I spoke with an adviser recently about communicating with clients. This adviser has recently reviewed his “service package” to clients and ongoing communication was one of the items included in the services being provided. The adviser was quite pleased in explaining to me how his clients were well and truly kept informed with over 13 separate newsletter articles emailed throughout the year.

The client communication plan comprised articles as follows:

  • Market updates
  • Economic updates
  • Fund manager articles
  • Federal Budget Update

This is part of a communication plan to existing clients. These are the only type of articles going to the most highly valued clients of the practice!

What is wrong with this approach?

Where is the added value? All content is of an economic, technical & market related nature.

This does not look like a lot of thought has gone into this plan.

Whilst some of this information is normally useful, I see feedback from clients that as they become more used to working with their adviser they don’t read so much of this technical content. However, there will be some clients that love receiving volumes of this information – advisers should know who these people are and customise their communication accordingly.

 What about adding some value with content showcasing the value of your advice? Maybe illustrate some particular advice strategies and how they improved an individual’s situation?

Educate with Content Supporting the Breadth of Your Offer.

I notice that some advisers provide articles using advice topics across the breadth of their offer. This makes sense given each client may not have utilised all services.

There are some great articles available that will assist you support growth of your service take up.

Remember that Industry data (Business Health) indicates there is very little penetration to children of baby boomer clients. Also, most family groups will be lost as clients when the baby boomer clients pass, without connecting with the children.

This represents a strong opportunity for most advisers. Think through the numbers – 100 baby boomer client households, each with two children.

That represents 200 possible prospects for advice, however you need to communicate firstly to their parents about what services you offer could benefit their children.

Some better fact finding at review time might be an idea also & build a database of “the family tree”. Wouldn’t it be great to be able to send your newsletters to client children also?

I suggest that it is worthwhile sourcing some relevant content for your communication to clients. There are a number of providers that offer library type services that would be a good place to start. This allows you to tailor the content specifically fit for purpose for your client value proposition.

At Futuro we provide access through our Advantage Program to support with a business consultant who can help you deliver on your value proposition to your clients.

If you would like to know more about how Futuro can help your business, give us a call on (07) 3018 0400 or send an email to info@futuro.com.au.