Each day, as the saying goes, the “plot continues to thicken” as the fate of the Fiduciary Rule remains unclear. But regardless of whether the new administration puts a halt to it or not, a crystal-clear communications campaign on where your company stands on fiduciary responsibilities will be critical. And not just to your agents, your current and future clients need reassurance, too.
Why? Because the American people are paying close attention. The Fiduciary Rule requires advisors to work in the best interests of their clients to protect millions of retirees from being steered into inappropriate high-cost or high-risk investments because they generate bigger profits for brokers. And, you can be sure consumers have an ear to the ground on this one just ask Senator Elizabeth Warren. She says keep the rule because Wall Street wants it. And why does Wall Street want it? Because they feel it will maintain the public’s trust. That’s a great point.
But there are many who agree with the President and feel too many regulations are hurting financial businesses and there are certainly some valid points on that side of the fence as well. Regardless of which side you’re on – halting the rule altogether – or planning to change practices to meet the regulation’s standard halted or not, you need to be prepared.
Building Tools for Agents
Your agents are extremely busy, so making it as easy as possible to comply with the new policies you put in place, and properly field questions from clients, is essential to your success. We’ve found that digital tools are a cost-effective and efficient way to be sure your agents understand and comply with these important policies.
A Multi-Touch Campaign for Clients
When it comes to reaching clients with important information, a multi-touch campaign is a must. A unique and engaging direct mail piece should be the main feature. Complimentary components could include email, Social, print ads or marketing collateral. And of course, don’t neglect your website. That’s the first place you should go to get some initial messages out and build on content as new information is available.
The Lift Factor Can Help
The Lift Factor is currently working with financial clients on fiduciary-specific communications campaigns and we can help you, too. For one client, we created a personalized digital tool for agents that features an interactive risk meter to help educate them on their fiduciary responsibilities in a quick, engaging and easy-to-understand format. We’re also creating a variety of print, marketing and social campaigns.