“Empathy is the ultimate form of customer insight.” - Don Peppers.
The second wave of covid-19 has bought in new uncertainties and anxieties. The pandemic has changed the dynamics for businesses as well as clients. It is not only about serving clients digitally but it is also about being there for them during these testing times.
Cafemutual approached Jai Shaw of Midas Capital and Viral Bhatt of Money Mantra to understand how they have been checking on their clients’ well-being in the ongoing pandemic. Here are a few things that they shared, which MFDs must be mindful of in their client interaction.
Keep business aside for a while
Clients’ well-being comes first, MFDs must let their clients know that they are there for them and the relationship they share is beyond mutual funds.
MFDs can simply share text or WhatsApp messages with clients to know about their health, believes Jai.
Jai shared one of his recent texts with us. Here is how it reads, “Just wanted to drop in a personal note to enquire about your well-being. Hope you are doing well and your loved ones are safe and sound. I’m praying that we all come out of the current situation strongly and in good health. Please take care, stay at home and be safe. Stay in touch. Let’s all come out of this pandemic soon.”
During a business-oriented conversation, Viral once learned about his client having minor symptoms and was quarantined. He immediately changed the agenda of the conversation and made it health-centric. He parked the business discussion aside and focused on his client’s health.
First things first
MFDs must check if their clients and their families are adequately insured. Also, they must also ensure that clients’ families are aware of clients’ investment and insurance.
Here are some of the details that MFDs must encourage their clients to share with family. They must also ask their clients to ensure that nominees are duly registered.
|
Particulars |
Details |
|
Bank |
Bank name, account number, branch, internet banking credentials, relationship manager’s contact, etc. |
|
Insurance |
Insurance company, policy details, insurer’s contact, etc. |
|
Investments |
Mutual funds, fixed/recurring deposits, locker, real estate, MFD’s contact, D-mat account and online login credentials, etc. |
|
Employment |
Employment benefits like provident fund, gratuity, insurance coverage, colleague’s contact details, HR contact details, etc. |
|
Liabilities |
Borrowing from financial institutions and friends, credit cards, etc. |
Viral shared that he prepares an investment summary for his clients that they can share with their family. He also encourages his clients to share these details with somebody outside of the family as well, like a reliable friend. This would ensure some additional support to the family during difficult times.
Connect your clients to the right set of people
MFDs can connect their clients to the right set of people in their knowledge/network, e.g. doctors, insurance advisors, plasma donors etc. It may be useful to have a comprehensive list handy to enable a quick share. MFDs can also extend such valuable support to client’s relatives and acquaintance, who are not their direct clients. Connecting to the right individuals can earn a relationship of a lifetime.
Jai periodically keeps his clients updated about doctors and platelets/whole blood/plasma donors in his network for helping the affected to the path of recovery.
As Maya Angelou once said, “People will forget what you said, people will forget what you did, but people will never forget how you made them feel.” Let your clients know that you genuinely care for them and make them feel truly valued.
