Who could have guessed that Nigel Farage would make a foray into the world of financial services this year? In fairness, 2020 has already been an exceptional year, and little should come as a surprise anymore. But Farage taking on the finance industry? Really?
The launch of his new Fortune and Freedom newsletter raises some points worthy of debate. Leaving aside any sense of outrage that Mr Brexit is dabbling in finance, I would suggest that the newsletter serve as a wake-up call for advisers on how we can effectively communicate with clients, and what the future might look like for our profession.
I’m not a fan of Farage or his politics, but I massively respect his communication skills.
Much like Donald Trump, Farage knows how to control the narrative. He uses a handful of creative tactics to engage and persuade his audience, leveraging fear and common ground to win arguments.
The approach is simple: find a broad statement that others are likely to nod along with, and then conclude that the stance is aligned with your objectives.
Another tactic is to sow division and pit groups against one another; for example, the common man (the British electorate) versus giant institutions (the EU). Sow in a healthy dose of patriotism, jingoism and military references, and the Farage recipe for influence is complete. What worked in politics, and worked (to a certain extent) in the media, can undoubtedly work in financial services too.
You might despise this approach to convincing and converting an audience, but it works. I would wager that Farage will more successfully reach and engage with a consumer audience than any established financial services firm in the country.
Learn from the master
What’s stopping financial advisers from adopting a similar approach? Why not use an understanding of human psychology to present the powerful message of financial planning?
Doing things as we have always done them is guaranteed to yield the same results. We know there is a burgeoning advice gap in the UK and no apparent solutions to reaching a mass-market audience. Could the Farage model, of giving away an opinionated investment newsletter and later selling services to a convinced audience, be the way to go?
Advisers may lack the courage of conviction to express the polarised views needed to attract some while repelling others. It doesn’t sit comfortably with people-pleasers.
It is worth keeping a close eye on Farage as his new venture grows. Subscribe to the Fortune and Freedom newsletter, if only for entertainment purposes; but, more importantly, to learn from a marketing master and consider how to adapt elements of his approach.
Martin Bamford is a non-advising chartered financial planner at Informed Choice
Hang on; it seems that Martin is encouraging advisers to ‘to sow division and pit groups against one another’ in their communications. Sown with lies too if he is using Farage as an example of how to do it.
Gosh, there’s a view
Yes it does appear that Martin is championing that approach. If so it is a pretty dire suggestion that it is what society needs from financial advisers.
Nigel Farage had no difficulty in providing voice to an electorate who wanted their elections to mean something. In other words, that the people they elected and paid to govern would actually do it – instead of assigning those heavy responsibilities to the unelected European Commission – the only body with the power to introduce EU legislation. (Perhaps like those IFA firms which assign investment management to DFMs? Costly, decorative – and one wonders what they are for – just like the national Parliaments of the EU nations!) Nigel Farage is a great communicator – but his message was a very simple one – that as an ancient democracy and the world’s 5th largest economy, the UK ought to govern itself.
…and, as subsequently shown, he was wrong.
My god Andrew. You are easily pleased by a simple piece of rhetoric.
People with an anti EU attitude often use the argument that they don’t like the EU because it has changed over the years and, in the next breath, deny that it will ever change in the future. Really?
I regularly ask brexiters, on social media,how brexit will (personally) improve their life. I am not exaggerating when I say that I have, not once, received an answer. Not once. Yes you get airy fairy responses like “I’ll be free” or “I’ll get my England back”.
I’ve got news for them. They are only free as far as the powers that be allow them to be free. Go too far and you are in trouble.
Their England (whatever that actually means) is never coming back. The Empire is gone and was an atrocious thing for many countries that Britain abused. It’s kaput. They need to get over it.
How will it improve your life Andrew?
It’s a shame that none of our, supposedly sensible political figures, asked that question before the flaky referendum. Or if they did I never heard it.
Brexit is akin to backing the regression of civilisation’s future. Using the logic of the brexit obsessed the whole world would be better off going its own way-back to everyone fighting about trade, fish, climate change, water, food, weapons, religion, colour, race, sexuality, national boundaries etc etc etc.
I despair, I really do.
How wonderful though that we live in a country that permits a referendum and then honours the result, regardless of what that may be. I think that’s something to be celebrated.
Farage is a lying little racist. Bamford seems to think we can learn from this. Hang your head in shame Bamford.
I am inclined to agree Tim.
Based on what? Or is that just woke trash. Hurl abuse to anyone you don’t agree with.
Intolerant bigot
Perhaps there is more to financial advice than just selling.
I regret to say that his approach sounds like a return to the ‘good old, bad old days’.
As for Nigel Farage, (at least the pre 2016 version) was always somewhat light on what happened AFTER we left the EU.
Probably because that would involve having real policies. Either he had no idea how the country would be run post BREXIT, or he wasn’t prepared to tell us. I wonder why?.
Spot on David.
We will be on the outside looking in.
Lie and then take no responsiblity for the dire consequences for the victim.
I suppose Hitler was a good communicator as well?
Ridiculous article giving credence to a man who champions victimising the vulnerable!!
In fairness to Martin, his post is not about the pros and cons of Brexit or what Nigel Farage says by way of politics.
It is making a broad point, and quite right in my estimation, about Mr Farage‘s ability to communicate his views, regardless of content, in an effective manner.
“In an effective manner”
What manner would that be, that we should use on our clients then, Ian?
Exactly what the article says
If you’re an adviser with poor communication skills then look (and learn) to those who who do it well
The article is not called “Listen to Farage”. It’s called “Listen to Farage and hold your nose”
Every person commenting on this post is not holding their nose. They immediately head for what Farage says. Martin Bamford’s post is about how he says things ie his communication ability.
Many on here have a view on how vitriolic Farage’s views are, but is there not a sense of irony that that in itself shows how effective he’s been in expressing them. Martin’s point again.
For once I agree with you Ian. Martin is simply talking about effective communication and using Nigel Farrage as an example. Also agree with your comments on irony. Gosh that’s twice I’ve agreed with you!
“What’s stopping financial advisers from adopting a similar approach?”
Because you are dealing with individual people’s life savings and futures, so trust, honesty and respect are vital.
Both Trump and Farage our out to convince people that what they think is correct. An Adviser job is to do the best by their client. Neither are role models that an Adviser should be seeking to emulate with their clients.
If you are looking to change the face of Financial Advice as a whole then maybe but not if this makes it way down to the individual investor.
Good grief Martin!
I’m sure you know that you are judged by the company you keep. You obviously have a stronger stomach than most. I only have to see his picture or hear his name to want to throw up.
This really isn’t like you at all. Were you short of things to say?
For what its worth…I like Nigel Farage !
In the same way I like Donald Trump …
It is easier to understand and deal with some-one who you know to be a bit extreme, bit like you can always rely on a dishonest person to be dishonest !!
Every move will be analysed & scrutinised.
Now everyone thought Tony Blair was a good honest up standing man…one who would make a good PM (I shamefully say I did vote for him) yet …..bankrupt the country, took us on an illegal war and openly projected himself as Bush’s pet poodle !!
He turned out to be a devious little …
The people I despise the most, are the ones who are heralded to be “one of the good guys” the ones who say “we are here to help” …yeah right these are the one who will be peeing down your back telling you its raining, selling you down the river to forward their own agenda !!
I wonder what Nigel Farage or Donald Trump would have to say about Che Guevara?
Good point …
One mans freedom fighter is another mans terrorist…blah de blah
Generally, I like / have more respect for people (not necessarily agree with them) who poke the establishment in the ribs, no airs no graces, they are more often than not to wear their heart on their sleeve.
Its the pleasant faced man or woman… the closet narcissist….the one who is ever eager to understand your troubles, mister nice guy or gal…..they are the ones who will stab you in the back ! over reach their accountability, stand on your good deeds to further their own endeavours !
Cameron, Blair, Osborne, Archer ….our political or otherwise history is littered with them some we have worked with or for, some we have been regulated by or still ?
I have no fear for the outspoken man or woman , the one who comes at you slightly left of field, its the poh faced, shysters who will do for you every time !
‘Much like Donald Trump, Farage knows how to control the narrative. He uses a handful of creative tactics to engage and persuade his audience, leveraging fear and common ground to win arguments’.
Says it all really. Control the narrative, i.e. persuade you to see it his way.
A BIT extreme? A master of understatement!
@ David Bennett
Just like Hitler then?