COMMUNICATING YOUR VALUE

Communication is a key element of Consumer Duty . Whilst the regulations set new standards , tomorrow ’ s successful advisory firms will go beyond the FCA ’ s requirements for communicating with clients . Firms won ’ t just be sending the same edition of their quarterly magazine to all clients ( although it is a start !). Instead they will consider what information each individual client wants to receive , what is relevant to them , and when and how they want to receive it . For some clients this may mean a weekly market update , and we know some firms are already sending these . Others may want a monthly economic review , and others still may only want to receive a budget update knowing that they can visit the firm ’ s website and read the most recent articles as and when they want . Firms will not only need to consider the frequency and type of content a client receives , they will also take into consideration the way in which a client wants to receive that content . A traditional email may be preferred by one group of clients , while others may want an update by social media . And videos present another communication opportunity . In essence , firms will need to view clients ’ requirements individually . Why ? Well , quite rightly , clients will expect their financial adviser to send them information that is relevant . Someone who retired two years ago is unlikely to be interested in articles about retirement planning . Not only will they not be interested , they may well question how well their adviser knows them if they ’ re being sent information that is of no relevance to them . Of course , providing a client with content that is relevant to them has its advantages for the firm . If , for example , you send an email to a client with links to five articles on your website , all of which are relevant , the chances of them clicking one and reading it are greatly enhanced . The client is naturally more engaged , they visit your website – which is what you want them to do – and this in turn increases the amount of traffic on your site . Once on your site , they may read other pages and they may well be more inclined to refer friends and colleagues or share an article . All of this makes sense , but of course it takes time . The good news is that the elements required to facilitate this approach are already available . The first step is to develop a client communication plan . It doesn ’ t need to be overly ambitious to start with , you can build on it . Whilst the ultimate aim is to communicate different information to each client , when and how they want to receive it , this will take some time to achieve . And for those who think that client communication isn ’ t necessary because an annual review and occasional phone calls are enough , it ’ s worth remembering that other firms may well be communicating with their clients more than you are . Once your outline plan is in place , take a look at the support available through MyMarketing . As marketing partners to SimplyBiz , Compliance First and SIFA Members and Clients , we at TOMD are more than happy to provide advice about implementation and guidance on how to develop a client communication plan .