Privacy Versus Engagement
“Engagement” is more and more a focus amongst marketers and I think they are right. Hiring a financial planner can be an intimidating experience. By engaging in small easy ways, prospective clients can get to know you or your firm a little and if their comfort level increases, they are more likely to act.
These days much of the engagement is digital. That’s all well and good until we overlay privacy and other issues. We are told to use social media to engage, but the SEC says we need to be careful about testimonials. It’s an odd state of affairs but if a client complements you online, you could have a problem.
One of the characteristics of a professional is the exercise of discretion. Do you really want clients engaging with you about their finances online in a non-private manner? I’m not saying social media use is unprofessional, I’m just pointing out it could come across that way if you aren’t careful. So, be careful. Know the rules and how to use the tools of the various platforms.
Jargon Versus Precision
In our effort to engage, educate and delight clients, we have to communicate effectively with them. One common piece of communication advice is to avoid jargon. I completely agree, in spirit.
In reality, we are in a regulated line of work and certain terms have meaning. “Income” can mean one thing to you, another to the IRS, and yet another to your client. Most people see no difference in the title “financial consultant” and “investment advisor” but the SEC does.
Suits And Suites Versus Shorts And Sofas
Communications is more than just the written word. I find conflicting advice among marketers. On one hand, the push to make planners more relatable and less intimidating leads to the recommendation to eschew a business suit in favor of a polo or something even more casual. Go further and redecorate your office to be more like a living room or coffee house instead of a more traditional business suite.
The science of persuasion would suggest this approach is a poor one. One’s finances are a serious matter and professionals can instill confidence by accepting their role as an authority. A decent suit and a traditional office can convey the professionalism needed for such serious matters affecting people of means.