Many advice businesses could minimise their operational pressures and alleviate some of the stress when the commencement of the FOFA reforms come into place on July 1 by utilising effective social media strategies. Social media platforms can help advisers, communicate to the customers to transition into the new regime while improving process effectiveness and efficiencies, reduce transaction costs and improve productivity.
There are many different avenues where a client can be informed, notified and educated and one of the more successful avenues is via video, either through YouTube or uploaded via email. Information like Fee Disclosure Statements, FAQ, and general advice can easily be uploaded and shared via YouTube – it is easily accessible and is more engaging to your client than a long winded email. By leveraging social media platforms like Likedin, YouTube and Twitter you can inform your clients, educate and answer queries. It is a cost effective and time efficient way of assuring your client that their needs are paramount. By producing regular updates and videos you are educating your client on the industry changes, reinforcing your value and deepening your rapport with the client.
Advisers that don’t make use of social media are missing a great opportunity to be able to regularly interact with their client on a personal level, remind their client of the fees they have paid, and inform them of the changes in the requirements. Furthermore, it is a proactive and practical way to ensure the client that there money is being effectively and efficiently utilised.