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How gaining financial advice could help you with big investments such as an EV

In the past few years, more and more people have expressed concerns about climate change. That’s why motoring companies have aimed to find new ways to reduce their emissions, such as using alternative fuels and new technologies.

One of the biggest innovations has been the invention of the electric vehicle (EV), which can greatly reduce your carbon emissions. But as good as they may be for the environment, it can be easy to be put off by the upfront cost.

As you’ll know, many financial planners struggle with a similar problem – while there can be a wide range of benefits from working with a planner, many people are hesitant to take that step.

With that in mind, read on to find out what my experience selling electric cars can teach you about marketing your business.

One issue planners face is that many people don’t know the value of financial advice

As you’ll know, one problem that a lot of planners face is that many people don’t know the value of planning. In fact, there’s often a psychological barrier to overcome as the thought of receiving “professional financial advice” can seem daunting.

Of course, while you know that this isn’t the case, it can be hard to persuade the average person on the street. They may not know about the valuable benefits that it can give them and so can’t look beyond that initial daunting step.

Due to this, one of the biggest problems you’ll have to overcome is having to communicate how your service adds value to people who don’t know they need it. This can obviously be a tricky task, so if you don’t know where to start, it might help to take a lesson from electric car sales.

The benefits of electric cars

UK fuel prices are at a high right now and it’s affecting many people. A recent article in the Guardian reports that the average price of a litre of diesel has reached 188.1p, which would mean that filling up a tank of diesel would set a driver back more than £103.43!

As for people who own an EV, the average cost to charge the likes of a Kia E-Niro is £8.96 and that will get you 268 miles of range. To charge that vehicle from 0% to 100% twice would give you 536 miles of range, and that equates to what roughly one tank of an average diesel car will give you. The plus being that would cost just £17.92 which means you would save £85.51.

A study from an electric car site known as Zap Map said that, in 2016, EVs made up just 1.6% of new car registrations, whereas so far in 2022 that percentage has jumped to 20.8%. This is a huge jump in only a few years and really shows how quickly this new technology is being adopted.

Of course, they may be very useful for cutting your carbon emissions, there’s just one drawback – they can be hugely expensive. The large upfront cost can easily put off even the most ardent environmentalist. But in fact, in the long term it can make a lot of financial sense – just like working with a planner.

How this ties together

When clients look beyond the cost they can start to see the longer term benefits they can gain by working with a financial adviser or planner. The ability to retire early, to pass wealth onto the next generation, or to maximise tax-efficiencies are just three reasons why financial planning can be so valuable.

When you do come to choosing an EV you must make sure you’ve done your own research, considering the journeys you do, how much charging you might have to undertake, and whether it will offer environmental benefits. There are many reasons to choose one other than the cost.

Working with a financial planner has the power to completely change someone’s life. But as we mentioned earlier, the problem is that many people are hesitant on approaching them due to the perceived cost.

This relates to owning a car of the future, because when you take a step beyond the initial hesitation of the upfront cost you can look into a more financially affordable future of motoring.

What all this means is that it’s vital to focus on the benefits of planning when you do your marketing.

When you head to your local dealership’s website to research EVs, you’ll find loads of benefits of driving one – from the cost savings to the environmental advantages. You’ll probably also see reviews of the cars, and testimonials from drivers who love their EV.

It’s the same for financial planning. When people start their research, show them the many valuable benefits of advice. Show them happy clients who talk enthusiastically about the ways that working with you has changed their lives. Show them the key benefits of planning – not only on their wealth but also on their peace of mind – and how it can help them to live the life they want.

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If you’d like help on how to market your business to the clients you want to attract, email us at [email protected] or call 0115 8965 300.

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