guru (advice)
• Drop in centre (advice)
• Financial Coach (advice)
• Personal Shopper (buying)
• Financial superstore (buying)

Somewhere to buy products (can get assistance but
not expert advice)
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ADVICE Financial Guru (main focus planning)
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ADVICE Financial Guru (main focus planning)

• Service
• Advisory
• In depth
• Plan made just for you
• Face to face and website/electronic updates
• Regular feedback, progress, alerts, warnings (via
  website/email or phone or letter)
• Annual review to make sure your plan is still
  right for you

• Feel
• Professional and Vocational not trying to sell
  you anything
• Independent and impartial
• Reliable and authoritative - expert
• If something goes wrong, they are at fault
• Easy to understand speak in your language
• Make pro-active suggestions and guiding, but not
  pushing

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ADVICE Financial Guru (main focus planning)

• Location options
• Whatever you prefer their office / your home
• Maybe somewhere different all together (e.g. bank
  / library)
• Web access out of hours

• Products / price
• No products sold, just advice
• Price - fee (perhaps upfront or instalments)

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ADVICE - Drop in centre (main focus solving
problems)
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ADVICE - Drop in centre (main focus solving
problems)

• Service
• Helping with small and urgent things e.g.
• What a letter means / what a change in the law
  means etc
• What to do next
• How to find information
• Sorting immediate/topical problems
• Financial MOTs while-U-wait
• If they cant help, can point you in the right
  direction

• Feel
• Easily accessible appointment system or just
  drop-in
• Actionable and practical
• Independent
• Staff trained and experienced

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ADVICE - Drop in centre (main focus solving
problems)

• Location options
• Local
• High Street/shopping centre/railway station
• Community facility/Surgery
• Web/Phone (like NHS Direct)

• Products / price
• No products sold, just advice
• Price undecided

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ADVICE Financial coach (main focus support)
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ADVICE Financial coach (main focus support)

• Service
• Physical and on the phone, with possible online
  support
• Advisory
• One step at a time looking at a particular
  problem
• Educational / developmental
• Life style about changing your habits and
  behaviours
• Friend with attitude (tough love)

• Feel
• Motivational supported and encouraged
• Yet challenged
• Counselled
• Confidential in the main, but can be people
  together (e.g. online forum)
• Solid financial credentials (but not expert on
  every product on the market)

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ADVICE - Financial Coach (main focus support)

• Location options
• Physical
• In an office
• OR at a place of your choosing
• Over the phone
• Online
• To chat to coach with other people in similar
  situations

• Products / price
• No products sold, just advice about how to get
  started, how to do things and motivation to keep
  you on track
• Price perhaps pay by the hour or upfront (e.g.
  X for 10 sessions) or instalments
• OR payment could depend on level of contact
  (Bronze, Silver, Gold)

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BUYING - Personal Shopper (main focus
simplifying choice)
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BUYING - Personal Shopper (main focus
simplifying choice)

• Service
• Can help you get what you want quickly
• Help you edit/sort products from everything on
  offer
• Assured quality (never knowingly undersold)
• Clear returns policy
• Packaged products to suit identified needs
• Help with process of buying (e.g. forms)

• Feel
• Customer-led
• Personal
• Independent of providers
• Convenient/time-saving
• Supportive
• Collaborative doing it together side by side

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BUYING - Personal Shopper (main focus
simplifying choice)

• Location option
• Wherever it suits you home / work / somewhere
  else
• Option to have access to website where you can
  see your potential products
• OR access service directly via telephone or
  website

• Product / price
• Price of personal shopper added onto products (so
  products maybe more expensive than from another
  source, but paying for extra help)

Remember the personal shopper cant give you
expert advice (but they can assist you on the
products)
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BUYING - Financial Superstore (main focus making
buying easier)
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BUYING - Financial Superstore (main focus making
buying easier)

• Service
• Physical and online
• Simple, packaged products
• Comprehensive range of products and brands
• Competing products shelved together
• Clear labelling
• Simple comparisons and brochures to take away
• Special offers
• Helpful sales assistants in store and virtual
  help online

• Feel
• Convenient store open late nights and weekends,
  online 24/7
• Self-service
• Satisfying getting what you want when you want
  it

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BUYING - Financial Superstore (main focus making
buying easier)

• Location options
• Physical
• More informal/ relaxed like a Carphone Warehouse
  or Virgin Store OR
• More formal/professional e.g. Thomas Cook travel
  agents
• Online
• Website (like the physical store can browse
  and buy)

• Products / price
• Wide range of products and brands
• Price - pay the product price

Remember you cant get expert advice here (but
you can ask for assistance and take away
brochures/information etc)
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How all 5 could fit together
Drop in centre
Financial Guru
Financial Coach
Personal Shopper
Financial Superstore