6 ways to do a better job educating your clients

July 05, 2017 by Katelyn Rattray

Two advisors work to improve how they educate their clients.

About the author

Katelyn Rattray

Senior content marketing specialist

With a background in content marketing, public relations, and social media management in a variety of industries, Katelyn strives to deliver high-quality educational content to advisors in the financial services industry and empower them with tools to boost their marketing efforts through content marketing and technology.

Financial planning is no longer a static process, and education and continued learning should not be either. Many clients look to their advisors as a source of information and financial life coach, rather than simply a person who manages their money. It is imperative, therefore, that advisors not take this role lightly and proactively provide access to a client’s financial plan as well as relevant, educational information to increase a client’s overall financial literacy. Here are six ways advisors can be better at actively educating their clients.

Education is an important part of the financial planning process

1. Obtain a deep understanding of each client.

It is important in the client onboarding process to ensure and advisors gains a thorough understanding of a client’s demographic and financial information. In addition to this basic information, advisors should get to know the client’s personality as well as their behaviors, emotions, and financial literacy level. By obtaining a deeper understanding of each client, an advisor can better tailor education information to the client’s life and learn what style of learning may work best for them.

2. Ask them directly in what ways they learn best.

Periodically sent out brief surveys directly asking clients what materials are most beneficial to them and how they like to consume educational content. Some clients may prefer to watch videos at home or listen to a recording in the car, while some may prefer to read a hard copy of the information or want gamification to be involved. While some conclusions can be drawn about learning style from someone’s personality, it is often best to ask these questions directly to ensure accuracy.

3. Use multimedia.

The types of multimedia an advisor uses to educate his or her clients can be based off the educational preference surveys from point number two. Over time, advisors should prioritize creating an arsenal of educational content to send to their clients. Advisors can film a few quick videos of themselves explaining a financial industry topic, curate articles from trusted sources (or even write some themselves), start a financial podcast for their clients, or build some interactive worksheets for clients who may enjoy doing the research themselves. Differently styles of learning often mean leveraging different mediums with which to teach clients.

4. Host a collaborative learning session.

One (often forgotten) way to provide educational information to clients is in-person in either a one-on-one or group setting. While one-on-one educational sessions can often be held in conjunction with client meetings, think about hosting a class at a local “hot spot.” Reserve a private room as a restaurant, bar, business meeting center, or even at the advisor’s office to bring different clients (and even prospective clients) together to learn and discuss personal finance topics. Maybe some clients are nearing retirement or are looking to purchase their first home; hold a class about retirement preparation strategies or the home-buying process.

5. Connect lessons to their personal life.

Many people may struggle to grasp abstract or complex financial concepts or topics when they cannot relate it to their own personal life. This is where a deep understanding of each client from point number one can really come into play. When teaching clients about the financial aspects about things such as buying a home, having children, education planning, retirement planning, or investment strategies, relate the lesson to real-life examples. This can help clients get a better sense of the process and its effects on their financial future.

6. Provide constant access to information.

As client increase their financial literacy, it can be helpful to have consistent, convenient access to their financial plan information in order to keep these topics top of mind. By providing access to the NaviPlan® client portal, advisors make it easier for clients to contact them with questions, check their goal progress, and learn more about how what their learning from their advisor can affect their future.

To learn more about providing higher value to clients throughout the financial planning process, click here.