6 Communication Tweaks That Will Help Your Clients Remember the Important Stuff
When you talk to your clients, do you ever wonder how much of what you say goes in one ear and out the other? Well, wonder no longer. Looks like we actually have hard numbers to answer that question now.
Recent research from David Blanchett reveals huge gaps between what advisors say they talk to clients about and what clients say their advisors talk to them about.
For instance, while 97% of advisors say they talk to clients about RMDs, only 54% of clients surveyed say they’ve ever heard their advisors talk about them. In addition, while 70% of advisors say they frequently discuss retirement lifestyle, only 29% of clients say their advisors bring it up regularly.
You can read the article I linked above if you want to see the other areas with notable gaps, but it got me thinking: There’s no way way that only 54% of advisors talk to their clients about RMDs, and there’s even less of a chance that only 29% of advisors discuss retirement lifestyle.
So why the discrepancies? Sure, some of it is client comprehension. But that’s beyond your control.
The only variable I see here that advisors can control is how you communicate. Ultimately, there will always be things you say to clients that go right over their heads, but there has to be a way to make the most important stuff stick out (like withdrawal strategies, which only 66% of clients report discussing with advisors).
Today, I want to talk about six ways advisors can communicate complex (but important) concepts so your clients will remember them.
1. Make a One-Sheet About It
One-sheets (a.k.a., sell sheets) are one of my favorite in-person communication tools because you can use them to guide your conversation, and then that sheet becomes a reference point in the client’s mind, storing the information you shared.
Sure, it’s not a perfect system. Some things will get lost along the way. But having a physical touchstone for a conversation makes it much more memorable.
Researchers have found that people recall roughly 10% of information from a verbal presentation, 35% from a visual presentation, and 65% from a verbal presentation with visual aids. A one-sheet is the perfect prop to walk people through financial ideas – it’s the whole reason Asset-Map exists!
For instance, here’s a fake RMD one-sheet I just threw together in Canva. I put the three most important takeaways at the top and then a little more info underneath. You could customize yours to fit your clients however you want.
2. Use Illustrations
Along the same lines as a one-sheet, using an illustration can go a long way to make a concept memorable. (When I say illustration, I don’t mean a picture, I mean a familiar concept that you can relate to what you’re trying to teach them about.)
Whether you’re comparing your role to a quarterback, investing to gardening, diversification to nutrition, or something else, tying an unfamiliar concept to a familiar one always helps make it stick.
3. Clean Up Your Followup Emails
Followup emails, am I right? Nobody likes them. Hardly anyone reads them. But you have to send them.
The more scannable you can make your emails, the more likely they are to be read. Insert key topics to drive home the most important points.
While I’ve never been an advisor, I have sent my fair share of followup emails after meetings and I have developed a pretty reliable template that maximizes the chances they’ll actually read and maybe even respond.
Here it is:
Hi [Client],
Thanks for your time today. Here are a few action items and a recap of our meeting.
Your action items: (client action items always go first because they are the most likely to be read)
Action item #1
Action item #2 (try to limit client action items to two)
My action items: (here’s where you show how valuable you are by showing all the stuff you do for them)
Action item #1
Action item #2
Action item #3
Here’s a recap of the rest of our conversation: (keep these bullet items super short)
Point 1
Point 2
Point 2
Take care!
[signature]
4. Tie in Events from the News
It seems like examples of financial concepts are in the news almost every day. Whether it’s behavioral finance or market timing or diversification or estate planning, there are endless opportunities to use real-life events to drive your points home.
And by tying in real-life situations, your clients are much more likely to remember what you discussed.
5. Emphasize One Educational Topic Per Meeting
Meeting with clients is kind of like watching an improv show where they take suggestions from the audience. You have a general plan for what you’ll do during the meeting, but you never know exactly what you’re going to talk about. Of course, you take it all in stride.
That being said, try to emphasize just one educational topic per meeting. If you hit on RMDs, resist the urge to also explain Roth conversions, 529s and trusts. The less you cover, the better.
6. Send a Newsletter
A newsletter is the most consistent, reliable source for educating your clients outside of meetings.
Choose the topics that are most important to you and hit them frequently from different angles. Use it to reinforce topics that you touch on during meetings.
Sure, some of your clients won’t read them. Some may unsubscribe. But remember: a newsletter is just one of your communication channels.
Want help communicating more clearly?
At Clay Pigeon, we can help you define your message and your audience more clearly, so that when you speak, your clients will listen. Click here to schedule a consultation.
