Credit: ITV
Love Island returned to our screens this week. The sun-soaked swimwear shots offering a sense of escapism to those of us stuck behind our desks typing away all day. Whether you cannot miss an episode or switch off as soon as you hear the theme tune, it is hard to avoid. And, there are some lessons the wealth management sector can learn for the reality TV show…
Firstly, successful islanders could well prove lucrative clients for wealth managers. Yes, most will never become ultra high net worth clients. But, a lot of popular clients sign seven figure deals after leaving the villa and go on to have successful careers as influencers, TV presenters and even musicians.
Firms may be wary of taking reality TV stars on as clients. They of course come with many risks, not least reputationally.
However, having been suddenly thrown into wealth much like lottery winners, Love Islanders are often in desperate need of advice. The benefits are obvious.
Too many stories have emerged of reality stars mismanaging their fortunes and ending up bankrupt within a few years. Given the sums many of these stars make, they do not need to find themselves in these situations.
As advocates for wealth preservation and responsible money management, does the private wealth industry have a responsibility to reach out to stars leaving reality shows and make them aware of the benefits of wealth, tax and legal advice.
Of course, advisers that do this successfully and manage to make the money last longer, will also likely keep the clients for the long-term, generating recurring business for wealth management.
Another lesson comes in the form of authenticity.
Many may say this is an oxymoron when speaking about Love Island. How can a reality TV show built on unrealistic beauty standards and authenticity be used in the same sentence?
However, I believe they can be. Even if it is just the allusion of authenticity, it is the contestants that appear most genuine that we warm to the most.
Regardless of how they present themselves, viewers will not be duped by a non-genuine contestant. The same is true with advisers.
If the reality does not match your flashy marketing materials, clients will find out. Equally, they will see through advisers who are putting on a façade at work.
Firms should always encourage employees to bring ‘their whole selves’ to work. Not only does this create a more inclusive culture where everyone can thrive, but clients will also benefit.
Different people will relate to different clients and, equally, all advisers will have some clients they do not click with. This is normal. If an adviser thinks they are the best person to serve every client, they are probably doing something wrong.
The final lesson is to be open to criticism and to try to be better.
Love Island has – rightly so – faced significant criticism over the years. As a result, it has made changes to the support contestants receive and improved its aftercare process.
This year it also made another big change. Having come under fire for promoting fast fashion and unsustainable practices, the show has instead partnered with Ebay this season. Contestants will be wearing second hand clothes, which is widely considered to be more sustainable.
Of course, this is not a perfect solution and the show could still improve its sustainability credentials hugely. But, often we put off making an improvement until we have found the perfect solution. This does not help anyone.
All wealth firms are on a journey. I have written previously about the “continuous evolution” of the sector. Understanding that best practice changes and improvements need to be made almost continually is key to a firm’s longevity and success.
Firms should be wary of closing themselves to criticism and putting off change to the point where they get left behind.
