Would you "robo call" your financial planning clients?

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I wouldn’t.

I winced when I saw “robo calls” among the crisis communications tools recommended by a marketer who shall remain anonymous. This person suggested using robo calls to invite financial planning clients to a quickly organized meeting or conference call at a time of crisis.

Robo calls. Those automated, pre-recorded phone messages that jam up my phone line even after I hang up. I don’t care what their topic is. I do not want to be robo-called.

But is there a good alternative for speedy communication with many people? If you’ve got 300 clients, like some investment advisors I’ve known, it isn’t practical to call each one individually. Letters aren’t fast enough. Email blasts require that you have email addresses for all of your clients–and that they pay attention to email. 

Maybe robo calls would be okay if you get your clients’ permission in advance to use this method only in times of crisis.

What do YOU think?

"50 Things Your Customers Wish You Knew"

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“50 Things Your Customers Wish You Knew” by Sonia Simone  on the Remarkable Communication blog gives you some great insights into your clients.

Client opinion #10 is: “I don’t understand a lot of the messages you send me. Can you make them clearer?” That resonates with me.

I wonder about #16, “The wealthier I get, the more I like free stuff.” Is that true of your clients?

How about #34? “I have the attention span of a goldfish. Go too long without contacting me and I’ll simply forget you exist.“

Most important of all, at #50: “It really is all about me.” 

Can you add something to this list that’s specific to clients of financial advisors? 

I found “50 Things” thanks to “Top 10 Blog Posts for Writers (The Best From The Best in 2008!)”  by Michael Stelzner.


New "Wall Street Week" seeking participants

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Contact Jeff Salkin (jeff AT wallstreetweek.com) if you’re interested in appearing on a new version of  the “Wall Street Week” show.

Here’s what Jeff says:

We are launching a web-based revival of the venerable “Wall Street Week” franchise. We think there’s a need for a higher-level (and lower-decibel) program than CNBC etc. Looking for potential panelists (some of whom will also host the program.) Please email ideas/suggestions to jeff AT wallstreetweek.com


"The Seven Dirty Words You Can’t Say in Email Subject Lines (Plus 100 Others You Shouldn’t Use, Either)"

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You don’t want your emails to get tagged as spam. So stay away from the words listed in “The Seven Dirty Words You Can’t Say in Email Subject Lines (Plus 100 Others You Shouldn’t Use, Either).”

This list is old, so keep your eyes open for updates. If you ever look at your spam folder, you can probably identify questionable words that haven’t made it onto the list yet.


Creating Pitch Books Without Losing Your Mind… a Sequel

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“Creating Pitch Books Without Losing Your Mind… a Sequel: Your Pitch Book – a Foundation for Customizing” is a guest post by designer Margaret Patterson. Her 2007 series about “Creating Pitch Books Without Losing Your Mind” has attracted lots of attention. Thanks for your latest contribution, Margaret!

If you have questions for Margaret, please leave them as a comment. I’ll make sure she gets them.


My first article about pitch books provided several “must do” tips to help your firm develop presentations that others will plagiarize, the best compliment attainable.  Readers’ questions have prompted additional pointers about the next phase: customizing.

When is it worthwhile for institutional and high net worth asset managers to customize?
Your first pitch book is a base. But it doesn’t always address your prospective client’s unique concerns. Your key contact at the prospect can tell you what points are most crucial. Add information that addresses their concerns. But be succinct or you’ll overwhelm your prospects with too much information.

As you customize, you should communicate value statements – to your audience, about your audience – to the extent reasonably possible.

What do you mean by value statements?
Focus on how your strategy is a good fit for the prospect’s objectives, your ability to provide the level of service the prospect needs, and providing adequate diversification, considering prospect’s current investment profiles.

Will customizing dilute our firm’s branding?
You run the risk of diluting your branding when many employees and consultants contribute to your pitch books. That’s why these projects should be managed and maintained by your marketing department.

Remember that content is both text and graphics. After all, our actions are prompted every day by both words and images. Your book should look and sound impressive. Your writer  can develop Writing Guidelines for your firm, language that consistently supports your branding. You also need Design System Guidelines, if they do not already exist. Share these guidelines with the contributors to your pitch books.

I keep a sign on my office wall, “Big Company Seeking Big Clients.” Keep this mission in mind as you ponder complicated content.

If you customize, how do you keep the versions from getting out of control?
A customized pitch book is a script for your meeting. Limit yourself to information you can comfortably handle in the scheduled meeting time. Allow for Q&A.

Additional valuable information can be provided in companion pieces – market commentaries, performance summaries, firm overview, etc.

Updating charts and tables is a constant problem.
Delegate database updating to employees endowed with considerable diplomacy and perseverance. Make this their primary responsibility. They will acquire information from very busy investment management teams.

Investment managers need deadlines in advance. Allow elbow room.

Feedback?
Input is welcome. Your thoughts may show up in future articles. Let me know if I may quote you.

Margaret Patterson Company creates sales support materials, develops identity systems, and provides production supervision for financial services firms.

Margaret Patterson Company
Corporate Identity & Communications Graphics for Financial Services Firms
mpco AT verizon.net         t   617.971.0328        f   617.971.0327


When NOT to personalize your email’s subject line

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Personalizing your email subject lines with the recipient’s name—for example, “Susan, can you attend meeting on Feb. 12?”–will always increase your readership. 

Or so you’d think. But that’s not true according to an article about email subject lines by Mark Brownlow on Email Marketing Reports.

If your email recipient doesn’t know you well, they may assume your email is spam. Using first names in the subject line is a classic spammers’ technique.

“If you haven’t got a real ‘relationship’ with your subscriber as such then maybe personalizing isn’t the way to go as they may see it as being artificial or spammy,” said Kath Pay, as quoted in Brownlow’s article.

I think that using your recipient’s name is most useful in the subject lines of emails you send to colleagues and clients. They know you’re no spammer. Instead, your use of their name signals that your content is directed specifically at them. They realize they’re not one of gazillion people who are cc’d on the email. That’s why I recommend this technique in my workshop on “Writing Effective Emails.”

What’s your experience with personalized email subject lines?

 

Dec. 19, 2017 update: I deleted the link to Brownlow’s article at http://www.email-marketing-reports.com/iland/2008/11/subject-lines-iv-personalization.html because the website no longer exists. I also added a link to my email writing workshop.

 

Boost readership of your e-newsletter with powerful subject lines

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More people will open your email newsletters if your subject line shows value in the first two words. That’s according to “4 Takeaways from MarketingSherpa’s Newsletter Subject-Line Analysis” (accessible only to MarketingSherpa members).

How do you show value? Start your e-newsletter subject lines with phrases such as:

  • Top Five
  • How to
  • Best Time

Your subject line should focus on the benefit that your content provides to readers. It’s especially powerful to indicate that you’re giving readers information they can act on.


Good wording: "Has the Market Wreaked Havoc on Your 401(k)?"

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Morningstar has a knack for good email subject lines. Like “Has the Market Wreaked Havoc on Your 401(k)?” That’s a line that many people can relate to.

Morningstar also achieves a nice conversational tone in its email, which starts out:

Yes, it feels awful right now. And it’s possible things could get worse before they get any better. But as unnerving as recent events have been, history has shown us that the economy will come back–and that means the market will, too.

This email was an advertisement for Morningstar Fund Family Reports. I’ll bet some folks signed up for trial subscriptions in response.

Compliance makes social networking tougher for registered reps than RIAs

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Here’s a guest post by Bill Winterberg, CFP®, an operations and efficiency guru to independent financial advisers, who blogs at FP Pad. He made me realize that RIAs have more leeway than registered reps when it comes to social networking.
Websites like Twitter, LinkedIn, and blogs present compliance issues for registered representatives subject to FINRA regulations. All reps must obtain approval from the broker/dealer compliance department before posting anything on the Internet, as postings a considered advertisements.

FINRA has published guidelines for use of the Internet by registered representatives of broker/dealers. It’s worth reading if you are affiliated with a broker/dealer.

The SEC has similar guidelines that govern advertisements, including postings to public Internet forums. However, investment advisers are generally responsible for self-supervision by Chief Compliance Officers. In my opinion, investment advisers not subject to FINRA regulations have quite a bit more flexibility when using Internet and social networking websites. See http://www.sec.gov/divisions/investment/advoverview.htm and http://www.sec.gov/info/iaicccoutreach.htm.

RIAs definitely have more flexibility over registered reps when it comes to the use of the Internet. However, common sense must always prevail when using the Internet to avoid publishing security recommendations or any testimonial, which are explicitly prohibited by the SEC and state regulatory authorities.


"Convert Website Visitors into Leads"

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You should use a strong call to action to convert website visitors into leads for your business, according to “Strong Call to Action – Convert Website Visitors into Leads” on the Hubspot website. If visitors give you their contact information, they’re one step closer to becoming clients.

Hubspot advises you to:

  1. Keep it Simple.
  2. Make it Obvious.
  3. Most Important: Make it Valuable.

For example, I observe these rules on my InvestmentWriting.com website by:

  1. Saying simply “Receive My E-newsletter!” on my sign-up box 
  2. Placing the sign-up box in the upper right-hand corner of every page of my website
  3. Offering value by providing a monthly e-newsletter

How could you apply these tips to your website? If you’re an investment manager, consider offering an email subscription to your investment commentary.