Winning Client Trust by Chris Davies

Author:Chris Davies [Davies, Chris]
Language: eng
Format: epub
ISBN: 978-1-907722-81-3
Publisher: Ecademy Press
Published: 2011-07-15T00:00:00+00:00

7.7 Summary

When pulling marketing strategies together it is so important to begin with a clear understanding of the consumers’ needs, wants and beliefs. By incorporating all the above i.e. a multiple approach to marketing and basing this strongly on behavioural economics financial services can begin to rebuild trust in society.

• A multiple approach will mean that the consumer ends up with a clear understanding of financial services and its associated costs and ensure that Which? magazine’s concerns regarding a complete ignorance of the costs of fee based advice charging are overcome.

• Marketing though multiple strategies incorporating transparency of the value chain, education of the consumers’ psychological contract with their finances, a ‘flip funnel’ approach and the use of social media will help generations Y & Z find a way to an improved and sustainable relationship with their finances.

• Simplicity, ease of information and meaning: 3 strategies that work and add value.

• Specific use of social media can personalise the business strategy and inform and educate clients at the same time.

24 Lipper, Thomson Reuters. 2009. White Paper. Review of UK fund fees.

25 Datamonitor research store. 2011. UK Wrap Platforms

26 Currently UK public sector net debt is £867.2 billion. (or 57.6% of National GDP - note this excludes financial sector intervention

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