Investment managers - 5 years on

Nearly 5 years ago now we published this article, so what's happened since?

The article highlighted the almost complete lack of engagement with Google reviews by wealth managers. And, it must be said, that such businesses are still struggling to find their way with Google reviews.

First, let's answer the obvious question: why should wealth managers - and independent financial advisers and those involved with any kind of financial management - engage with Google reviews in the first place?

Let us look at it from the potential client's point of view. Do you think reading a review such as this...

We normally use screenshots like this with the company name redacted, but we don't suppose Fishers will mind in this instance; the review is in the public domain after all

...would encourage or discourage first contact? In a way, Google and its users have answered that question for us, just look at the 9 thumbs up (we estimate a single thumbs up for every 100 readers - when did you last vote for a review?).

So, do we need to go any further? Reviews like this will encourage potential clients to make first contact. So, again, why don't the businesses engage? After all, businesses that are equally vulnerable to negative reviews, such as lawyers and doctors, do so, most of them anyway. Let's look at an example of each of those...

Regular readers know that we seldom pose a question without coming up with an answer - or answers. So here they are...

1. Fear. Pure and simple. And absolutely logical and understandable. Managing an individual's - or a family's or a corporation's - financial affairs is a complex business. Of course it is, that's why such professionals exist. But those same professionals know that some, at least, of their clients don't completely understand the whys and wherefores of financial markets and might, if asked, write a factually inaccurate or potentially misleading review. Harmful to the relationship with the client concerned and harmful to the business when read by a prospective client
2. Confidentiality. We don't discuss our financial affairs with close friends or even relations. Why would a client be happy to write a publicly visible review?

Our answers to these...

1. Fear: we would never advise any professional business to engage with Google reviews - without employing a professional moderator. Such a moderator will read every single review before publication and engage with the reviewer - your client - and the business to ensure that, as far as is legally possible, the review that has been written contains no errors of fact or statements with the potential to mislead anyone reading the review. This is the key to engaging with clients of complex services - read more here.
2. Confidentiality: the professions were the very last adopters of Google reviews for this reason. But just look at this review (of a Harley Street women's health clinic)...

...how much more 'confidential' could a service get? The key here is how the invitation to write the review is phrased. We ensure, in conjunction with the business, that the wording is sensitive and makes it abundantly clear to the - in the above case: patient - that there is no pressure to write any review at all. The invariable result is that the percentage of reviews for such sensitive services is lower than for less sensitive ones in percentage terms (estate agents, for instance frequently achieve 50% conversion rates), but the quality of the individual reviews is often far higher.

Conclusion

Adopt a moderated system and test it. HelpHound will guide you every step of the way and the results will be next to instantaneous - and there's no minimum period or contract.