Communicating is tricky these days, because there are so many ways to accomplish that task.
People communicate via telephone, as they have been for a century. But that does not happen as often as it used to, because people today also communicate via email, texting, and video-chatting.
Advisors are always challenged to determine which is the best method for reaching individual investors, because each person has a different method they like to use. The busy ones prefer email or texting, the retired ones often prefer a telephone call, and the intense ones want immediate responses.
But what if you have a new product or service you wish to promote? What is the best way to get that information to your client base?
The best answer is probably to distribute the information in every mode possible. The “spraying to all fields” method would probably create a successful communication with all of your clients.
But it takes time to place a phone call to every client on your list, and no one wants to hear any sort of "blast" call to everyone.
In Spectrem’s study Communicating with Advisors and Providers, investors with a net worth between $100,000 and $25 million, not including the value of their primary residence, were asked how they would like to be educated on a new financial product from their advisor or provider. The study asked for each investor to pick one preferred method rather than all the methods by which they can be contacted.
With those parameters, the most popular way for an advisor to provide information on a new product is in an in-person meeting. That method was preferred by 33 percent of all investors. Such a requirement battles against any desire among advisors to get the information to clients in a timely fashion, since meetings take time to set up and there is time involved in actually having the meeting as well.
Thirty percent of investors said they preferred to receive an email with detailed information attached in a document. This method allows investors to peruse the information on the new product at their leisure and in detail, and investors who consider themselves very knowledgeable about investments and finance prefer that method overall (34 percent compared to 27 percent who want the in-person meeting).
Those retired investors are still going to want a phone call offering to discuss the new product, and that method is preferred by 21 percent of all investors. That’s a high percentage of investors who actually invite their advisor to call them for the purposes of promoting a new product.
And surprisingly, 6 percent of all investors want to receive the information in a hard copy mailing with a detailed brochure.
Advisors need to understand the methods their clients prefer in terms of communication. Such knowledge would be especially beneficial on those occasions when they are trying to promote a new investment product or idea.
©2019 Spectrem Group
Keywords: communication, advisors, investors, Spectrem, products, email, telephone