Beyond the Broadcast: Building Relationships in Wealth Management

Hello and welcome to the show. Before we begin, the usual apologies. I am not going to be setting up the recording booth today, so let's expect to hear some noise in the background because the munchkins are home and it's a weekend. So. Yeah, Well, that's it. Oh yeah. Then also apologies for last night's episode because I think I was really tired and I'm not sure how much of that came across in my voice, but even though I was tired and and half asleep, I hope I was still able to make sense in yesterday's episode.

Now today is also going to be another detour before we get back to the topic of things that are causing your sales team to not sell effectively or causing your sales, your sales efforts to go to spiral downwards. So after we're done with today's episode, then we'll get back to that. Now, the reason why I'm making the detour today is because I received, sorry, one moment. I'm looking at my device right now. I'm trying to pull up the message because what we're going to do today is going to be a tear down.

Yeah. So I received a message from a from a vendor who is involved in the wealth management space. And once I got the message, I just, I figured out that there are probably a bunch of you who are trying to do business the same way by sending your customers or your previous customers this message. And so I figured, let me just make this episode real quick so that for those of you who are planning these sorts of campaigns, you know, you can take the helpful advice I'm about to dish out into take that into cognizance.

So today's episode is going to be a messaging tear down. We're going to look at the message, what did the person do? What could they have done better? And then for those of us who are planning to do similar campaigns, whether on WhatsApp or e-mail, how can we do better? So like I said, I received this message from a vendor in the wealth management space. And that's because after the birth of my first son many years ago, my father-in-law and a bunch of other people, I mean,

you know how it is now in Niger, you know, you have your child as your first child. Everybody's excited. And so people start to drop back, you know, and as people are dropping small, small, small, small, you know, all those amounts, they, they, they add up. Now in typical TG fashion, Well, TG, that's me, by the way, Tavi Schumer, George was on my initials. So in typical TG fashion, with all that money coming in, you know, I would have thought, oh,

well, this is good. It means we can flex a bit. But then my wife recommended we put it in investments and that was a sensible idea. And that is why sometimes when people say that being married to your spouse is the most significant decision that you can make for wealth accumulation, I mean, sometimes those people are spot on because left to me would have just flexed it all up. But she says, put it in investments. Yeah, it makes sense.

And so that's what we did many years ago when he was born. So that is how we began the journey with this current set of wealth managers. And some of you don't think much about it, but there are a bunch of us who are in this situation. You know, your first child is born, you know, people reach out, somebody sends you 10K20K, you know 50K. Before you know it, you add up everything. It's like, Oh my, this is 800 K, not bad.

And then you go to GT Bank because GT Bank has the smart kids save account, or rather they used to have the smart kids save account, SKS, I'm not sure if they still have it. And they put all the money there. So this is the sort of thing that I'm that I'm talking about. So, you know, this is how a lot of us enter into these sorts of arrangements. So anyway, this is how we got into the situation. This is how we started doing business with this wealth manager.

I'm not going to say who the wealth manager is because I'm not trying to spoil the market. I'm just trying to use this as an example to show how we can do our business communications better, whatsapping our emailing or whatever. So the thing starts off, dear valued customer with all the tech that is available today and with all the things that you both can do with all these fancy stuff. You know, I don't do these sorts of things, but there are some of you who are e-mail marketing specialists and you know who have e-mail marketing specialists on your team and things like that.

You know, there's the tech available that allows you, even though this is a broadcast, it allows it to show up in somebody's inbox as dear TGIED or dear Tavishima or no dear Mr. IED or dear whatever. But then dear valued customer, remember how I've been talking about on the podcast about how we should at least pretend that somebody is receiving a personalized and relevant image, Sorry, not image. What's the word message?

Excuse me now someone is receiving a personalized message. So nothing says broadcast more than dear valued customer, especially since I got this over on WhatsApp. So with what I've been saying about personalization, I mean, just think about it. If you're going to send this sort of thing and you're in the wealth management space, can you at the very least get a Bluetooth keyboard? And then when you have this message ready, you click Control C that is copy.

Then you start scrolling through your phone and then you click on somebody and then you click on Control V that is paste. Then you now delete valued customer and then you put the person's name there. In fact, if you've been flying with the person, if you have some rapport with the person, let's say every time you talk to the guy, you call him Adogu, or every time you talk to the girl, you call her Madam CC or something.

Just remove valued customer and then just write Madam CC and then hit send. Now I know the reason why a lot of you don't want to do it because you guys will be thinking Omo I have 2000 contacts on WhatsApp you want me to be doing control control paste on top 2000 contacts. The thing is we should be thinking about being effective not efficient. And this is the difference. Going to WhatsApp highlighting 2000 contacts and then send broadcast message and it says dear valued customer, some people might respond, some people might not respond.

But trust me, the response rate on the general broadcast is going to be low. If you want to increase the odds instead of saying you will send this thing to 2000 people in one night, how about giving yourself a brain and say that OK, a work day is Monday, Tuesday, Wednesday, Thursday, Friday. I have 2000 contacts 5 into 2000 is is what is that 400? I think if I get the answer, sorry, excuse me. So if I got the answer wrong then I know that my old math teacher is going to be really angry with me.

But anyway, let's just assume, Sorry, excuse me, sorry about that. Where was I? OK, yeah. So let's assume that that 400 is correct. If that 400 is not correct, then you know, no Allah. So long as I'm not trying to teach you guys math, there's no problem. So if it is for 400, then that is doable for you to wake up and say, let me give myself one hour and then do control, copy, control paste for 400 contacts. And then each time instead of their value customer, I remove their value customer.

And then I put Adogo or I put Madam CC or I put sister and KG or whatever. You see that the response rate on that is going to be a whole lot higher. If you're tired of this kind of work, by the way, you're working in a wealth management firm. I'm sure your boys in IT department, they have some e-mail program that they can set the whole thing right. That's assuming you must broadcast this 2000 people in one day. I'm sure they have the software that, excuse me, that would allow it so that when the thing shows up in my own inbox, it'll be dear Tavish my IED.

And then if he shows up in my wife's inbox, it'll be dear, you know, wifey's name. I don't like using her name on on the podcast. And then if he shows up in my mom's inbox, it'll be dear my mom's name instead of all of us receiving dear valued customer. So we should be focused on being effective and not on efficiency. We're getting carried away with efficiency, efficiency, efficiency. Because you can broadcast 5000 people in one day now does not mean that you should.

What's the whole point of spamming, spamming, spamming, broadcasting, spamming, broadcasting, and then by the end of the year people are fed up of your messages and then half your people block you. What's the whole point? Just give yourself a brain when you have these campaigns and then slow things down. OK, yes, I have 5000 contacts, but I want to get this thing done right? So instead of me doing 5000 contacts in one day, let me focus on the 2/5 the month of January, 25, the month of February.

And then you walk it down to a weekly target and then to a daily target. And then it's still copy paste. It's still faster than having to type messages out all the time, but you can actually get conversations going. So any OK, ready 10 minutes. OK, let me hurry it up. Basically let me read out the rest of the message. What the problems that we're going to go through are things that for those of you who've been listening for, for a long period of time, you already are familiar with.

We're going to look at the length of the message. We're going to look at the relevance of the message. We're going to look at how impersonal it is, OK? We've already talked about how personal or impersonal the message is. And then we're going to go through this whole thing that I complain about, which is when you are talking at people in business instead of being conversational, especially for people who are in the complex sale, you don't increase your sales by talking at people.

You increase yourselves by being more conversational. If you're selling TomTom which is 10/10 naira, then you can afford to talk at people and then just broadcast and say brand new flavor of TomTom in the market. Buy 2 bags now, save 20% whatever. If it is TomTom you can broadcast from now to tomorrow. You're not disturbing anybody. People who love, OK, well, so long as you're targeting TomTom lovers, people who love the TomTom will take advantage of the offer.

But this is you're trying to do wealth management. Somebody has saved 500K, somebody has saved one M, somebody has saved 10 M You're trying to get that money into your business. This high volume approach any let me stop complaining. Let me just read the message. So dear valued customer, we've already spoken about valued customer. Pretend, try and personalize it. Try and put the person's name there somewhere. Happy new month We hope this new month brings you prosperity and success in all your endeavours.

Thank you for choosing XYZ as your trusted partner. We are grateful for your continued support and we are committed to providing you with exceptional service opportunities. There are remarkable growth in the equity market as well as treasury bill space as investment offers over 26% interest rate. Speculations have been made about reducing the interest rate, however, clients are advised to take advantage of this opportunity before reduction.

Wishing you a successful and rewarding month ahead. And then of course, you know the usual signed. So that was the message summary. The message says happy new month. I hope you guys are doing well. Thank you very much for choosing XYZ as your trusted partner. We're grateful for your continued support. There's this opportunity in the market is now 26%. The 26% may go away soon. So please try and take action on this. Now that's the summary as I'll say what my own summary of the e-mail is.

So now let's go over this message and come up with ideas about how to improve it for those of you who are doing similar tactics who want to send out these sorts of messages. So First off, lengthy, I'm sure you guys noticed that the message is a mouthful as a whole. The message is, is is plenty. It's too much. So this is the way things work now in the year 2000 and whatever, lots of people are doing business on their phone.

Even people that have laptops spend more time with their phone, not their laptops. So The thing is, lots of people are reading these sorts of WhatsApp messages or emails on their phone. There are some people who have their computer on 247, like people in the e-mail marketing space, people in the web development space. Those people, yes, steady their own laptop is on and they've connected WhatsApp to WhatsApp web and everything.

So for those people, yes, the message will show in one window pane before the average person like me. And for you listening to this podcast, that message will show up on your phone and you have to flip, flip, flip, flip, flip. You have to flip five or six times to get through the whole message. People are reading on mobile, people on everyone reading stuff, they're skimming. So the length, what I recommend people is that the length should be one or two flicks.

Let the person open this thing, see a block of text, and understand, OK, this is what the person is saying. This is what you want me to do next. You'd have to flick. Let them flick two or three times. By the time somebody's flicking 5-6 times, they're not seeing all the important stuff that you're putting in the message. So lengthy. This thing is too long. Needs to be short. Then #2 conversational. And I'll keep on stressing this as long as this podcast is here.

This thing is supposed to be conversational. Instead of sending 1 long message, you should be sending several shorter messages and you should be trying to get people into a conversation. This is a situation where you're trying to collect people's money. 5050K500K1M2M10M No matter how big or small you're trying to collect money from people, you should be trying to draw people into a conversation where you will convince them that they're better off keeping their 50K in your bank instead of keeping it in their regular GTB bank account.

Or for the person who is a big boy who has 50 M lying around. That kind of person. You definitely need to engage that kind of guy, that kind of girl into a conversation to see why they should carry their fifty M and give it to you rather than just keeping it in a simple savings account or treasury bill or investment product or whatever. That one. You definitely need to have a conversation because 50M20M5M, whatever it is, that money is not beans.

So people don't just throw around money like that. You need to be engaging people in conversation. It's a complex product. You need to have plenty small conversation. So small conversation today, small, next week small again in two days, small, small, small, small, small. That is the scope. Instead of drafting 1 long message, you put everything in the long message and then you hit send and you think that somebody's going to read and say, oh, you know what that five M that is in my account that I

don't have anything to do with. Let me just send it to this guy or let me send it to this guy. That's not how it work. There's no magic message that will get people to buy and if people respond to your magic message, it's not because you're good or it's just because the person was already set and your message just happened to come in at the right time. That one is just lock. It doesn't mean you're good. So this is how I would have recommended that this wealth manager should chop this message up.

One message would have been happy new month. How are things going with with your business? That one is just one message on WhatsApp send or one e-mail send. Of course, in there, throw in some how is wifey and that your boy, how is he now? Oh, you should be in like primary 6 now. But I was like, you know, that kind of message that one should just be one message send. Just leave it. If you're in the wealth management space and you don't have this information, you are not doing your job, correct.

If I'm a wealth manager and I'm managing Madam in case she's money best believe I will know who her husband is. I will know the number of her children. I will know their children's names. I will have it stored on my phone. So now I'm calling her to talk to her before we get down to business of which product this product just simple niceties, but I'm ketchi How now how you do? I saw your boy on Instagram. I want the guy on the big was like the guy is eating all the food in your house.

How is to cool yourself? OK, he's like 13 years old now. I'll be I will thank God for good health. You know, all these small, small talk, but I'm surprised that a lot of people who are wealth managers, in fact, this person who is my own wealth manager, my former because we don't do business with them anymore who don't even know this information. So you should know this information. So that's message number one. Happy new month.

How is business? How is wifey became them? How are they? That should be the first message send and then you wait. Some people respond, some people that will not respond. For the people who don't respond, don't worry, that's a podcast episode for another time. But for those who respond, you will continue. Then the next message will now be that whole thing of thank you very much for choosing us. We really appreciate it.

We really appreciate you. You know, you're one of our best clients. You know, something, something, something and blah, blah, blah. Send. Now there's one message, of course, people who reply. Some people will reply, some people won't reply. For those who don't reply, no problem. That's a podcast episode for another day for the people who reply, let's continue with the conversation. Can you see that now we are establishing a conversation,

Small, small cadence. We're getting into the habit. I say A, the person says B, we're having a conversation. It actually gives me a chance later on to enter into that whole 26%. This is the reason why I should act now. This is how it works people when you are selling complex products. So any The funny thing is I don't have this person's client. So it means that they even have a problem with utilizing their CRM. What she should have done he or she, they will not betray the person's sex.

They should have actually checked the CRM 1st to see who is still who are we still doing business with and blah, blah, blah, because it's important. So this message that I received, assuming I was a client, I should not have received it because I am no longer a climate a client. The e-mail they should have sent to me should have been a different sorry. The WhatsApp you should have sent to me should have been a different one.

And the angle should have been something of regret losing your business, blah blah blah. Before trying to make this picture of we have 26% let's have a talk and blah blah blah. So check your CRM tool, check your Excel sheet, check your phone, check your whatever you, your receipts, your WhatsApp messages. Get a sense this person's still a customer or not that determines the kind of message they are supposed to send. So let's pretend that we're still a, a client and I'm still a client of these people.

So message number one, happy new month. How is wife, you know how the children, how is your business? Send after I respond message #2 Thank you very much for choosing us. You're one of our real important clients. Glad that you've been with us for so many years. Send and now respond. Then message number three will now be where the person will now start entering into the cocoa, which is I'm sure you've been seeing what's up on the news because of NPR meeting wanting,

wanting, wanting. We now have a product that is offering you 26% instead of 8% that is in treasury market. I'll be how do you see it? Are you interested in that sort of thing? Send. Some people will not reply. Don't worry, that's a podcast episode for another day. For the people that respond, you're going to be able to now continue the conversation. There's some people that would say, you know, you don't mean it's 26%.

How my savings account, they're only giving Me 2%. These other people only give me the what, what magic are you doing to give me the 26%? And then you'll be able to enter into a conversation. You know how see how since it's WhatsApp, I received this message on you. Now see how as a WhatsApp message you think will be flowing, you don't have a chance to say something, to convince someone, to educate someone and to entice someone to actually take that money, whether it's 50K or whether it's five M and remove it from their GTB bank account and send it to you as the money manager.

It will also give you a sense to be able to build some urgency into it because in that message that I read out the first time, you can't really put a sense of urgency inside. But if we are chatting back and forth, you can put some urgency in it. So that look, boss, that this 26%, it's not as if it's going to be there forever because NPR does. Is it monetary MPR? Is it monetary money policy? Something, something. And it basically that's, you know, attainable And his cabinet meeting to decide on money matters, you know, where they tackle inflation rate and interest rate and everything.

So you can build urgency. Like look, Chenubu Dam, the next meeting that they're going to do is going to be September. So even this 26%, we can't guarantee you to because September, the changes and the change that we can't give you 26% again. So even this deal that I'm even bringing, bringing up to you now last last August ending, we suppose, we suppose no move because I can't guarantee you see, you can build a sense of urgency there.

That one is another message sent. You guys will chat back and forth, back and forth, back and forth. Then what I always advocate on the podcast, you try and get them to take action on something, try and get an advancement. Let there be a clear call to action. Move things forward one step at a time. So Bros or Madame Cecilia, will you be available Monday 10:00 AM. So that Uche, you remember that guy now Uche the accounts officer.

So if you are available Monday, 10:00 AM, let Uche just call you so that you guys can discuss how we'll do this thing. You know, if you're interested, you've made a specific proposal, you know, Bros. Madam Kitchi, are you available Monday, 10:00 AM. No, I'm not available. I'm doing this. I'm doing, I'm doing OK. No problem. How about Tuesday? OK, Tuesday works. I will be able to come to your office and no problem, Uche will come to the house.

Is that OK? OK, you have that thing on. You now have it. Firmly agreed. Of course, you now write it in your CRM. So customer relationship management tool. If you're using your phone as your CRM tool, you now schedule a reminder so that on Monday you will now call the Bros or you now call Madam Cecilia to remind them that don't forget to Uche is coming to the house at 10:00 AM so you guys can discuss. Also don't assume that Uche is a correct guy and he won't forget.

Also call Uche to remind him that Uche, I have set up this meeting. You better show for that meeting. If you don't show for that meeting, I will knock you on the head because the account for these people is 2 M. Our Commission is so so so and so Uche don't wanna pause hand in my Gary show up for that meeting. So you call everybody so that the meeting goes. So let me stop here with all the fiction that I've come up with so far, but I hope you guys can now appreciate that this thing would have been better,

especially since this babe sent it to me on WhatsApp. Would I be better if this was a series of conversations over WhatsApp? Small message sent. Small message sent back and forth, back and forth. Send reply. I say A, you say B Gives you a chance to actually sell and to do something rather than thinking there's this one magic message that you will that you compose. Trust me that you compose magic message because I see these things on Instagram all the time.

Use this e-mail template now to boost your business by 500%. Use these magic words to something something get someone to buy now this dot dot dot dot you should stop looking for magic. Stop this whole magic e-mail magic whatever thing. But I I confess and I agree one thing that this process is work. I agree this thing is tedious. I agree. Especially if you have 2000 WhatsApp contacts on your phone to be saying that you're going to message, message, reply.

I say, hey, you say be on top 2000 people. I agree. Yeah, I agree it's tedious. There's too much brainpower. But this is the reason why we should do it. Even though it's longer and even though it is harder, it is more effective in the long run. You're better off taking this approach and how 40% of your contacts respond rather than doing the magic e-mail blasting and then only 2% of your people respond. You're better off doing the longer, harder thing.

And then again, it is hard. It is tedious. But let me ask you one question. What are you using with your time anyway? The whole point of us being in business is we are trying to build our customer base. This is the work. So what are we trying to get rid of the work for? If you're in money management, it is your job. You are meant to be talking to people every day to try and convince them to move their deposits. Instead, you're trying to come up with the magic e-mail that you will send one time and it will save you time.

Save you time to do what? That is your job. Talking to people is your job. You should wake up and be prepared that Monday 9:00, I will be talking, typing, texting, video calling, zooming from 9 all the way until maybe 3. Then after 3:00, I'll now stop and then do the clerical stuff between 3:00 to 5:00 and all. So it's your job. Stop trying to be efficient. Yeah, stop trying to come up with all these magic things that will save you time.

Don't be saving any time. Talking to people is your job. That's why we're in sales. So let's stop running away from it. Let's talk to people. So whether we like it or not, we can't run away from this fact that when it comes to complex sales scenarios, or I didn't say simple sales, for simple sales like Agusi and TomTom, all you have to do is just put out your flyer, your whatever, 50% off. Now if I ever saw it on news today, because the protests are still on.

So some people are advertising that government is selling rice at one bag 40,000. You know, something like that. See that kind of thing, you just blast it on channels, TV. People would be interested. Somebody would say one bag of rice, 40K instead of me spending 120K in the open market. Where is this whole thing? And then they will rush down. You know, that one is different. That's a simple sale. That's a commodity when it comes to complex sales scenario.

Like in this case, wealth management, a man and a woman with a small family, they've managed to raise like 800 K. You want them to move it from their GCB bank. And I'll put it in your own, whatever. You think that you can send some magic message like that and they will just move their money like that. It doesn't work that way. Please, if you're dealing with complex sales scenarios, you should be having small small conversations over a long period of time increase the chances of you closing closing the deal.

Because anyway, I've spoken too much. So that's all for today. Connect with me on WhatsApp. Number is 08064662140. Country code is +234. For those of you who are not Nigerian then connect with me on LinkedIn. The name is Tava Shima Ayede can confirm the spelling of my name. So you know who to search for and connect with the right person because I'm not the only tavishima. I know that for you guys Tavishima sounds exotic, but truth is where I come from, my part of the world, Benoit states Karaba and Nasawa, you know we Tavishima as we are plenty so we're not that unique.

So I connect with the right Tavishima. You can get the spelling of my name and e-mail address from the episode where you're listening from the link. We're currently listening to this episode. So thank you very much for your time and attention. Hopefully there'll be no detour tomorrow and I'll move back to what we were discussing before. Now. This is your first time listening to the show. I really would love to hear from you guys.

So I'll catch you guys at the next episode.