Communication is key to any successful business. For any communication to be effective, the message and the mode of communication are both important. As advisors, these modes of communication are necessary to stay in touch with your clients.
Newsletters: Newsletters are an effective way to stay in touch with investors. IFAs must ensure there is a regular flow of information between them and the client. This helps enhance client relation.
Shifali Satsangee of Funds Vedaa, who sends out regular newsletters, says that sending a newsletter is a must for all advisors. “We send Funds Vedaa newsletters as and when we need to put forth our views on certain events apart from monthly portfolio valuation reports on the first of every month and periodic portfolio reviews which happens on a case to case basis via meetings,” she says.
A newsletter ensures she keeps her clients informed on all developments, she asserts.
Messengers: Online messengers have been gaining popularity among various advisors as a communication tool. Its cost effectiveness and ease of access have made it invaluable to advisors. Some of the popular messenger services include WhatsApp, We Chat, Snapchat, etc.
Tirupathi Rao, an IFA from Vizag says, “WhatsApp messages have become a regular way of communicating with clients. I now send them the latest news, account statements, interesting articles on this app.”
Advisors find messengers convenient for sending long messages, photos and videos, instantly.
Events: Another way of staying in touch with your clients is by conducting social events. The most common events conducted are educational or awareness events but a few like Prathiba Girish of Finwise Personal Finance Solutions have started to conduct informal events like women’s day meet and mother’s day gathering.
Recounting a recent informal gathering, she had arranged for her clients on women’s day, she feels such events help to strengthen advisor-client relationships. “This was the first informal event I conducted, but I got a good response from my clients, I think I will be conducting more such events in the future,” she says.
The event saw women bond over tea and financial goals, she says.
Advisors must inculcate a combination of these communication tools to engage with their clients. Each communication tool has its unique value and usability.