2 Things You Must Know about Financial Communications
Let’s face it: client and shareholder communication can be a puzzle for the advisor and asset management industries. Firms know that it’s a necessary element of the client relationship and that there’s a benefit to doing it well – but what that benefit is and how to achieve it are hard to define.
Presentations or sales tools? Social media or white papers? Simple data or thought leadership? Outside of the regulatory requirements, there are few must-do standards. And measurement is difficult: often, good communication is about maintaining client and shareholder trust in bad times, and it’s not easy to measure assets that could have been lost but weren’t.
Years ago, Avi Nachmany of Strategic Insight discussed “the Herculean task of investor education” and, given the challenges, many financial professionals agree with that characterization. But the truth is, there are really only two points financial services firms need to get to do communication well:
- Good communication is the only factor in achieving and retaining client trust that you can directly control.
- Good communication is not a function of ingenious ideas or brilliant writing. It is a function of having a process to produce clear messages and deliver them when they are needed.
Got It! Now What?
- Advisors and asset managers don’t need to make extensive budget commitments to their communications programs, or to overwhelm the market with slick or frequent material.
- The most successful firms construct a unique communications strategy to support marketing, sales, and client retention goals.
- Executing on that strategy means partnering with internal and external resources who not only can build strong messages, but can also ensure a consistent process for sustaining, enhancing and delivering those messages over time.