Republican pollster and business consultant Frank Luntz has some tips for how financial advisors should communicate to current and prospective clients.
At this week’s Inside ETFs conference in Hollywood, Florida, Luntz presented his recommendations, which he has tested in his own polling research. They stress the need for advisors to use language that relates to their clients, not to themselves or their own needs.
Choose the right words, avoid the wrong ones
You might say, “You’ve worked hard for your money. Now it’s time for your money to work for you.” Don’t say something like, ”When it’s time to prepare for a better tomorrow, you can count on us.”
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That focuses too much on the advisor, not the client, said Luntz.
Don’t use the word “product”
“It means ‘sales’ to the average investor,” said Luntz. Talk instead about how your client deserves security and independence in retirement.
Clients want your services, not your products, said Luntz. “Nothing matters more than being well-served.”
Focus on your clients’ peace of mind
That is what people want in their lives and in their investments, said Luntz. Say something like “The markets can be unpredictable but your retirement planning doesn’t have to be.” That communicates to the investor that he or she is in charge, said Luntz.
If you can give people peace of mind it will make a difference for you,” said Luntz. Use proven investment strategies that can deliver that peace of mind when markets are good or bad.
When you meet with clients anywhere but Silicon Valley, wear a suit and tie, said Luntz. “It communicates trust,” the “attribute that matters most” for clients.