- There’s the Wikileaks phenomenon, in which a so-called non-profit releases government documents by the truckload, unmindful of collateral damage to diplomats, soldiers, and non-governmental organization (NGO) staff.
- We have celebrities and former politicians publishing “kiss-and-tell” books and tweeting on Twitter, savaging former colleagues to generate buzz and cash.
- On Facebook, we see millions of Americans dishing dirt about their friends and family. And Facebook itself is profiting by selling member data to third parties.
The result? A pervasive sense in our culture that keeping confidences no longer matters. Talk about a marketing opportunity for financial advisors!
In the age of Wikileaks, an advisor who can lock down a client’s information (both hard and soft data) is an advisor who can be trusted. Since trusted advisors are what people want so desperately, making “confidentiality” a centerpiece of your marketing makes great sense.
Advisors are already starting to do this. At Forthright Financial Planning in Albuquerque, New Mexico, owner Jenny Migdal, CFP, made “privacy” one of the six main menu items on her web site. When clients click on it, here’s what they see:
“The reason we value confidentiality is that financial and life planning is a deeply personal encounter. In order to facilitate open and honest communication, you need to know that your choices, your decision-making process, and your future plans are kept confidential.” She then goes on to assure clients that she’ll never disclose their working relationship to friends and family.
So how do you leverage your confidentiality policy to advance your business? Here are a few points to consider.
- First, make sure you have such a policy. And not just dry legal boilerplate, but a strong statement of belief (a la Migdal).
- Second, be sure you can deliver on your policy. This means having written procedures in place for locking down your practice. We will discuss these further in next month’s column.
- Third, create a privacy-driven company culture. Talk it up at staff meetings. Give rewards for appropriate behavior. Stress that your firm will live and die by how well it protects client privacy. Walk the talk yourself.
- Fourth and finally, move confidentiality “above the fold” in your marketing program. Highlight it your brochure, web site, and seminars. And make it a “talking point” during all client meetings.
In short, try hard to replace loose lips in your office with locked lips. Psst, don’t tell anybody, but this is a great marketing message. Run with it now!