Quilter has launched a new client communication guide to help financial advisers deliver messages to clients more effectively, as part of its Consumer Duty support.
The multinational wealth management company used behavioural science principles to create a framework for advisers to assist them to meet the Consumer Duty’s ‘Consumer Understanding’ outcome.
Quilter has named the framework CLEAR, which is an acronym of Capture my attention, Lighten the load, Explain what it means for me, Arrange the content simply and Reassure me.
Within each element of CLEAR, Quilter has provided advisers with two behavioural science techniques.
The business stated these will help advisers meet the Consumer Duty rules when supporting customers to make effective decisions.
The Consumer Duty highlights five points which represent good practice – engaging, layering, simple, relevant and well-timed.
Quilter is in the process of adopting the CLEAR framework for all of its client-facing materials it produces. It also uses consumer testing of its materials to understand the impact of these communications.
Quilter marketing director Jeremy Mugridge said: “The Financial Conduct Authority has set a clear expectation within its Consumer Duty about how providers should be supporting customers in their decision-making process.
“Client communications are critical to this and very easy to get wrong. As a result, we wanted to share a few simple and practical tips with advisers to not only get their communications working as the FCA would expect, but also working better for their business.
“Using behavioural science is a great way to remove some of the psychological barriers and harness the behavioural drivers that humans naturally have in order to promote better understanding.
“We have seen a great response in consumer testing on our communications as a result of the CLEAR principles. Not every principle of CLEAR has to be used every time, but it will provide advisers with a straightforward and easy to use framework for both regular and ad-hoc communications.”
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