BT’s annual study tour this year took advisers to the United Kingdom.
The five-day trip included meetings with advisers, investors and industry bodies. This short article is part of a series of key lessons learnt from the trip.
Several practices in the UK have become innovative in the way they engage with other workplaces, whether or not they have a business arrangement with individuals in those companies.
One London-based planning firm actively engages with larger workplaces in its region, offering educational sessions for staff. That gives the employer in those workplaces the opportunity to provide a service to employees, as well as provides the adviser with opportunities to meet prospective clients.
Mercer’s active engagement
One example on the BT UK Study Tour was provided by Mercer, which, similar to its practice in Australia, offers retirement products.
Underlying Mercer’s workplace engagement activity are three principles – advice, guidance and education.
Mercer runs seminars and webinars, and offers small group sessions face-to-face, for team members to discuss topics, such as investment advice, insurance and whether people have enough to retire on.
Mercer puts engagement at the heart of its business strategy. It has shifted from a minimum standards approach to multiple touch points. It meets clients regularly, and subsequently follows up on those conversations. Its approach is to take a holistic view of a client, providing a range of services.
Mercer looks to provide clients with additional services from its parent group, and provides regular newsletters, client webinars, and face-to-face gatherings.
The take-away lesson for Australian advisers: There is an opportunity to engage with large and medium corporates to provide education, which could lead to an opportunity to convert clients.
