Last week, we highlighted the importance of Financial Advisors (FAs) mastering “the what” in client communication.
To a great extent, the industry has done this well. That said, it can be a wasted effort if “the how” isn’t included in the mix. Even the best messages can fall flat or, worse, be ignored. This week, we will explore the critical elements of Medium, Mode, and Tone that define the “the how.”
1. Tailoring the Medium to Meet Clients Where They Are
Understanding a client’s communication choice is vital. Research shows that clients are more engaged when their preferred method of communication (e.g., email, phone, or in-person) is used. By tailoring the medium to meet unique preferences, FAs can create an environment that deepens trust and relationships, ultimately leading to better client satisfaction.
2. Harnessing the Right Mode: Visuals to Elevate Understanding
There are many modes of communication, and understanding client preferences can improve the experience. Studies have shown that combining visual aids can enhance understanding and simplify complex information. Financial information can intimidate clients – charts, infographics, and visual examples reduce stress while elevating trust and confidence.
3. Adjusting Your Tone: Building Rapport and Confidence
The tone of communication can establish the emotional connection between FA and the client. An individual client’s personality and the circumstances around the engagement should inform the adopted tone. A specific tone may engage one client while being off-putting to another. In this sense, one size does not fit all.
Financial Advisors can significantly enhance their communication effectiveness by focusing on “the how” – through tailored mediums, modes, and tones, and when combined with “the what” deepen relationships.