‘Do It With Me’…Yet another boring catch phrase. Yawn. They just keep coming, don’t they? Boring catch phrases designed as catch alls for trends that aren’t really new. Or are they?
The latest I talk about a lot is “Do it with me”. Self evident, right? ‘Do it with me’, ‘do it for me’, ‘do it with anyone but me’, what does it all matter?
Quite a lot actually.
Why do we have to talk about this at all? Because we have largely built an industry model built around a mentality of limiting people’s ability to exercise their choice. We give them lots of choices but we LIMIT their ability to exercise choice unless it is in a ring fenced proposition or even limited choice of providers under a regulation. Many are guilty of wanting to ‘do it for them’, shoehorn them into a one-size-fits all and not think about them for six months.
Those days are over. Consumers now demand, and receive, bespoke attention across a range of industries, not least of which is financial services. They don’t want to sit powerless on the sidelines. They want to participate in the decisions being made about their lives.
Should as an industry we don’t engage with the consumer on a meaningful level, they may just decide to ‘do it themselves’. In Australia where over $500Bn of superannuation assets are no outside public offer schemes (and growing at a rate of knots…) there is a clear sign of this.
And whilst only 14% of these monies are advised, 42% of new monies are advised under this model. Has the Australian market realized that ‘Do It With Me’ is the new retail offer already ?