I hate to start an article off with a negative but never before has the industry rated so poorly for trust. Trust really is the cornerstone of your business and must be addressed.

What is trust? How can it be measured? Trust is very much in the eye of the beholder [is that a line from a song?] so it can be challenging to ensure that trust is written into your strategy and implemented accordingly. However, in this quick post, I’d like to share some simple actions you can take that will help bring trust into the forefront of your business.

How many people do you know that have been scammed? Perhaps you have been yourself; they are very sophisticated these days. Protection of data and privacy of information are two key things people worry about in today’s age. So, what systems do you have in place to protect your client’s information? How often do you invest in them? Who is responsible for these systems and processes you have in place? Now, tell your clients.

Another key area which is growing rapidly is the area of social and ethical responsibility. I’ve written about this before and still subscribe to the notion that as business owners you [we] have a responsibility to give back to others and helping those less fortunate than ourselves. What does your business do and how do you communicate that message. I’ve met advice businesses that do tremendous work in this area but fail to communicate it to clients because they felt uncomfortable about communicating it. Don’t feel uncomfortable. By promoting your social and ethical responsibility you are raising awareness and we need more of that.

When I survey clients of financial advisers I ask them about expectations and similar questions to ascertain what is important to them and 90% of the time it’s about having their best interest at heart. I know you know that but how do you communicate that? Where is your social proof that what you say you can do, you actually have done for others?

Displaying your ability to be trusted can’t be achieved through one piece of communication or through a campaign. It will take a layered approach; a multi-channel approach over time. Think of the hare and the tortoise!

One of the key documents that can help display your trust is your FSG and your privacy statement but when we asked a group of people to find it on a selection of websites, guess what? They couldn’t find it because it’s placed at the bottom of your website in the smallest font compliance will allow! I think we need to change this.

Governance is another keyword that clients are looking for evidence of. How is the business structured? What are the capabilities of the team? What are rules that the business goes by? What processes and systems are in place? How does the business make sure that its clients, employees, stakeholders and community are protected and looked after? Communicate it.

I remember giving a presentation to a group of advisers a couple of years ago and one of them said that they were part of a cottage industry; perhaps a paradigm shift is required by those that still believe that to be true!

Ethics. I know you are honest and transparent but how are you demonstrating that? Do you ever talk about the audits that you have to go through and how successful your business is or has been? Why not? Clients would have no idea about the number of audits that are conducted on your business – talk about a key way to demonstrate trust!

Trust is one the fundamentals of any business and while the above tips will definitely help you [plus there are more ideas] the ultimate way to focus on trust is through your client-centric culture. Not your compliance culture or systems culture but through being a true blue client-centric focused business.

A client centric culture will drive trust.

What does relevance mean? According to the dictionary – the degree to which something is related or useful to what is happening or being talked about. In the context of financial advice then it would be how relevant both the business model is and the advice being offered is to the client.

Relevance has been uncovered as one of the critical drivers of success for the future of financial advice. Relevance coupled with trust will be the two pillars that will attract the ideal client and keep your ideal client. By ignoring your relevance puts you in a position of danger.

So how do you remain relevant and how do you communicate your relevance?

In this short article, I’ll address some fundamentals that you can use in your business right now.

The first thing to consider is creating a framework to work within.

Demonstrate + Involve = Empowerment

Three keywords which will help you deliver the right message. Whenever you can demonstrate things like your capability, expertise, ongoing education, investment philosophy, innovative investment options; the things that are important to clients.

Then involve people in a discussion about the things you have demonstrated through existing clients supporting what you claim, through business partners supporting you, through discussion groups and open communication channels.

Because if you can demonstrate what the client is looking for and involve others, even them, you’ll empower clients to make the right decision to partner with you.

It’s a shift in paradigm for some; rather than relying on others to position your business you start to, and you take control of communicating your relevance to your existing clients and potential clients – even COI’s.

Due to the Royal Commission, questions are being asked; we all know that. Those businesses that think their clients aren’t a little bit concerned and thinking about their adviser, unfortunately, are not living in the real world – sorry to have to say that but I know through the research that I do. So let’s be proactive and start talking about and promoting things like your investment philosophy. You already have one [it might need a refresh] but start bringing it to the forefront and be proud to share it and demonstrate your relevance [plus a few other things!].

You’ve heard us all talk about the importance of content marketing and in the context of relevance I have to bring it up again because what content marketing does is help people answer their burning questions and demonstrates your relevance. If you don’t have things like a blog or white papers or articles where are you demonstrating your relevance regarding solutions for clients?

The other really simple thing you can do to demonstrate your relevance is to share information every time you attend a PD day, course or anything of that nature. Your clients wouldn’t have a clue about the amount of professional development you have to complete each year so tell them! A quick summary of the key points that you learnt from the course shared through your communication channels again demonstrates your relevance.

Relevance is also demonstrated through your financial solutions; the investment options you have available. The new breed of adviser, for example, Fox and Hare Wealth are doing some great things in delivering relevant financial packages to their target market.

As a marketing professional, I talk about all things marketing. But to end this article, I’d like to introduce the notion of organisation change because this is one of the most significant paradigm shifts you can take today as a financial advice business to drive home your client-centric culture. Across the globe, we are seeing a transformation away from functional specialisation to more cross-functional teams that focus on a specific client group. If you have a business that delivers financial planning, accounting and broking, for example, start having a conversation now about how your structure could be changed to match your client demographics rather than sticking with the same old structure.

Relevance isn’t just a word it’s an important pillar that will help your business stay alive now and into the future.

Back in my consulting days, we were taught to build personal relationships with our clients. Now I will confess that some of the clients we didn’t want to get any closer to but the majority of them were nice and we actually enjoyed meeting them and helping them. The point is, the better the relationship you have with a client the higher the chances of them introducing other people to your business. Why you might ask? It’s an age-old tradition but people like to work with and help those that they like, know and ultimately trust.

For some its very easy to get to know clients on a deeper personal level but for some, it can be quite challenging. Perhaps your natural style is quiet; your quite shy but love the work that you do. Perhaps you don’t know how far is too far and some guidelines would be helpful.

Below are four ways in which you can start to develop deeper relationships with your clients. It would be a good idea to print these off and discuss them as a team or place them in the kitchen as a reminder. You might even like to check in each month [or weekly] and hear what success others are having in the business with regards to client relationships.

1. Get to know the family. One of the easiest ways to do that is by using the family tree concept. There are several variations which can easily be found on Google or you can create your own. Depending on your style and your business will depend on how you choose to use this framework but at its basic level, it’s an excellent tool to help navigate the conversation about their family. The more you know about someone the easier it is to have better conversations and the better the conversations the closer the relationship. In coaching, we talk about coming from a place of curiosity which is exactly the mindset I would encourage you have with this concept. Typical things advisers will ask about family members are age, work status, marital status and so forth. General questions which are more than suitable and legitimate for their financial adviser [you] to be curious about.

2. Celebrate milestones. There’s not enough love and celebration in the world these days! When was the last time you sent a random card to someone to say thank you or congratulations? Has a client recently started a new job? Had a new baby? Finished a course? Got married? Retired from work? Their child completed VCE? Been a client for a certain amount of years, even one year? What did you do to acknowledge these achievements? Depending on your business, budget and style will depend on how you celebrate these milestones. There’s no need to go overboard with gifts but a nice card, a bunch of flowers, a bottle of wine with a handwritten card are all lovely ways to demonstrate that you have their interests at heart, that you care and that you value the relationship.

3. Demonstrate warmth. Throughout our lives, there will undoubtedly be some trauma whether it affects us personally of a loved one. A client of mine, a financial adviser, heard that one of his client’s business partners had passed away unexpectantly. It was a tragedy. This financial adviser hadn’t met the business partner but was so saddened to hear the news and knew how much it would shatter his client that he flew interstate to attend the funeral and offer his compassionate support. It’s acts of kindness that show the true character of a person.

4. Show you listen. I’ve said it before random acts of kindness are one of the best ways to deepen relationships. Let’s say one of your clients is having a hard time; anything could have happened. You might decide to send them a handwritten card to let them know you are thinking of them. They might be going on an overseas trip – you could buy them a nifty travel device for the plane or a book about the destination. Again this idea doesn’t need to break the bank. Keep it simple.

Many financial advice businesses claim to be client-centric yet so many can’t be because at their weekly catch up meetings they aren’t talking about clients they’re talking about processes, system upgrades, staff holidays etc. While I appreciate they are all legitimate items to discuss I would encourage whoever runs these meetings to include the topic of clients that way more of your advisers will be able to make deeper relationships, gain more of the ideal clients and ultimately bring in more revenue.

How do you create better client relationships?

We live in interesting times. There is so much going on in the world; in our everyday lives. Nothing is slowing down. The point of my article today is to talk about governance, compliance, scams, audits all these dry topics [I am a marketing person they are dry!] but topics that I think today are more relevant for you to talk about than ever before.

All of us know someone who has been scammed. Many of us know of someone who has had their identity stolen. No wonder we question if we can trust someone let alone a financial services company.

Your clients are talking about the Royal Commission. I know because I talk to clients of financial advisers and because financial advisers themselves have told me that their clients have told them! Yet, some advice businesses haven’t been in contact with their clients.

Where is your communication to your clients about your thoughts regarding the Royal Commission?

You might rate highly with your clients when it comes to satisfaction scores. You might not have lost any clients recently but let me suggest [recommend] that you take this golden opportunity to talk to your clients about the proactive steps your business is taking to protect your client’s best interest.

The words governance, process, systems, audits, compliance are strong words to use to let your clients know how your business operates.

In fact, don’t just use them with your clients, use them with your strategic partners too.

Tell your clients that you take their privacy seriously and give them comfort by telling them how you do that.

Create campaigns to tell them. Share the information on your website. Be proactive, not reactive.

When was the last time you told a client that you were audited?

We all know that the ideal client is likely to be introduced to your business through someone else whether that is a family member, friend, co-worker or a trusted professional source. However, I can tell you through the research that I do; you aren’t getting all the client referrals they say they will send you. Everyone has good intentions, but everyone is busy. Below are some of the reasons why you are being forgotten and not receiving the referrals they said they would send:

1. No referral plan – sitting opposite your client they mention they have a friend who they think could benefit from your advice. You say great thanks. 80% of the time there is no conversation about how you and their friend are going to get in contact with each other. Connect the dots there and then and agree with your client about the best way forward. Don’t feel awkward about it; its business.

2. No information – sitting opposite your client they say that yes they have a friend who could also benefit from your advice and they’ll make sure they mention your name when they see them next. They forget to mention your name because that’s life BUT if you’d given them your latest brochure, e-book, report or something that can be passed on they have less chance of forgetting to mention you. Even better, you email your client with the marketing collateral for them to email on – or you do it if you have their details. This positions you as an expert, thought leader, whatever you want to call it, the important piece is to have something of value for them to pass on to their friend. You might even scribble your direct contact line on the front – yes it’s probably in the material that’s not the point! The point is you make an effort to make it easy for them to call you!

3. Lousy website – 80% of the people who meet you for the first time will Google your name, even if a trusted person has referred you. Why? Because that’s what we all do now because we can! Your website fails to impress. It fails to inform what you do, who you do it for and why they should choose you. They know they need to seek advice, but they’re not impressed and merely forget at it.

I know lots of Advisers who are being contacted by supposedly facebook experts at the moment who promise to deliver 15-20 client leads per week – it’s a scam. If you want quality leads, clients who will take your advice and pay your professional fees, please put your energy into introductions [referrals] and once you’ve completely nailed that then look at Facebook campaigns, if you’ve got something to offer that is.

Most of my articles offer simple practical advice and that is exactly what this article aims to do; give you a campaign that we’ve used that works. It might not be the sexiest of campaigns or the most complex but it’s a campaign that will get noticed and get you results; isn’t that what you want your marketing to do?

It doesn’t involve automation or social media. It doesn’t involve hours and hours of labour, it really is a simple idea that works.

A common issue for many advisers is not receiving the right type of client from a referral partner or networking group. Instead, they receive clients who don’t suit their business which can cause major dramas for the adviser, the client and person who referred them.

There’s a reason some of the greatest marketers in the world think of joint venture relationships as the most effective marketing strategy.

Someone else has spent years and money building trust with a list of clients and prospects that are also your ideal clients. Joint ventures make it possible for you to access their clients, tap into the trust, and position your advisory services.

In this article I’m going to share a marketing campaign that we have recently used with an adviser because it’s simple, doesn’t cost a fortune and works!

As with most brilliant marketing strategies, it’s not always the easiest thing to pull off. Even when the other professional party appreciates the value of your advice and services, they often lack the right mindset and understanding to promote you to another.

However, with the right message and campaign, you can quite easily fill your pipeline with the ideal clients your value proposition supports. Which I know is music to many ears!

Before you can launch this excellent marketing campaign though, you need to find the right partners. I’m not necessarily talking about accountants and solicitors [although this marketing campaign will work with them too] but other professionals who would be open to a JV marketing opportunity. Who? That will depend on who your target client is. Ask yourself, who do they trust? It could be a business coach, a personal trainer; the list is endless depending on who you want to work with.

Right from the start, you need to identify the perfect people you want to work with; people who share the same values, culture and ideal clients as you do. You might think that their values and culture doesn’t matter to you, but if there is one thing I’ve learned over the years, it’s that shared values and culture make the JV stick, and campaigns work!

Remember the WANTED/REWARD posters from old Western movies? The ones that show the face of someone that the sheriff is looking for? They pinned them to walls and trees around town.

We want a WANTED poster of your ideal client. This is the exact campaign that we created, and it worked.

First of all, have you worked out who your ideal client is? Remember, it can’t be all Australians! If you tell a referral partner that you can help anyone, you become a commodity, not a specialist, and you’ll simply be forgotten and never referred to.

This is how the campaign looked:

I recently worked with an Adviser who is part of a BNI group. BNI groups might not be your thing, but you might be part of another networking group which is why I want to share this idea with you – because it works! If you’re not part of a networking group, I would encourage you to. There are lots around, and if you really can’t find one you like, you could start your own.

This adviser was having a problem with articulating to the BNI group who his ideal client is.  He is a risk specialist. The group understood what he did, but they either couldn’t understand who his perfect client was or just forgot as soon as the meeting was over. So, we devised a plan so that they wouldn’t forget!

Knowing that most people are visual processors; meaning they prefer to see something than just read it, we created a WANTED flyer for this adviser to use at his BNI group.

The flyer had the words WANTED written at the top and a picture of a small business owner who was working on a farm. He looked successful but stressed. He had a young family; wife and three children. He had people who worked for him. The adviser named the farm business, the family and listed out seven other characteristics about this person.

Each Tuesday when the group met, the adviser handed out the flyer so that the group was reminded exactly who he wanted to see. Simply giving it to them once and never again wouldn’t have achieved the results. That’s an important tip! The group thought it was a great novel idea!

The result? He started receiving the ideal client referrals.

This simple idea can be used in your networking group, with your existing clients and your referral partnerships.

Marketing doesn’t have to be complicated, expensive or hard. Sometimes the simplest of messages work. There are many ways in which you can use this campaign. You could use it internally so help the team understand who your ideal client is. Use it on your website to clearly explain who you work with, although you might want to remove the words, WANTED! And you might look at using the concept in your corporate brochure.