Client communication — whether in person, in blogs or in newsletters — should be approached as an opportunity to provide value to your clients.
“To be effective,” says Nadira Lawrence-Selan, communications and public relations consultant with Hathleigh Consulting in Woodbridge, Ont., you must know what makes your clients tick.
While having a communication plan is important, most plans address what needs to be done and when, Lawrence-Selan says. That approach is considered run-of-the mill — what almost every other financial advisor does. So, she says, “you must be different to make an impact.”
Adds Nadia David, communications consultant with Premier Consulting Partners in Mississauga, Ont.: “You have to go beyond the basic communication requirements, such as market updates and news, and provide clients with what they want from you.”
Communication initiatives should take into consideration all points of contact with clients, David adds, and not just print and digital.
Here are five tips for improving your client communications.
1. Get client feedback
Clients don’t all want the same kinds of information, Lawrence-Selan says. Ask them for regular feedback on what they would like you to communicate to them about.
After you have gathered feedback — whether through online surveys, paper questionnaires or informal questions during client interviews — inform clients that you used their input to help shape your communications program. In an ensuing communication, Lawrence-Selan suggests, say something like: “Based on your feedback, here is what most of you want to hear from us about.”
2. Seek client participation
When planning client events, seek client participation, David says.
“Select a core group of clients and get their input in determining your agenda,” she says.
Adds Lawrence-Selan: “You will have your own objectives, which you can share with clients and have them come back with suggestions. You might be surprised at how much value clients can add to a successful event.”
3. Keep it relevant
“Clients want you to speak to them about what is important to them,” Lawrence-Selan says. That means knowing your clients “inside out,” so you know what is of interest to them.
For example, says David: “If a client is risk-averse, you don’t want to discuss hot emerging markets. One size does not fit all.”
4. Use visual aids
“Pictures tell a thousand words,” Lawrence-Selan says. “So, as far as possible, use pictures, charts and illustrations to make your communication visual.”
Visual aids can make it easier to get your point across, David says, because some people find it easier to grasp complex subjects through illustrations.
Developments in technology, such as presentation software, video and tablets, have made it much easier to communicate visually.
5. Be flexible
Communication requirements constantly evolve, Lawrence-Selan says. So, you must be flexible in adapting to these changes,.
“Your communication initiatives cannot be hard-coded,” David says. “They are driven by market forces as well as client need.”
While client feedback should guide your initiatives, says Lawrence-Selan: “The onus is on you to determine what adds greatest value to your practice and to your clients.”