Where clients get their financial news matters –

2 Reasons Why

In this age of information overload, the options for financial news and information seem endless. To gauge how and where American consumers are finding their financial information, MDRT recently partnered with YouGov to survey more than 3,600 American consumers.

Of the MDRT survey results, two key findings stood out, as they can help advisors provide better service to their clients and fulfill their needs during these times. These survey findings showcase the importance of advisors being consumers’ immediate resource when seeking financial information.

Key Survey Finding #1: Americans with a financial advisor were equally as likely to seek information from their family, friends or co-workers as Americans who did not have an advisor.

Takeaway #1: The importance your clients place on your advice hinges on the strength of your relationships with them. More often than not, consumers turn to their family or friends for financial advice because they view them as a trustworthy, familiar source.

By deepening your relationship with clients, you increase their comfortability, making it more likely they’ll reach out to you first. Communicating with clients consistently helps you build that level of trust and familiarity. According to a previous MDRT survey, 47% American consumers are more likely to trust advisors who proactively reach out to touch base on their needs. If you haven’t heard from a client in a few months, send a quick text message to check in and ask if they have any questions about recent policy changes, or big life updates that may impact their financial plan. The more you show your dedication to their needs, the greater their trust in your expertise will become, leading them to rely on you for resources and information.

Key Survey Finding #2: 29% of Americans overall get their financial information from professionals, compared to 25% of millennials and 17% of Generation Z who refer to financial experts. However, 23% of Americans overall get their information from social media and streaming platforms, while 41% of Generation Z and 36% of millennials rely heavily on digital resources.

Takeaway #2: Both millennials and adult members of Generation Z are becoming more aware of their need for financial expertise – but they’re not taking the traditional route to receive their information. The younger generations strongly believe in what they can find online, so advisors would do well to interact with them where they’re at.

Because Millennials and Generation Z prefer to access solutions digitally, consider presenting your expertise in an easily digestible digital format. For example, create a FAQ sheet answering commonly asked financial planning questions and upload that information to your social media accounts and website. This will present those seeking answers online with necessary information, while simultaneously directing them to your practice for more information. The strength of your online presence will increase your credibility with those more enveloped in the digital world.

In these unpredictable times, it’s crucial for advisors to ensure that they provide clients with the best possible service. The pandemic continues to put a strain on the financial situation of many American consumers, making it more necessary than ever for them to turn to financial professionals with their concerns. By strengthening your client relationships and connecting digitally with younger generations, you can offer best-in-class service to suit your clients’ needs and reach a larger audience.

Article provided by MDRT, the Premier Association of Financial Professionals®. For more information, visit mdrt.org and follow on Twitter at @MDRtweet.