The rapid growth of the Self Managed Super Fund (SMSF) sector is well known and well documented. I was recently invited to take part in the SMSF Podcast Show by TheDunnThing, on exactly that, with a focus on how to build an SMSF engagement strategy.
For my business, the SMSF sector is a vital part of what we do. We’re seeing that the Gen X and Gen Y demographic we typically target is changing, where the stats show 4 in every 10 new SMSF members are under 45. Consequently, we’re receiving strong enquiry from younger potential clients seeking advice on setting up SMSF funds.
While many of those younger clients may not have the funds in their super to invest right now, they’re still keen to keep up to date with what’s happening. Therefore, they’ll spend time researching market movements on line, and following key industry influencers on social media. Generally, we’re seeing a 50-50 split. Many prospects come in already armed with their own research, while others engage in the ‘barbeque banter’ that seems to be popular around discussions of SMSFs. The more their friends have set up SMSFs, the more likely they are to enquiry about their own financial future.
We actually have a process in place to help ‘build’ these relationships. Once I’ve received the initial referral, and arranged our first meeting, I’ll find them on LinkedIn if they have an account, and send a personal message to connect. When they do come in to meet me, they hopefully see me more as a trusted adviser and friend, rather than simply a referral.
Once the meeting has taken place, we invite them to be included on our e-newsletter distribution list, and I’ll also follow them on Twitter, if they’re using it, so that they’re consistently connected to me and the whole JBS team on a number of different platforms. Therefore, things like e-newsletters work really well for us, as well as connecting to this demographic through our Facebook site.
The idea behind it is to keep them engaged, so when time comes when they have the opportunity to establish a SMSF, they’ll come to us from a purchase point of view first. This is because we’ve taken the time to build the relationship and establish a sense of trust. Our aim is that our strategy will enable us to stand out from the crowd.
