The crew over at YCharts recently published a survey conducted with 650 investors centered around communication with their financial advisors. I'm always trying to improve communication with clients and do it at scale, so this was a study I was very interested in.
I've shared the entire survey below, but also thought I'd share some of my observations:
- In both situations—communicating interesting facts and actionable items/tips—clients ranked blogs/websites outside of the top 3. I found this interesting because a lot of time and money is spent on websites and blogs, but clients aren't immediately thinking of either as a go-to for important information. This doesn't make me believe in the benefits of having a blog any less—it just might shed some light on the role a blog and our websites really play: more for future clients. I also wonder if newsletter could include blog posts; I know my clients get a "newsletter" each Sunday and it includes links to all of my blog posts for the week.
- Nonetheless, these clients weren't immediately thinking about heading over to their advisor's website our blog—YOU SHOULD STILL HAVE ONE though.
- Email is still the preferred method of communication. Maybe it's just me, but I get so many emails, I'm beginning to get tired of checking for important emails amongst the sea of junk I get. Going into 2020, I had planned on spending more time working on email campaigns and communications, and this study reaffirms I need to not only think about using email to grow, but to communicate with existing clients more.
- Social Media ranked low...really low. I would not have expected Twitter to rank high; I still believe for financial advisors, Twitter is a must have for networking, learning from, and collaborating with other advisors. I would have expected Facebook to have been higher, especially in the interesting fact question. LinkedIn for me is a challenge I want to conquer. I think LinkedIn has a lot of potential and it's just not used properly. Approach LinkedIn like you would Twitter and I think you can have some success; spam everybody in your network with services they aren't looking for and you'll just annoy everyone.
- My final observation is clients want communication from us. Different people consume information in different ways, which is why no one form of communication is at 100%. I see this as a reminder to create content that can be used in multiple formats to communicate with the highest number of clients—turn one video into a blog post/newsletter topic, into an audio file that can be listened to, post it on social media, and send it via text message. One piece of content can reach so many clients, if it's done properly.
Check out the results and take a look at how you're communicating with your clients, and if you aren't, they'll find someone who is and if it's that important to them, they may just leave. If you're interested in chatting about a strategy for your messaging, let me know and we can see what direction you should be going in.
YCharts Client Communication Survey