Professional advisers have an obligation to keep their clients informed of changes in, or the application of, legislation; and by doing this they also reduce the risk of negligence claims.
The cry of “You never told me that…” are words that advisers never want to hear and most practices have organised regular updates to solve this problem.
Broad brooms
Unfortunately, the cost of monitoring all clients to figure out which updates they will benefit from would be a time consuming process and one that most clients would be unlikely to pay for…
Which means advisers are obliged to adopt a broad-broom approach and as a direct consequence, communications sent in this way may not be read.
Filtering for relevance
One way to approach this conundrum is to make sure that we read our updates, pick up on the major issues, and select the key clients and prospects that may be affected. In this way we can phone or send a personal email pointing out the relevance of legislative changes and an invitation to meet and discuss.
Win-win outcome
In this way we can aim for a win-win outcome. Clients feel cared for and informed and firms have an opportunity to cross-sell solutions that may otherwise appear at some future date as a significant problem.
The process may involve the investment of time, but the outcomes will surely be worth the effort?
How Landmark can help
Landmark’s Fee Builder service points in this direction. It provides resources and implementation strategies that focus on these issues, tax and business development matters that would benefit from the advice you could give to achieve a satisfactory outcome.
During the winter period 2021-22, we are offering free access to all our Fee Builder resources issued in this period.
