Wealth professionals in the SMSF space will better interact with and capture next generation trustees by sticking to their key issues rather than getting into the finer details of strategies.
“We find that it’s key to keep things very simple and to just explain the big picture,” ChangeGPS director Tim Munro told the No More Practice Live Event in Sydney this month.
“I’ve seen advice get bogged down when talking to clients about various strategies that they can do and the client’s [attention] is already gone.
“You’ve probably got a five-minute period for the client’s attention span because they’re looking at their watch, checking their mobile for messages and thinking about other things, so you need to hit them with the key issues.”
Munro said the technique his business used to convey the big picture to clients was illustrating it.
“We draw it up on a whiteboard to keep it fresh and real – we don’t get fancy with PowerPoint presentations or anything like that,” he said.
“We draw the SMSF, mum and dad, draw some life insurance, draw some properties or investments, whatever it might be, in order to get the big picture.
“SMSFs aren’t the solution, they’re part of an overall solution, so when the client sees how it fits, they’re very happy that someone’s brought it all together and they can see a way forward.”
SMSF professionals had a duty to steer clients in the right direction with education and knowledge, he said.
“We are educators to our clients and that’s what they love,” he said.
“We’ve got to skill ourselves up to be able to communicate simply and educate them about the [broader issue] than bog them down with strategies.”
