While it may seem like everywhere you turn that there’s more bad news coming from the Royal Commission, there are also positive actions all advisers can be taking to educate potential and existing clients. These actions can help directly combat the negative attention financial advice, and the industry as a whole, is attracting.
These actions mainly involve you engaging in high quality communications, something I have spent my 24-year career working on in this industry. Not all communication is the same, and in this case – where trust is at an all-time low and people are fearful – there are certain communication methods that will work better than others.
Here are three things you should consider doing to help retain clients and continue to build your practice post Royal Commission.
Pick up the phone first.
I know it’s not the most popular medium anymore – much easier to send an email or a text. But, in a circumstance where trust is compromised, the best thing you can do is be on the front foot and talk to your clients. If they don’t answer, leave a voice message. Tell them you may have been wondering what’s happening during the Royal Commission, and that you are available to talk the through anything they may have questions about. I know this is a big time commitment. But cancel a day out of your diary and make a start. You never know what amazing opportunities can come from authentic conversations.
Write personal opinion blogs.
Your clients will want to know what you think of what’s happening. Its ok to express your disappointment in the findings. It’s also ok to acknowledge there are issues that need to be addressed. People want authenticity and they want to hear your views. You are their trusted adviser for a reason and to have an opinion at a time that holds a lot of uncertainty is a good thing. Don’t be afraid to express your opinion – of course without crossing any compliance lines.
Consider putting together some case studies.
I talk to the media on a regular basis about the need to plan for retirement and the value of good quality financial advice. By building some simple case studies based on your clients, you can demonstrate the value of advice first hand. You can put these on your website, promote via social media like Facebook and even offer them to the media if they are relevant. Don’t be afraid to tell the good news. There is no denying the great work you do.
Like all things that happen in business, bad news travels fast and good news tends to stay under wraps. I urge you to make a concerted effort to speak up and tell your good news at this time. While it may seem unnatural or even too much of a time suck, it’s definitely going to help you and the advice industry in general in the long run.
I also urge you to give copies of my book, The Breakfast Club for 40 Somethings to your clients and prospects. I can’t tell you the amount of people who have asked me how to find a good financial planner after reading. I have after all, cast you as the hero.
Until next time
Vanessa
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