The Biggest Hurdle for Finance Businesses?
The Biggest Hurdle for Finance Businesses? The “Generic Expertise” Gap
One thing you can already figure out is that, generic marketing and generic outsourcing do not work when it comes to a finance or advisory business.
Finance is not the sale of consumer products or running a lifestyle brand. Finance is a professional, controlled, and exclusively trust-based industry that is built on trustworthiness. The clients will demand accuracy, discretion, and compliance in any interaction.
But the majority of digital agencies or outsourcing firms approach finance businesses exactly in the same way that they approach any other business.
And that is where the big gap is.
Why Generic Agencies Struggle With Finance Businesses
The reason Generic agencies have a problem with finance business.
The majority of outsourcing firms or other marketing agencies are generic. This means that they may be familiar with the trends of social media or have basic knowledge of SEO, but they do not have the knowledge or expertise that is required to act on behalf of professional businesses.
For example, a generic outsourcing firm cannot differentiate between:
- IFRS or US GAAP Financial Reporting standards
- Audit vs. Advisory services
- Tax Planning vs. Tax Compliance
- Fractional CFO services vs. Bookkeeping
This is significant since if you are communicating to an audience that represents themselves as CFOs, founders, investors, and other finance leaders, they immediately understand if the message being delivered is not technically oriented.
The danger is even greater in the controlled industries.
The finance professionals have to work in a highly rigid system that follows IFRS, GAAP, and other regulatory standards, which makes it even more risky if there is any wrong message or misleading messages.
The trust and confidence in the financial services relationship have been emphasized as being some of the most significant aspects, as indicated by the Association of Certified Fraud Examiners (ACFE) study. This is accomplished with clear and honest communication, business positioning, and not using general marketing buzzwords.
What Happens When Generic Providers Handle Finance Work
The results of the finance-related marketing or operations as attempted by these agencies without the appropriate financial expertise can be somewhat anticipated:
1. Fluff Material, not Learnable Expertise.
The end result is that it looks like the content has been well produced but has no substance. It might be the right mix of buzzwords but cannot be verified to have any appropriate knowledge of accounting, advice, or financial strategy.
2. Sending Messages Without the Right Audience.
A CFO or investor or business owner wants to see insight – not ambiguous marketing jargon. The generalist agencies do not usually have any idea that they are communicating with the financial decision-makers.
3. Reputation Risk and Compliance Risk.
Finance-related companies should be extremely careful about the promises and publications. The outsource teams that are not aware of the financial settings may make the mistake of creating messages that put your business at risk.
4. Operational Inefficiencies
The outsource teams that are not financed cannot deal with the operations such as bookkeeping, financial documents, and the workflow that is industry-specific.
The end result? You spend a lot of time correcting the mistakes rather than the help that you contracted.
The Reality: Finance Businesses Need Finance-Led Support
The financial services sector is among the most specialized professional industries in the world.
The statistics provided by the U.S. Bureau of Labor Statistics is that employment in financial services and advisory positions is steadily increasing due to an increase in complexity in financial and regulatory situations. This is an indication of an environment in which business is becoming increasingly dependent upon highly specialized knowledge, rather than the generic service provider.
What finance firms need is partners who are aware of:
- Financial and accounting jargon
- Sensitivity and compliance levels of regulations
How CFOs, founders, and finance leaders really make decisions.
- The role of credibility in professional services
In other words, finance needs finance-conscious performance.
How Intelnest Bridges the Gap
At Intelnest, our services were built with the intent of filling this gap in expertise, which is generic.
Rather than digital services being a generic service, we have a team of finance experts and digital experts working in tandem in one team.
This means, of course, that people who understand your business are working to support your business:
Accounting, Advisory Business.
- Language of Financial Reporting
- Communication that is sensitive to compliance
- Professional Services Lead Generation
The work, whether it is LinkedIn positioning of finance leadership, ensuring compliance in communications, having bookkeeping support, or generating leads, our teams are going to the work with context.
When running a business in an industry that demands precision in its operations, such as finance, the last thing you need is generic support.
What you need is support from people who understand you.
It is here that Intelnest comes in.