The Brand Tax

There are certain companies that have earned such stellar reputations that they bypass much of the scrutiny most others face. Customers are aware of cheaper options, but their confidence in the product, and even its social status, makes them happy to pay a premium for it.

This is the brand tax. In financial services, as in any industry, it has two necessary steps: building trust through an impeccable output and packaging it in a memorable way.

For most advisors, it’s the second step that’s most challenging. You’re good at what you do, you’ve built a successful practice and you have a loyal client base, but packaging it all up into something that’s tangible, repeatable and consistent is easier said than done. 

The brand tax is the result of completing this step successfully, so every brand initiative should be helping you get closer to it. If you’re looking at your goals for 2023, consider the value your market associates with your service and what kind of brand tax you’re working towards.