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5THINGS: Offering Financial Advice


Blog February 27, 2018 by Melinda Deines
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5THINGS: Offering Financial Advice

Melinda Deines discusses the five most important things that banks need to know about offering financial advice.

1. Your customers don’t trust you

The first one might be a bit hard to swallow, but it is that your customers don’t really have a lot of reasons to trust you right now, as much as you may think that you are being transparent, open, and communicating that you’re a great place to put your money. The subprime mortgage scandal and other issues, from financial institutions such as Equifax and Wells Fargo, are really present in people’s minds. So banks are really going to bring their “A” game when it comes to not just communicating that they’re trustworthy, but by being trustworthy.

2. Most customers turn to family and friends for advice

The scary reality is that most people are getting their advice about their money from family and friends. These family and friends may have some expertise or they may not. So this means there’s really an opportunity for banks to fill that gap.

3. Most customers turn to family and friends for advice

We need to make sure that banks are offering their best advice, not just selling products. I think part of the reason that banks aren’t doing as well with offering financial advice is that people feel that they’re just being sold to. People really sense that, so we need to rethink how we are offering advice? Are we selling it, or are we making sure that we’re doing the best that we can for the consumer?

4. Your advice needs to be consistent across all platforms

Next thing is that your advice needs to be consistent across all platforms. People are going to look this up on the internet and they’re going to talk to their friends, so if what they’re getting on the internet and on the phone, and in the branch, are all different, this is gonna represent a big problem for banks. Especially when it comes to the trust issue, so banks need to make sure that they are consistently offering the same thing across all platforms and to all customers.

5. Customers will double-check your work

The last thing is that customers are going to know if they’re not getting what they want. They’re going to know if they’re not getting the best advice. They’re gonna go look it up on the internet, so make sure that you’re putting your best foot forward and offering the best that you can.

Are you interested in driving more advice-centric customer relationships with your clients? We have resources:

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