I’m not a financial planner, but I help them communicate online. I have also only read Momentum’s press release on their recent reputation crisis.
I had two options – either I help my clients prepare a message, or I leave it. I chose to leave it… and here’s why; this is a highly polarized event that I believe would be best responded to as a personal message from an advisor to their clients.
I don’t think it wise to bury it and hope your clients don’t engage, I would encourage engagement, and be as honest and personal as you can. I believe this applies to any financial advisor – not only those who offer Momentum products.
With that in mind – here is what I would say:
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FIRST
Dear <client first name>
You may have recently read about the Momentum claim from Mrs Ganas that was initially declined and has now been approved, and brought about updated policy wording and conditions to Momentum clients.
This has been trending on social media, which was the platform that motivated the policy changes. Due to the extensive media exposure, as well as the impetus it created, I want to personally bring this to your attention because as your financial advisor, I believe I have a responsibility to do so.
Claims are approved and denied every day for many reasons – so this event is not isolated, it is, however, highly propagated; and that prolific engagement can cause fear and doubt. As your advisor, I need to help you manage fear and doubt around your finances.
SECOND
Fear can motivate us to behave in a reactionary way, rather than respond with a balanced and level approach. If you are fearful about your cover (for any of the products in your portfolio), then please let me know and let’s chat through your fears.
In life we cannot mitigate all risks, we can only prepare for a future that is forecasted from past experience. However you feel about this incident and what you have read or heard, please do not make any decisions before speaking with me – I’m here to help you stick to your long term plan, see things in perspective and proper proportion. This is how we manage fear.
By all means, if you’d like to change products or product providers, then let’s have that chat.
THIRD
Doubt takes root when we feel like we don’t have all the facts. In situations where emotions take the lead, facts become clouded and even completely ignored. It’s important to work towards a balanced expression of both emotions and facts so that we can arrive at the best way forward – and this, aside from the recent Momentum event, is how we have worked together on your personal financial plan.
We have walked a journey together where we have shared deeply and built trust that I greatly appreciate and value. If you have any questions, fears or doubts around your financial plan, please reply to this email and I’ll set up a meeting as soon as possible.
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I’d love to have your feedback on this approach to crisis communication – either way, I hope it helps!
