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Will You Retain Or Lose Clients Based On Your Communication Approach?

When it comes to your communication approach, are you losing or retaining clients? The way advisors connect with clients has changed dramatically since the pandemic, so it’s important that you’re keeping up!
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In this webinar, Chief Evangelist, Samantha Russell and President and CEO of YCharts, Sean Brown shared the consequences of not communicating consistently plus tips for getting the most out of your communication strategy.

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Here is your summary to skip ahead or scan through below.

Progress
  1. The YCharts Communication Survey Findings [3:53]
  2. The Importance of Email [13:02]
  3. Why Communication Is So Important [18:10]
  4. Four Steps to Improve Your Communication [34:20]
  5. Bullet Proof Marketing Ideas [38:14]
The YCharts Communication Survey Findings [3:53]

The YCharts Communication Survey Findings [3:53]

  • An advisor’s success can be directly impacted by their communication strategy.
  • Less frequent contact can negatively impact clients’ confidence & comprehension.
  • Clients have switched advisors since 2020 in search of more, with 47% of people either switching or seriously considering switching their advisors.
  • Clients with a higher AUM considered switching even more.
  • Portfolio performance is an incredibly important topic of discussion, coming in as the third most important topic in 2019 and number one in 2022.
The Importance of Email [13:02]

The Importance of Email [13:02]

  • When it comes to communication, email is a great way to speak to your clients.
  • 72.6% said that they preferred email when it comes to how their advisors communicate with them.
  • Incorporating video into your email marketing is another great way to connect.
  • Nobody ever fires their advisor for communicating too much, but they might for not communicating enough.
Why Communication Is So Important [18:10]

Why Communication Is So Important [18:10]

  • 47% of people wished their advisors talked to them more regularly.
  • A personalized email can go a really long way with clients.
  • Make sure your clients understand you.
  • Use videos for clients and prospects on YouTube, social media and in your emails.
  • Help your clients to better understand difficult financial situations.
Four Steps to Improve Your Communication [34:20]

Four Steps to Improve Your Communication [34:20]

  • 1. Commit to a Cadence: You want people to know they can expect to hear from you regularly.
  • 2. New Touchpoints and Opportunities: The open rate for timely emails is around 40%, whereas, regular communications are more like 20%.
  • 3. Champagne? Or Sparkling Water: Everybody wants to feel like they are your champagne client, and while you can’t give that to everyone. You can give them “sparkling water.” Make them feel important. Find a reason to send a personalized email saying something kind.
  • 4. Prioritize Your Clients and Their Goals: Clients are all different, and we know that. The more you know about your clients, the more relevant and tailored your communications with them can be.
Bullet Proof Marketing Ideas [38:14]

Bullet Proof Marketing Ideas [38:14]

  • Use visuals to communicate complex ideas.
  • Share useful and relevant content across your social media platforms.
  • Provide helpful information around timely topics.
  • Repurpose your content to get more “legs” out of your work.

The YCharts Communication Survey Findings [3:53]

  • An advisor’s success can be directly impacted by their communication strategy.
  • Less frequent contact can negatively impact clients’ confidence & comprehension.
  • Clients have switched advisors since 2020 in search of more, with 47% of people either switching or seriously considering switching their advisors.
  • Clients with a higher AUM considered switching even more.
  • Portfolio performance is an incredibly important topic of discussion, coming in as the third most important topic in 2019 and number one in 2022.

The Importance of Email [13:02]

  • When it comes to communication, email is a great way to speak to your clients.
  • 72.6% said that they preferred email when it comes to how their advisors communicate with them.
  • Incorporating video into your email marketing is another great way to connect.
  • Nobody ever fires their advisor for communicating too much, but they might for not communicating enough.

Why Communication Is So Important [18:10]

  • 47% of people wished their advisors talked to them more regularly.
  • A personalized email can go a really long way with clients.
  • Make sure your clients understand you.
  • Use videos for clients and prospects on YouTube, social media and in your emails.
  • Help your clients to better understand difficult financial situations.

Four Steps to Improve Your Communication [34:20]

  • 1. Commit to a Cadence: You want people to know they can expect to hear from you regularly.
  • 2. New Touchpoints and Opportunities: The open rate for timely emails is around 40%, whereas, regular communications are more like 20%.
  • 3. Champagne? Or Sparkling Water: Everybody wants to feel like they are your champagne client, and while you can’t give that to everyone. You can give them “sparkling water.” Make them feel important. Find a reason to send a personalized email saying something kind.
  • 4. Prioritize Your Clients and Their Goals: Clients are all different, and we know that. The more you know about your clients, the more relevant and tailored your communications with them can be.

Bullet Proof Marketing Ideas [38:14]

  • Use visuals to communicate complex ideas.
  • Share useful and relevant content across your social media platforms.
  • Provide helpful information around timely topics.
  • Repurpose your content to get more “legs” out of your work.

Supplemental Resources

Download the YCharts’ Communication Survey

Transcript

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