Back in April, as part of our monthly webinar series, we spoke with Rory Sutherland, Vice Chairman at Ogilvy UK. He shared his marketing expertise, offering valuable insights into consumer behaviour, specifically aimed at financial advisers and planners.
Here are seven of Rory’s top tips to enhance your client relationships today.
1. Embrace the explore-exploit trade-off
Rory explained what we can learn from the behaviour of bees, and how that can be applied to your business. Hives that have scout bees and explore new opportunities survive longer than those that don’t because they use the resources available to them more efficiently.
Rory said, “If you don’t invest in exploration, you become over-optimised and trapped in a local maximum… you become obsessed with exploiting what you know, not with discovering what you don’t yet know.”
So, encourage innovation within your financial services firm. Allocate time and resources to exploring new strategies and services, ensuring you stay ahead of industry changes and client needs.
2. Highlight the role of intangible value
As Rory explained, you can generate value simply by curating an experience that makes people look at something that already exists in a more favourable light.
Emphasise the intangible benefits of your advice in client communications, such as peace of mind and financial security. This can create a stronger emotional connection and help your clients understand the non-financial benefits they’ll get from working with you.
A great way to show this off is with testimonial videos of your clients sharing their experience and how you’ve helped them. Get in touch with us at hi@theyardstickagency.co.uk to explore how we can help you collect these.
3. Simplify financial jargon
Rory points out, “We’ve been trained at school to think linearly, and [the] compounding effect takes us by surprise.”
Rory believes that because things are advertised on the basis of their APR, it can understate the compounding effect of saving, borrowing, and the like.Using clear, jargon-free language to explain complex financial concepts will ensure your clients fully understand your advice by breaking down information into simple, relatable terms.
Understanding the options available to them in simple terms makes clients feel more empowered to make a decision that’s right for them, and it reinforces your expertise.
Win-win!
4. Use positive framing
One thing Rory advises to build your client base is to, “Find a little negative to flip into a positive.”
This sentiment is something that we champion at Yardstick.
Understand what keeps your prospects awake at night - their financial concerns – and explain how working with a financial planner can alleviate their worries and provide confidence for their future.
5. Enhance trust through transparency
One of the barriers to people taking financial advice/planning and experiencing the benefits that you offer is a lack of trust in the profession.
Rory explained, “There is a famous thing called the paradox of choice, which is that there are so many financial entities competing for your attention that you become blinded by the headlights and end up doing nothing.”
Educating clients on which choices would suit their individual circumstances, and regularly updating them on their financial status, promotes a deeper relationship.
As well as clients experiencing the paradox of choice for financial products, prospects face it when looking for the right financial adviser and planner for them. To stand out from competition and engage more prospects, you can foster a trusting relationship by being transparent about your services and fees.
6. Provide psychological wealth management
Rory fondly remembered a quote he once heard, “Wealth is what you’re left with after you lose all your money.”He wholeheartedly agrees with this and shared that what he values about his own financial adviser is their conversations surrounding wider life goals.
He suggests supporting your clients to reframe their understanding of wealth and not just helping them become rich, but also helping them live richly.
By asking philosophical questions about your clients’ aspirations, you can offer advice that enhances their overall happiness and quality of life beyond financial accumulation, showing that you care about all aspects of their wellbeing.
7. Capitalise on technological capabilities
Rory enthused about technology and encouraged all financial advisers and planners to capitalise on the value it can provide to clients and prospects.
He reckons Zoom is the perfect medium for the profession, stating, “There are all these virtues of the Zoom call, which means it’s just the right amount of interpersonal action for financial services purposes.”
Rory also recommends investing in good quality equipment for your Zoom setup to deliver a more professional experience to your clients.
It doesn’t stop at virtual meetings though. You can connect further with your clients in innovative ways such as sharing YouTube videos from captivating and qualified content creators in the profession.
Build stronger client relationships with us
Implement Rory’s insights to create a client experience that stands out, attracts prospects, and fosters long-term loyalty and satisfaction among your existing clients.
You can watch more great webinars like Rory Sutherland’s and access comprehensive marketing content on our website.
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Written by Emily Lang at The Yardstick Agency.