At the 2012 Face of Finance Conference, at Bentley University, in Waltham, MA, Kathleen Kneram (Fidelity Investments) presented "Planning and Guidance: Guiding Principles".
2. How most people feel about investing
It is not their specialty
Have less than an hour to spend
Often is unpleasant and stressful
They want:
Control over interactions
Personalized next steps
Easy access to expert help
“I don’t like being channeled into a
generic solution. I want options.”
3. The conundrum
We must first address the basics:
How am I doing?
What am I doing wrong?
How can I fix it?
If don’t make this clear, people quit
“I have no idea what that means…this
is where I would quit and go to lunch.”
4. One size doesn’t fit all
“I never read
this stuff.” “Give me the levers
“I’m your customer, you that I can control; show
should know me. You me what happens
guys are the when I pull them.”
experts, so tell me
what I need to know.” • WI Particip ant
• 4 0 years old
• Married, 2 y oung children
• Financially unsophisticated
• Unengaged
“I read every word
“I want a rep who
when it comes to
knows me and
my money.”
has my interests
in mind.”
“I am smart and
experienced. I want
• Cro
Fidelity to recognize ssove Custo r
r
• 35 y ears old
me
this and treat me • Married, nochildren
• Confident Co llabo r
rato
appropriately.” • Fi nancially so phisticated
• St ro engage
ng ment
5. A symbiotic relationship
Customers expect:
To move seamlessly between
online self-service and
personal rep contact
Reps need:
Smarter indicators of
Self- Hire
customers’ activities
service more
Ideal blend
online reps
of the two
6. Do’s and Don’ts
Treat people like intelligent adults
Value their time, lead with an
answer (visualizations)
Balance accuracy vs. simplicity
Reveal the levers, show cause
and effect
Provide hope & encouragement
Make it personalized, not canned
Make it easy to take action
“Treat me like an adult, but don’t
assume I speak your language.”
Notas do Editor
I am responsible for the design of the planning and guidance that Fidelity provides to it’s customers. Much of this work has a focus on investing for a long-term goal like retirement.I only have 5 mins, so this is quick synopsis of we gleaned from volumes of research and direct customer interviews. It is focused on those customers seeking guidance from Fidelity. Many of the quotes you see are taken directly from recent customer focus groups.
The key is that most peopleand not financial whizzes. Some have tried to save and failed in the past. They want to feel in control, it is their choice and the options are personalized. And they still want to know that expert help is there when they need it.
It is amazing how many financial institutions don’t cover the basics. They jump to the complex.
Two basic approaches, and we need to design for both.