For financial advisors – or any finance professional working with retail investors – there’s an art to how you interact with your clients. Prior to covid-19 often meant checking once a quarter. But in an industry focused on customer service, that’s not always enough.
What newsletters bring to the table
Cue the newsletter. Even if you have client meetings once a quarter, creating a quarterly newsletter to complement those meetings has one big advantage: infrastructure.
“If you have a quarterly, monthly, or bi-weekly newsletter, you can use the infrastructure you have in place to send an ad hoc email to customers to check volatility and let them know you’re available to talk,” Sonya explains. Dreizler, consultant to financial advisors.
Newsletters can also help you remind customers why they work with you. Remember that your clients are often bombarded with daily stock market headlines online, on television and in newspapers.
This noise can harm financial advisors when something big happens. This can distract clients from long-term goals and detract from the personalized advice you offer.
As Dreizler points out, a newsletter in times of uncertainty can help you keep customers focused and remind them why they’re working with you.
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Start a newsletter
We tapped veteran writer Sam Ro to help advisors who are considering sending client newsletters, but aren’t sure where to start or how to improve. Ro is the founder of TKer (pronounced “ticker”), an independent subscription newsletter, which he started after writing email updates for industry powerhouses like Yahoo Finance, Business Insider and Forbes.
We asked him to bring his years of experience to advisors via a Braindate at Exchange: A ETFs Live this experience in April in Miami. During her session, you will discuss best practices and how to manage newsletters in your own business. In the meantime, you might want to consider one of the best tips Ro has to offer: TKer.
“TKer is a newsletter highlighting data, news and expert insights that shed light on the longer-term themes of the markets,” says Ro. “As for the news, it’s a bit more curated…it’s for people who have long-term investment horizons.” Sound familiar?
After years of writing daily headlines, Ro saw clear value cutting through the noise. Focusing on the long term, he’s created a newsletter that does what financial advisors do – it helps readers step away from the day-to-day to focus on the bigger picture.
If you don’t know how to translate that context you offer in client meetings into a newsletter, TKer can offer a roadmap. The weekly cadence (Sunday) forces Ro to focus on the big ideas. However, when big stories happen, Ro sends an immediate email offering context.
While you might not want clients to focus on the kind of intraday volatility we saw in January, for example, ignoring it doesn’t work. Instead, consider a short newsletter saying, “You may hear X, but remember Y.” This reminds customers of your value and helps avoid concerned phone calls.
Your customers are your inspiration
Many advisors put off creating a newsletter because they don’t know where to start or what to put in it. Ro’s Braindate at Exchange can help, but here are some things to think about until then.
“It’s not enough to post something just because you think it’s interesting, someone else has to think it’s interesting,” Ro says. It could be five other people, or even better, 100. “If you’re having conversations with a client, and there’s a moment where you’re talking about 10 different things, and one thing keeps raising questions from followed, so maybe that’s the thing you end up writing about.
Marketing consultant Johnny Sandquist echoes those sentiments. “Advisors meet with clients on average just under nine hours a week. It’s nine hours a week where content ideas are handed to you on a platter,” he says. “Your customers ask you questions all the time. They bring their problems to you.
Most companies pay tens of thousands of dollars for the type of market research that is offered to you during every meeting with a client. Some of these ideas will make great blogs or educational resources. But if you have a one-time or seasonal conversation with multiple clients, this is the perfect topic for your next newsletter.
For more information, visit www.exchangeetf.com.
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