This series of blogs has been looking at the changes to the MiFID II which is coming into effect on 3rd January 2018. We focused initially on the client fee agreement then looked at developing a culture of trust particularly through change and conclude by looking at the role of client communications. For more information, click here.
This final blog therefore is designed to give tips in communicating these changes to your clients to help them fully understand how they are likely to be affected. The main aim here is to view everything from a client perspective – what is in it for them with the change? Explain how the changes will mean enhanced visibility and increasingly proactive communications to deliver an excellent service.
Translate into ‘client speak’
Before meeting your clients to discuss the changes, try translating the technical jargon into client speak. Look at all aspects which are relevant to your client and their situations and plan how you would explain it to them. Your clients will not be interested in aspects which are irrelevant or over complicate matters so think of what it is they will really want to know and stay focused to avoid stress and confusion.
Presenting the message
After understanding what it is your clients are most likely expecting from you, the final thing is to consider how to present the news to them. Be sure to speak in a client-friendly manner and avoid any complicated terms. Try to fully demonstrate the information to your client. This is not just about the language you use. Using graphics can be just as an effective part of your armoury in client communications rather than another tick box of industry requirements which could potentially alienate them from clients.
Provide an understanding
This is important for reassuring clients about the costs going into the service and viewing everything from their perspective. Clients also need to be aware of how the changes benefit them. Therefore, advisers need to emphasise how the changes create enhanced visibility and increasingly proactive communication to deliver an excellent service.
So, by proactively communicating and putting in measures to further build a trusting relationship and client loyalty this should help in managing the change in communications which ties in with the introduction of MIFID II.