Compliance Tip#1: The Customer Renewal Process

After speaking with many advisers, one of the main areas of concern, is the ability to handle the compliance requirements around the customer renewal process. In some cases, I find some advisers actively looking to sell off their books with the view that they can just focus on getting new clients. I struggle with this strategy for two reasons. Surely your existing clients are your best connection to the market for referrals and cross selling opportunities and secondly selling off unmanaged customers carries a compliance liability for the buyer.

We see the renewal process as an opportunity to strengthen the customer relationship through providing a positive customer experience whilst managing compliance risk, saving you time and generating potential leads through referrals. Ultimately this process adds to the advisers book value.

So what in particular does the renewal process focus on?

Well, managing the renewal process for a small number of clients is fine using manual systems. You might set a task of calling each client, sending an email for a review meeting and actively recording all the customer interactions in a spreadsheet or your CRM. Now try and expand this to 500 or over 10,000 customers. Combine this with the fact that you may want to treat some customers in a more personalised fashion whilst managing others with different meeting options such as a call, web meeting or face-to-face meeting, then the process of managing these tasks quickly becomes overwhelming and can also escalate your compliance risk.

Automation tools allow you to manage this process and scale up without needing to add significant resource.

In addressing the renewal process, these are the areas you should look to automate:

1: Break your customers into groups starting from your premium clients through to your general clients. This will allow you to decide how best you deal with each customer group. Then you can see how you can communicate the renewal process at the same time as you work out the potential time commitment against each group e.g. the premium group may involve the setting up of a one-on-one review meeting, whilst other groups may be best suited to a call back, for the review.

2: Decide what communication channel is appropriate for each group e.g. some may be via Email, Mail, Text or direct phone calls. Automation can play a critical part in a multi-channel communication strategy e.g. systems can use text messaging in the case of an email failing or not being available. Using text, you can send a client a message directly to their mobile and through a simple link, get the customer to update their new email address and preferred communication method.

3: Automate timed events. Tracking events such as when an email renewal request was sent, opened and interacted with, gives you an ability to decide how you can best to take action to save time. This allows you to provide a greater customer experience, e.g. if you send out an email and it is not responded to within a defined timeline, you can fall-back to an SMS message or add the customer to a phone follow-up call list.

4: Track all interactions. Make sure that your systems are recording all customer communications and interactions. Part of the new FMA requirements is that you can demonstrate that you are engaging and providing value to your customers. In an audit, this will require that you demonstrate and provide evidence, so it is important that you put these processes in place.

5: Marketing Automation Tools. We recommend that you look for automation tools that are integrated into your existing CRM (Customer Relationship Management) system. The more streamlined the information flow, the easier your systems are to manage. No one wants to be updating information in multiple places. The implementation of these processes and systems will not only save you time but will also provide a better customer experience whilst reducing your compliance risk.

By Damian McDonald CEO Advisor Promoter


Damian McDonald

What is Marketing Automation

Marketing automation refers to the software that exists with the goal of automating marketing actions. Many marketing departments have to automate repetitive tasks such as emails, social media, SMS’s and other marketing actions. The technology of marketing automation makes these tasks easier to run and manage.

At its best, marketing automation is software and tactics that allow companies to buy and sell efficiently, that is, to nurture prospects with personalized, useful content that helps convert prospects to customers and turn customers into delighted customers. This type of marketing automation typically generates significant new revenue for companies, and provides an excellent return on the investment required.


Damian McDonald

Marketing with Insurance

You might wonder why you would choose a sector such as Insurance or Finance to develop a specialized marketing solution. It really came about through my own experience with the sector from a customer and marketer’s perspective. I was contacted over the phone by someone doing random calls about reviewing my insurance so I thought why not, it had been 5 years since I had updated my policy and in fact about the same time since I had seen or heard from my current advisor. This got me thinking, 5 years is a long time not to hear from your advisor. Your existing policies may not be meeting your current needs and you may have better cover options given your new situation. I met with the new advisor who raised a concern about some of the cover that I already had in place so I decided to send an email to my current advisor to get clarification. Needless to say, the old advisor was on the doorstep the next day to rebuild the relationship and try and keep the business. This should never have got to this point, a system should have been in place to keep the relationship and keep me informed of the value proposition of my current policies.

This was the foundation to develop Advisor Promoter, through partnering with the best consultants in the market and utilizing a fully integrated marketing platform designed for the industry. The Advisor Promoter team have developed very advanced marketing campaigns to help build and nurture customer and advisor relationships. This has been made possible through utilizing the Moberate Technology that is designed from the group up for mobile devices but more importantly very simple to use for advisors.

Design, Marketing

Damian McDonald

Getting Started with Advisor Promoter

The nice thing about Advisor Promoter is that you need no marketing experience to use it. We have designed the campaigns so that they all run in the background, nurturing and creating leads as they run. We work with you to setup your system to get it configured so the process is as painless as possible. If you can make a phone call on your smartphone, you will be able to use our application.

From the ground up, the system has been designed for ease and simplicity. The last thing we wanted to impose on any advisor is the need to understand marketing automation let alone manage a system. We have done all the hard work so you don’t have to. You can rest assured your campaigns are continually managed to help you get the best results from your marketing.

Implementation, Marketing

Damian McDonald