Use Your Words
Growing up, I learned to never use a long word when a small one would do. In my writing, it’s difficult because the English language offers us a plethora of choices (see what I did there?). That said, clear communication generally makes the grade at the end of the day.
Here are a few more examples of how to simplify things for clients.
- Break fees down into dollar figures instead of the more abstract “percentage of asset.” It paints a much clearer picture of the costs associated with their investment.
- Even for seemingly common financial terms, avoid them. For example, instead of talking about “market capitalization,” talk about how much a company is worth.
- Much like a no-jargon zone, make it a no-acronym zone. Acronyms are a crutch you don’t need. To cure the habit, take the time and physically write out a way to explain the same idea in plain language. Over time, new habits will form.
Of course, as your relationship grows with a client, you’ll come to speak a common language. At the earliest stages, though, try not to take any liberties. I believe that the clarity of your communication can help you attract and retain more clients.
Craig Swistun is a Vice President with CC&L Private Capital Ltd. and can be contacted at email@example.com. CC&L Private Capital Ltd. is an investment counseling firm that provides traditional and alternative solutions to high net worth individuals, foundations and endowments, first nations and trusts. More information about CC&L Private Capital Ltd. can be found online at http://www.cclgroup.com/cclprivatecapital/about_us.aspx
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