Advisors, are you communicating in the right way?News added by Benefits Pro on June 6, 2014

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Joined: September 07, 2011

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By Nick Thornton

It sounds a lot like marital advice.

According to research from Pershing LLC, a BNY Mellon company, advisors who listen to clients and adapt to their communications preferences and expectations are more successful than those who do not.

Study of Advisory Success addresses the challenges advisors face in identifying the touch points clients most value.

The advent of smartphones and social media, not to mention investor trepidation in the aftermath of the financial crisis, means people want and need a consistent flow of information concerning their investments.

“With the proliferation of different touch points and a greater apprehension of financial risk, clients expect more frequent, tailored communications in real time, and many advisors have not yet developed a consistent communications strategy,” says Kim Dellarocca, a managing director at Pershing. “It is essential for advisors to understand how, where and when current and potential clients prefer to communicate.”

The study shows that a focus on an advisor’s personal brand, as opposed to their firm’s, can yield traction with clients. More than half of the advisors surveyed agreed that their personal brand is more important than their firm’s. Yet their personal value-proposition is often not articulated: one out of three advisors is missing a mission statement on their personal website.

Pershing also found that two out of five advisors don’t use social media in their business. Of those that do, 73 percent reported a positive impact on their business. More than half feel they haven’t invested enough time with social media. The study notes that a lack of social media presence could strongly deter millennial prospects.

Curating online content can be valuable for servicing existing clients and mining for new ones, but many advisors cite a lack of time to do so.

“With client communication channels and protocols continuing to evolve, what advisors say and how quickly they respond counts more than ever,” Dellarocca said. The bottom line?

“If they are not sure how their clients prefer to communicate, they should ask,” she said.

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