Creating trust through communication
by Camilla Nock, Senior Marketing Manager at endGame Communications
This document is intended for the general information of financial advisers only. Fidelity does not authorise distribution to retail investors.
Did you know that the first line in the ‘Finding a Planner’ section of the Australian Consumer Association’s financial planning handbook is ‘Our results show that finding a good planner is a bit of a lottery’?
Scary, isn’t it. But that illustrates how important building trust with your existing clients is, both from a sales and a client retention perspective.
But how can you use trust as a positive marketing message in your business? Trust marketing is all about understanding the components of trust, and incorporating them in your sales messages and your client relationships post-sale.
There are four key components of trust that should be part of all your marketing messages. According to David Maister, author of The Trusted Advisor, they are credibility, reliability, intimacy and self-orientation:
| The four components of trust | Your client’s perspective | Nature | Assessed via |
|---|---|---|---|
| Credibility | I can trust what he/she says about… | Rational | Accreditation, references, track record, credentials |
| Reliability | I can trust that he/she will do….” | ||
| Intimacy | I can trust talking with him/her about… | Non-rational | Ease of communication, shared understanding, ability to see perspectives |
| Self-orientation | I can trust that he/she is focused on me |
To appeal to the rational side of your clients, you need to use proof points to get your message across and demonstrate both your impartiality and your expertise. You need to find something, beyond your personal and dealer group-specific credentials, to support the rational components of trust – credibility and reliability. For example, using ratings that haven’t been paid for can help here.
But also keep in mind that when it comes to advice, characterised by a highly complex sales process, where there is a high level of personal risk to the buyer and a complex service offering, the non-rational components of trust must also be high. That’s where your personality and communication style make the difference.
Here is a quick checklist you can use when creating your communication tools:
Clarity
This supports the non-rational nature of trust. If the client feels that you are communicating with their needs in mind, instead of your own agenda, they will be more receptive to what you are saying.
When you are mindful of their level of financial awareness, and tell them about the benefits in a way that means something to them, you will help your client realise that you have their best interests at heart.
Consistency
On the rational side of trust, your value proposition about why your client should trust you should be easy to distinguish in all your marketing materials. Make sure everything builds your brand. Don’t let anything fall through the cracks as it will cause your clients to question what you’re really about. This extends to the tone, construction, spelling and grammar in all your materials.
Continuity
For both rational and non-rational aspects, ensuring your messages are the same to each client segment, no matter which medium you are using, is essential. Your value proposition must come through during the whole investor experience with you. It is not enough for it to be something you say in your marketing materials. It must also be evident when your staff talk to clients, in your follow-up material, even your office.
If you’re not sure whether your communication materials create and reinforce the right messages about your business, get an external, independent specialist to help you. You work with this stuff everyday so you may not realise how much jargon or how much assumed knowledge is build into your message.
When trust is ultimately the business advisers are in, that’s a valuable asset worth investing in.
