Money Management women In Financial Services Awards 2015

Now in their third year, the awards recognise outstanding contributions, product innovation and stellar leadership skills among female financial services industry participants.

PricewaterhouseCoopers partner Anne Loveridge received the night’s top award of Woman of the Year for her pioneering efforts around establishing more flexible working conditions almost 20 years ago. PwC was also named Employer of the Year.

UniSuper scooped an impressive two awards on the night. The fund’s Executive Manager, Member and People Services, Lee Scales, took home the prestigious title of Superfund Executive of the Year and UniSuper’s Danielle Clarke won in the Marketing and Communications category.

Honner client, Suzanne White from Beazley, was also shortlisted for the Life Insurance category.

Other winners of the night included:

• The Industry Advocacy award went to Clare Payne – Founder/COO of The Banking and Finance Oath/Tobacco Free Portfolios

• The Rising Star award went to Lara Neate – Claims Consultant BT Financial Group

• The Financial Planner of the Year award went to Lisa Duggan – Financial planner/director Epona Financial Guidance

Honner congratulates all the winners and finalists.

The view from the Aged Care Summit

You might have heard – Australia’s population is ageing. And as those among us grapple with the realities of planning for retirement and caring for loved-ones in their elder years, financial advisers are also mapping out their role in this significant transition.

With this in mind, Financial Observer this week hosted the Aged Care Summit, providing insights and practical tips for advisers wanting to provide the best possible assistance for clients in their retirement years.

Honner attended the Sydney event. Here are a few takeaways:

• In 40 years almost 1 in 4 Australians will be aged over 65 years.

• In 2013-14, around 10 per cent of the Australian population accessed some form of aged care.

• Increasing rates of dementia mean that when many people reach the age where they need aged care, they don’t have the capacity to make important decisions. Educating clients and helping them plan for older age sooner is therefore critical.

• The growing need for advice aside, there are strategic reasons for advisers to move into the aged care space, including the opportunity to build out a more comprehensive advice proposition and act as a trusted ‘mentor’ and ‘project manager’ for families.

• Aged care advice isn’t just about the best financial outcomes for the client – it must consider complex family dynamics and preferences, for example, the best interests for mum and dad versus their children’s inheritance.

Video’s meteoric rise

If you think the rapid growth of video isn’t relevant in the financial and corporate world – think again. The fact is, from the C-Suite to person on the street, people would rather watch a short snappy video about a certain issue or product than read it in text format. If a picture paints 1000 words then one minute of video is worth 1.8 million says Forrester’s researchers.

According to Cisco, by 2017, video will account for 69% of all consumer internet traffic. Video-on-demand traffic alone will have almost trebled. YouTube receives more than one billion unique visitors every month watching more than 4 billion videos. Earlier this month, Facebook cemented the trend with the introduction of video profile pictures – a further sign of where things are headed online.

Nielsen claims 64% of marketers expect video to dominate their strategies in the near future and it’s not hard to see why. According to Invodo, video in email can boost open rates by 20% and increase click-through rates by 65%. Stats from CodeFuel show the average internet user spends 88% more time on a website with video than without.

So what’s the best way to tap into what is arguably one of the best tools in the kit for any social media campaign or SEO exercise?

I’d recommend applying some of the basic rules of communication:

• What is the purpose of the content – what gap does it fill?

• Consider the audience you are trying to reach – is the video is relevant to them? If not it will be a wasted effort

• Be creative – not only in the videos themselves but also in the campaign strategy you build around them

• Have a clear distribution strategy – to realise the full potential you need to make it easy for users to find and share it.  Promote the video across your social channels – if you don’t have any then we can help here too

• Be prepared to make an investment – while plenty of platforms such as animoto.com and Periscope are free to use, not everything will go viral. You will need to build paid media spend into a campaign. These costs need to be planned out in your marketing and communication strategy

In an age of information overload it’s vital to offer content that is easy to digest, if not your customers will simply move on. Engage viewers and they will share the video with others. They will spend more time on your website and more time interacting with your brand.

2015 SuperRatings Fund of the Year Awards

Honner last night joined over 400 industry professionals at the 2015 SuperRatings Fund of the Year Awards.

QSuper took out the night’s major award – the SuperRatings Fund of the Year which recognises the sector’s best value end-to-end retirement solution, across both accumulation and pension products

Other winners of the night included:

  • One of our own clients – pengana saw the pengana emerging companies fund take home the prestigious lonsec icon award.
  • AustralianSuper won Pension of the Year, recognising the best value for money retirement product.
  • The Rising Star Award went to Local Government Super.
  • The Lonsec Innovation Award was awarded to the Triple 3 Volatility Advantage Fund.
  • The BTIM Retirement Innovation Award, was won by Mercer senior partner David Knox for his contributions to the industry.

Honner congratulates all the winners and finalists.

Media relations – Lessons from both sides of the fence

I did my tertiary training and my first four jobs out of university in journalism, so I still sometimes think of myself as a journalist in a PR consultant’s body. I like to think that perspective affords me a certain diplomacy when it comes to navigating the two intersecting worlds of PR – journalists and clients.

Like any diplomatic mission, both parties want the relationship to work in the best way possible. In order for this to happen, both sides need to take certain aspects on board to achieve harmony between what they need, and what the other side needs.

With that in mind, here are my top three take-outs from working both as a journalist and in PR.

What do PRs need to consider when dealing with journalists?   

1. Emails are often better than calls.

For most of the journalists I’ve worked with (and there will be exceptions), email pitches are a much less intrusive way to get someone’s attention. If the pitch is of interest, the journalist can flag it and get back to you at a less busy time in their day.

In most of the media offices I worked in, calls from a PR were often met with the same eye-rolls and sighing an average person might reserve for a telemarketer. When a call is necessary, I like to have a cheat sheet handy with each publication’s deadline, to ensure I’m not calling them at an inconvenient time.

2. When a journalist is interested, make it easy for them.

If a journalist is interested in interviewing your client, then doesn’t hear back from you for three days about a time, it doesn’t leave the best impression. Today’s journalists are usually working on several stories a day, and need to plan their time in advance.

Obviously there are situations where this can’t be helped, as spokespeople are often busy and it can be difficult to nail down availability. In this case, keep the journalist in the loop with regular updates so they don’t think you’ve gone silent on them.

3. Be available on interview day.

Agencies have different policies on their involvement in client interviews – some will facilitate in every instance, some on a case-by-case basis and some not at all. If you’re not facilitating an interview, make sure you’re available at the time it takes place, and give the journalist your contact details in case anything goes wrong.

Scheduling mistakes will happen and journalists are sympathetic if they understand the situation.  But if they’re left calling a number that’s ringing out, or sitting in a coffee shop for half an hour, it leaves a pretty poor impression of the PR they’re dealing with.

What do journalists need to consider when dealing with PRs?

1. Event RSVPs are more important than you realise. 

As a PR, there is nothing worse than standing at the door of an event, realising that half the journalists you reported to the client were attending are not going to show up.

I understand why this happens. As a journalist, I would RSVP to a PR’s event to guarantee myself a spot, then decide on the day whether I actually wanted to attend. I assumed no-one would notice my absence so didn’t feel the need to inform the PR that I was no longer attending.

I can tell you that the PR – and the client – certainly will notice if you don’t attend. If something comes up please do let us know – it’s not the non-attendance, but the not knowing that makes things especially awkward.

2. Going straight to the source isn’t always best

Some journalists avoid dealing with a spokesperson’s PR for interview requests if they can help it, thinking it will be quicker to cut out the middle man. More often than not if a journalist goes direct to the CEO of a company for comment, their request will either be lost among the hundreds of emails that CEO gets every day, or will be forwarded back to their PR department anyway.

Just as it makes sense to go to HR for a salary issue, or Accounts for an unpaid bill, if you contact the person whose main job is to get you your interview, there’s a better chance that request will be resolved as quickly as possible.

3. PRs and journalists are on the same team

As a journalist you sometimes feel like PR consultants are there to hinder rather than help you do your job. It’s important to remember we’re all trying to achieve the same outcome – a good story.

This can go both ways – don’t be afraid to give feedback if you feel a PR agency consistently pitches you content way out of left field. At the same time, if you want the best results from the PR and their client, give them the best chance to deliver for you. Giving advance notice of an interview, and exactly what you want to cover, will help us ensure the conversation is relevant and newsworthy.

Five ways to wellbeing

This week the Honner team hosted our pro bono PR partner superfriend – a not for profit mental health foundation formed by Industry Super Funds and their Group Insurers.

Program Manager, Kristina Basile, took the Honner team through the five key actions that research shows are important in our day-to-day lives to enhance our well-being:

Connect: With family, friends, colleagues and neighbours. At home, work, school or in your local community. Think of these as the cornerstones of your life and invest time in developing them.

Take notice: How often do you see people walking down the street or sitting on the bus absorbed by their mobile phone or iPad? How often is that you? Take a moment to notice your surroundings. Be in the present, savour the moment, whether you are walking to work, eating lunch or talking to friends.

Keep learning: Try something new whether at work or in your personal life. Sign up for that course. Learn to play an instrument or how to cook your favourite food. Set yourself a challenge.

Give: Do something nice for a friend, or a stranger. Volunteer your time. Join a community group. Research shows people feel significantly more rewarded when doing something for someone other than themselves.

Exercise: It doesn’t have to be strenuous. If you don’t like running, go for a walk or ride a bike. Step outside, dance, laugh, find what works for you, whatever it is, it will make you feel good.

The above actions apply as much for individuals as for businesses. Honner is continually looking for ways to incorporate these into our work environment. Our next challenge: our team is entering this year’s jp morgan corporate challenge in Sydney on November 11. We look forward to seeing you on the start line!

What does Abbott’s spill tell us about today’s media environment?

In his final speech as Prime Minister of Australia Tony Abbott noted how much the nature of politics had changed in the past decade.

“We have more polls and more commentary than ever before. Mostly sour, bitter, character assassination. Poll-driven panic has produced a revolving-door prime ministership which can’t be good for our country. And a febrile media culture has developed that rewards treachery.”

So what has changed so much in the past decade?

In my view, the five key trends having the most impact on news today are:

1. The changing pace of news

The rise of the 24/7 news cycle with demand for online content and round the clock access to news has changed the way companies and politicians deal with the media. Politicians now have a morning message, an afternoon message and an evening message. The agenda is moving so quickly that there is no longer time to have proper and thoughtful debates on key topics. A key criticism of Abbott was his use of slogans – such as ‘stop the boats’, ‘great big tax’ – which played into the frantic 24/7 news cycle.

2. The increasing use of commentary as news

As Abbott mentioned in his speech, there is more commentary than ever before. The demands of the 24/7 news cycle has led to the rise of the use of commentary instead of news. Paywalls have put up barriers to news websites for some people and instead they access their news on free websites. Readership numbers are decreasing; fewer people are watching the news on television which has impacted advertising rates, classifieds and more importantly, the number of gainfully employed journalists. The result of which is more space to fill with the changing news cycle, but fewer journalists to fill it.

3. The rise of ‘brand journalism’

As media outlets shrink and brands become publishers, there has been a trend towards content hubs and digital newsrooms. For example, ANZ BlueNotes, launched in 2014, is one of the most advanced content publishing hubs in Australian business, bringing together content from BlueNotes journalists/editors, ANZ columnists and external contributors. Key to the success of ‘brand journalism’ is an emphasis on the value of the journalism, not on the brand.

4. Socially-driven news

If searching for news was the most important development of the last decade, sharing news may be among the most important of the next. One in three of all mobile internet minutes in Australia are spent on Twitter, Facebook, Instagram or WhatsApp. Social media users are increasingly sharing news stories, images and videos in addition to discussing news issue or events. Additionally, some users are also covering the news themselves, by posting photos or videos of news events.

5. Headline-driven news

Last year, BuzzFeed editor-in-chief Ben Smith dismissed luring the reader in with clickbait, noting that “you can trick someone to click, but you can’t trick someone to share”. Instead, the trend is now to create a headline that describes promising content and delivers on that promise, called the curiosity gap. The curiosity gap is the space between what we know and what we want or even need to know.

In his speech Abbott also requested that: “If there’s one piece of advice I can give to the media, it’s this: refuse to print self-serving claims that the person making them won’t put his or her name to. Refuse to connive at dishonour by acting as the assassin’s knife.”

I think we all have a role to play in what the future of media will look like.

Zen and the art of corporate blogging

There was a time – just a few of years ago – when a corporate blog was like the latest Blackberry: all the cool kids had one. But many have since been abandoned, having fallen victim to a lack of time and interest.

Or perhaps, more accurately, the time invested hasn’t delivered the expected business results.

This isn’t to say that a blog is a bad idea. But, like any tactic, a blog needs to be a part of a strategy.  And it needs to be based on sound fundamentals.

So, what are those fundamentals? Put another way, what could a Zen master teach you about the art of corporate blogging?

1. If a tree falls in the forest, and nobody hears, does it make a sound? 

If you write a great blog but have no distribution strategy, will your words echo out to nowhere?

There’s no point in writing a blog until you’ve put the hard yards into building: a LinkedIn network; a Twitter following; a Facebook fan base; a YouTube channel, an Instagram presence; or a decent email list.

And, even then, it’s likely that you will need to invest some more money in paid promotion, to ensure it gets seen. You’ll also need to consider a judicious use of hashtags to be found in searches.

2. Who am I and why am I here? 

Many a blog has failed due to an identity crisis. Without a clear audience in mind, and a clear editorial strategy, failure is likely. Who are you writing for? What value are you delivering to them?

Remember, corporate blogs should not degenerate into propaganda about projects that have gone well. People come to blogs for insight, instruction or entertainment – not a hard sell. That is, unless the blog itself is actually about the art of hard selling.

The ideal readers are those who will do business with you because they trust you.

3. Is a masterpiece the work of a single master? 

Peter Paul Rubens, an Antwerp-based communications expert working for the Spanish government and the Catholic Church in the early 17th century, often sub-contracted the painting of elements of his masterpieces to other painters who were specialists in still life or animals etc. In a similar way, a corporate blog should not be the endeavour of one lonely writer. An organisation is a group of individuals, each with their own insights, ideas and writing style. These writers should be given a license to be creative and, within defined limits, opinionated.

Blogging needs to be a team activity that isn’t hemmed in by a dull, corporate style of prose.

4. Is an enlightened man subject to the law of karma?

The number of readers of a blog is important: so is the number of responses.

Being part of a community of thinkers means that you are indeed subject to the laws of karma: if you don’t read, comment on and share others’ work, it’s much less likely they will engage with yours.

This is linked to the first point about building a following. Without a ‘warm’ audience, it’s hard to build traction, especially in the early days of a blog.

5. How does thought arise?

One of the common complaints about blogging is ‘I just don’t know what to write about’. Firstly, it’s about practice. The more you write, the more you understand the process. But, to some extent, the topics find the blogger, rather than the other way round. Be on the lookout for enlightening ideas. Meet interesting and varied people. Read interesting and varied things. Write brilliant and varied blogs based on these insights.

The art and science of surveys – Five steps to research that yields results

There are a number of different reasons why an organisation might choose to conduct a survey. Whether it’s to help design the latest innovative product or to track sentiment across a certain target audience, business decisions and communications campaigns based on real information and insight, rather than guesses and assumption, are clearly a far safer bet.

Honner recently attended a research optimisation course hosted by Hendrik Mueller, user experience researcher at Google. We’ve summarised a few key take outs to consider before taking the plunge.

1. Objectives and sampling

It’s important to clearly define what the overall purpose of the survey is and what problems you are trying to tackle. You also need to be confident about reaching your desired population. If you have a large stakeholder road show coming up or are about to send out a client newsletter, these could be opportune times to capture their insights and attention.

2. Get the questions right 

This may sound like a no-brainer but there is a certain skill involved in asking questions the right way to ensure they actually meet your desired objectives. Mueller recommends following this simple formula when drafting the questions:

Goal (overarching research goal of the survey) + Construct (the essence of the thing you are interested in, that is also measurable) = Question(s) (survey questions that collect data about the construct(s)

There are also different question types to consider – open or closed-ended questions, if closed, rating or ranking, single or multiple choice? For rating questions, what’s the right scale?

3. Biases sway your results 

Unintentional biases can easily creep into survey questions and can substantially impact the reliability and validity of the data collected. Mueller identifies five common questionnaire biases and how to avoid them:

A. Satisficing = short-cut the answering process, mainly due to long and complicated questions – keep question and answer responses short and simple

B. Acquiescence = tendency to agree with any statement – avoid statements with agreement scales

C. Question order = tendency to be influenced by questions that appeared earlier in the survey – ask high level statements at the beginning

D. Social desirability = sticking to norms and expectations – move questions about sensitive or controversial topics to the end

E. Leading information = swaying a respondent to answer in a certain way – keep questions neutral and avoid biasing text

4. Avoid fielding faux pas

The rise of low cost online research tools such as Survey Monkey, Zoomerang and Google Forms have made it easier for firms to gather data across a broader reach of populations.  The likelihood is that your target audience is getting pummelled from every direction so there needs to be a compelling reason for them to complete the survey – will they be helping others, how can they make use of the survey results? What’s in it for them?

As Mueller eloquently puts it – try to contact them in the ‘least annoying’ way possible!

5. Analyse and apply

This is the fun part – turning the data into useful information. If you are thinking of conducting a survey, it’s worth involving your marketing or communications team from the outset so they advise on how the results can be packaged into meaningful content used across multiple channels.

At Honner, we understand conducting research projects is an investment of time and budget. We support clients every step of the way to ensure the whole process runs smoothly and delivers high quality results.

Be more social in eight steps

Social networks continue to form an ever greater and increasingly important chunk of the communications sphere. Although businesses in financial services tend to take a more conservative approach to social media compared to our consumer-facing counterparts, it’s a communication channel that can no longer be ignored.

Honner recently attended an informative social media marketing course at Sydney University, hosted by Laurel Papworth – one of the world’s leading social media bloggers. Here are a few key take outs to consider:

1. Rethink terminology 

Not into being ‘social’? Think social media is for selfie-obsessed teenagers? Don’t be fooled by poor terminology. The concept of ‘social media’ is better thought of as ‘stakeholder communication’ or ‘engagement channels’. In other words, social media is an important way of connecting with your key stakeholders, not just a forum for frivolity.

2. Know your audience

Don’t say anything to an untested audience. If you’re thinking of getting involved in social media, get to know the community you want to engage with well so you don’t come bounding into the conversation ill-informed of what’s been said before you. Timing is also of the essence, so being in tune with ‘hot spots’ and the news-cycle is imperative.

3. Know your brand voice/organisational personality

Don’t be afraid to speak to your target market to the exclusion of others. If you try to be too broadly appealing on social media you won’t engage anyone.  Deliver insights that your audience will find valuable – and build a community of followers who connect with you.

4. Be generous with content 

Make your social pages read like a magazine – offer an engaging experience rather than product push. Sure, you can use social media to communicate key business updates, but you also need to share insights that your stakeholders will find useful, pertinent and salient.

5. Create rituals

A great way to generate anticipation and ongoing engagement is through regular posts (e.g. Q&A every Friday) or online community activities (e.g. #spitbucket). A weekly/monthly calendar can be an easy way to manage regular rituals.

6. Think of hashtags as a community

Hashtags should be thought of as a community of people interested in a topic, rather than as buzzwords or clickbait. They can be extremely effective in broadening the reach of posts.

7. It’s about the customer, not the company 

The ‘About’ section on a company social page should focus on the benefits for the customer, not the company’s history.

8. Consider the cost of inaction 

Prefer to abstain from social media? It’s an individual business decision but be very conscious that by not participating, you will be allowing competitors to fill the void. It’s a risk/return decision that should be reached through a thorough, conscious decision making process.

At Honner, we build multi-stakeholder communications programs for our clients that aim to leverage each available channel, including social media, to achieve your business goals.