'As an adviser, how can I improve consumer understanding and engagement?'
Consumer understanding and engagement are key aspects of the consumer duty that advisers must embrace.
The regulatory focus on consumer understanding is justified, as clear and concise information empowers individuals to make timely and informed decisions.
As a financial adviser, your primary goal is to ensure your clients are well informed and actively involved in the decision-making process regarding their finances.
By effectively engaging consumers and improving their understanding of financial matters, you can build trust, foster long-term relationships and achieve positive outcomes.
Over the past five years we have dedicated ourselves to assisting firms in enhancing their clients’ engagement and comprehension of crucial topics.
Achieving the creation of effective and captivating communications that are easily comprehensible to clients requires the implementation of a diverse range of techniques.
At Money Alive we employ numerous methods outlined below to craft our compelling box-sets, and you too can incorporate these techniques into your own communications to increase consumer understanding and engagement.
Logical flow of information/layering: Ensure information is presented in a logical and intuitive order, with more detailed information provided in layers.
Bite-sized chunks: Break down information into small, easily digestible pieces to improve comprehension.
Headings: Use clear and descriptive headings to organise information.
Bullet points: Use bullet points to break down complex information into digestible chunks.
Font size: Use an appropriate font size that is easy to read.
Clarity of font: Choose a clear and legible font to enhance readability.
Tables: Use tables to present data in an organised and easy-to-understand manner.
Colour: Use colour sparingly and purposefully to highlight important information or add visual interest.
Diagrams: Use diagrams to illustrate complex concepts and make them easier to understand.
Graphics: Use graphics to enhance visual appeal and aid comprehension.
Jargon-free: Avoid using technical jargon that may be difficult for some to understand.
Removal of technical terms (or explanation): Consider removing technical terms altogether or providing clear explanations to ensure all clients can understand.
Accessibility: Ensure all information is accessible to users with disabilities (audio/video/closed captions)
Summaries: Include summaries or key takeaways to help clients quickly understand the main points.
Case studies/examples: Use case studies or examples to make information more relatable and understandable.
Unbiased: Present information in an objective and unbiased manner.
Key information visibility: Ensure key information is prominently displayed and not hidden away.
Brief and to the point: Keep communications concise and to the point to avoid overwhelming clients with too much information. With more complex communications this is not always possible, so break down into bite-sized chunks.
Consistency: Ensure all communications are consistent with each other in terms of words, tone, style and formatting.
Other considerations: Take into account timing and placement of communications within the larger advice process.
