Jeremiah Demarais, Advisorist, heads a team of experts, “front line tacticians” who are constantly collecting strategies that are working and who teach financial professionals how to leverage digital marketing to significantly grow their financial services businesses. He relayed an enlightening report from McKinsey & Company that proved targeted emails are over 40x more effective than all other marketing efforts. The key to effectiveness in this communication format is, not surprisingly, keeping it simple and direct. The best formula is: (1) keep it short (more emails are becoming like text messages), (2) ask one question, (3) keep it conversational. Jeremiah stated that the simplest execution is often the most effective.
Luke Acree, ReminderMedia—a unique marketing firm and follow up specialist, their flagship client engagement tools are their American Lifestyle and Start Healthy magazines—beautiful, glossy, advisor branded 48-page publications that features advisor information and valuable general interest articles on topics like art, food, health, fitness, interior design and travel. Advisors are able to use the magazine to stay top-of-mind with their clients and continue engaging their clients positively without complicated messaging and having it feel like a marketing tool. They offer a compelling example of how subtle, yet powerful, communication tool like this can nurture deeper connections with clients.
Frank Maselli, The Maselli Group , is a widely renowned expert in the financial services seminar industry also emphasized that all communications with clients and prospects should be built around an emotional dynamic. Cut content by 75%—as people only absorb 10% of information anyway—and realize that bottom line, people are trying to make a decision on you, not the content. Key question to ask yourself before you write and reach out to clients and prospects is: What do I want people to feel? He suggested what he calls the “hourglass“ structure to which fashions communications into a Big Picture—Details—Big Picture layout versus just jumping into the numbers which many advisors do.
“Simplicity is the key to brilliance.” —Bruce Lee
White Glove’s conference was a truly a masterclass dedicated to demonstrating how to refine the complex into practical effective ways to engage and guide clients that are much easier than most advisors might assume. Hopefully, after reviewing this conference report and the numerous examples provided on simplicity in client/prospect communication and need for deep customer engagement, you’ll explore some of these ideas or come up with others for new, more effective communication strategies that can be tested.
A serious stepping back from the old routines of how the industry explains itself and conducts business is needed. The bottom-line for the profession is in the ability to improve a client’s present moment and state of mind to improve their lives. Many of the products and services presently on offer are too complex and this needs to change or be expressed differently. Financial professionals should be consciously and purposefully designing their communications and have a strategy behind it at all times; not just during a crisis. The future of asset management is in simplicity.
The Institute for Innovation Development is an educational and business development catalyst for growth-oriented financial advisors and financial services firms determined to lead their businesses in an operating environment of accelerating business and cultural change. We position our members with the necessary ongoing innovation resources and best practices to drive and facilitate their next-generation growth, differentiation and unique community engagement strategies. The institute was launched with the support and foresight of our founding sponsors—Pershing, Voya Financial, Ultimus Fund Solutions, Fidelity and Charter Financial Publishing (publisher of Financial Advisor magazine). For more information, click here.