Video has become one of the highest impact ways for advisors to drive loyalty, trust and wallet share, and if there were any skeptics in the room, COVID-19 surely has cleared them out.
The power of video is its ability to convey authenticity and simulate that human-to-human connection. Therefore, it’s no surprise that as video conferencing dominates, pre-shot do-it-yourself (DIY) style video has begun to make a strong appearance across advisors’ prospect and client experiences.
Advisors are leveraging the power of video to build trust on the front end so that by the time a prospect meets with them, they feel like they already know them. Likewise, when used across the client experience, advisors are able to add value to clients beyond the traditional semi-annual meetings.
This lets advisors stay in front of clients to further build confidence. It’s the celebrity effect — even though you’ve only seen them on the screen, you develop a connection as if you’ve seen them in person.
The power of video is undeniable, and yet, the biggest stumbling blocks for advisors to get up and running on video are building the confidence to do it well and overcoming the fear of compliance complexities. To address this, we developed a five-point list of guidelines for advisors looking to develop and distribute compliant video content:
1. Advisor Training
To develop a replicable process for creating videos, and to ensure all videos follow the necessary guidelines, it is critical that those handling marketing efforts for advisory firms work hand-in-hand with Chief Compliance Officers (CCOs) to create video-specific training for the firm’s advisors.
This training should tackle both compliance expectations as well as brand considerations such as on-camera presence, backdrops, expected dress, and tone. This will help to ensure that all video content created and distributed aligns both with the firm’s marketing standards, as well as the industry’s compliance rules.
Reading word-for-word from a teleprompter only guarantees a robotic performance that encapsulates none of video’s benefits. If advisors are adequately trained, then compliance should be able to pre-approve bulleted scripts that advisors can riff from authentically, feeling confident that the resulting recorded content aligns with the industry’s rules.