How Taking Data Security Seriously Can Earn Client Trust
Financial advisors have a vested interest in earning the trust of their clients. In a survey of wealth advisory clients, the number one reason given for engaging an advisor’s services was that they were “trusted”. It ranked even higher than “good investment track record”. One major goal of your marketing strategy should be establishing a relationship of trust with your clients and prospects. Demonstrating your concern with the security of your clients’ data is a surefire way to earn their trust.
The general population is extremely concerned with the security of their data. A recent study by the Pew Research Center found that 21% of internet users have had an email or social networking account compromised or taken over by someone else without permission. They also found that 11% of internet users have had important personal information stolen such as their Social Security Number, credit card, or bank account information. All of this no doubt contributes to the fact that 68% of internet users believe current laws are not good enough in protecting people’s privacy online.
One of the most important ways that an advisor can communicate to potential and current clients that their data will be safe under the advisor’s management is to use SSL encryption on their website. While many (or most) consumers will not fully understand the importance or mechanism of SSL encryption, the indicators given by web browsers make its installment. In this article, we explain what will be happening over the next few months in regards to SSL encryption and why you should make sure your website will be utilizing this important technology.
Another way that advisors can communicate a culture of security is to follow the guidelines set forth by the GDPR (General Data Protection Regulation) legislation coming out of Europe. While advisors working with American clients are not required to abide by the strictures of GDPR, by using the criteria as guidelines an advisor can ensure they are following generally accepted best practices that will alleviate client anxiety. In this article, we enumerate the points of the GDPR and what advisors can do to incorporate them into their marketing strategy.
When it comes to dealing with a person’s finances, their concern over security is more than understandable. By adhering to security best practices in their marketing, advisors remove any friction that might arise from concerns over cybersecurity and clear the way to engagement for a greater number of potential clients.