Protecting Trail Commission
Protecting Trail - Fund Based Commissions - Sep 2011
So it is out there ... The BBC and Massow are attacking your renewal and fund based commissions.
Many of us will already have client agreements in place that have trail commission built in to support ongoing servicing of our clients. Some advisers will not ... YOU NEED TO ACT FAST
Forgive us if these tips are simple, but simple input means simple outcomes resulting in you protecting your servicing income when regulators come calling:
1. Issue a new terms of business this month including your ongoing servicing options:
- We use a simple Bronze, Silver, Gold and Platinum service level for clients to choose. See our Money MOT service
- Produce a simple factsheet/flyer detailing what your ongoing service is
- Keep reminding your clients what you do for them behind the scenes
2. Issuing a regular Newsletter (Paper and PDF)
- These costs just a few hundred pounds from many sources, you don't even have to write one yourself and many services include a front page story entry including your branding
3. Issue regular Emails
- We issue both weekly and a larger monthly news emails to clients using simple email merge programs
- We also issue a progress update email every week to clients on their case position
4. Use Social Media for instant updates
- We use FaceBook, YouTube and Twitter accounts for clients to access weekly and daily updates .. it does not have to be much but simple snippets of what's going on in the World of finance that day
5. Text Messages
- We use skype to issue hundreds of text messages every month or set up a mailing list on your mobile phone (if you have a text package)
- When concluding your meeting with a client, agree your next review/meeting date
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