Did you know one of the main reasons clients leave their advisors is because they do not hear from their current advisor enough?[i]
Odds are you already knew this. It isn’t new information.
Many different speakers, websites, newsletters, blogs, articles, and industry conferences have bombarded advisors with the news they need to reach out more to clients. But if it is such a common problem, why is it some advisors still do not have a solution yet?
We know the best advisors find the time to be proactive with their communications. They stay regular in their reach out, constantly putting out new and fresh content on a consistent basis.
But not every advisor is able to do this.
Whether or not they believe they lack the time, resources, content, or energy, these advisors nonetheless do not communicate as often as they should. Consequently, these advisors might be lured into a false sense of comfort believing that only using a reactive communication strategy will be enough for their clients.
The problem with reactive communications has nothing to do with advisors being reactive.
It should be noted that responsiveness is vital to success. Being able to respond to situations as they happen shows flexibility, timeliness, and agility with communications and events.
Remember Brexit? The best advisors were quick to respond and kept their clients informed with timely emails, newsletters, calls, or educational events.
The problem with a reactive strategy is when advisors are only reactive. Whether it is just responding to emails, letters, phone calls, or something else, these advisors were rarely (if ever) the first to act. They neglected to send content out regularly in favor of sitting on the sidelines and waiting to respond.
Advisors cannot afford to only be reactive with their communications.
It may seem easier, but this mindset can lead to all sorts of problems: an elevated mistrust of those in the financial industry, depreciated levels of client service, and increased attrition rates.
Being proactive means there is regular outreach to clients and prospects. The advisors are constantly and consistently pushing out content on an ongoing basis and in a variety of ways (calls, emails, videos, newsletters, and blogs). Clients can count on receiving these notifications and know that their advisors are keeping up with the ever-changing headlines so they don’t have to.
Weekly commentaries, topical monthly letters, quarterly newsletters, monthly recorded videos, and frequent phone calls; whatever strategies best suit their clients’ preferences, that is what those advisors need to be doing.
There is a major difference between being proactive and being reactive when it comes to communications. The most successful advisors are both.
When advisors proactively put out the content, they control the message. This can help address clients’ concerns even before they happen. As an added bonus, proactively reaching out keeps the advisor top of mind at the moment a client has a referral opportunity.
Who doesn’t want more referrals?
Clients want more information; and when they do not get it from their advisors, they seek it elsewhere. Competing advisors look for these open doors and they pounce when they find them. Do not leave the door open for your competition to establish a successful content marketing campaign with your own clients.
Be in control of your content marketing strategy. Be proactive.
As Bill Gates famously said, “Content is king.” And when it comes to your own content strategy, it’s good to be king.
How does your content marketing strategy hold up? Would clients consider you more proactive, reactive, or both? If you feel there are gaps in your communication strategy, we would be happy to show you how to fill them in. Not many advisors have the time to write their own content. Give us a call today and we can help you create ideal communication habits with industry-leading content to help get you ahead of the curve.