Clients are visual.
You know this. It’s why you dress well, have a plant in your office, a website that looks inviting, and give them beautifully designed performance reports.
The power of visuals is particularly strong during your client-to-advisor education, something that we help advisors solve with our Blueleaf client-facing software, and address commonly here on the blog –i.e. recently in Why People Are Uninspired by Retirement Planning.
But when it comes to credit card debt, visuals can be overwhelming.
Clients see long roadmaps with specific payment goals, mentions of a thing called ‘APR’, and their 5-digit debt barely budge over the past 6 months.
How can you visualize it?
The infographic below lays out the long-term impact of paying “one extra dollar” toward one’s debt payment every month (as well as the effect of an extra $10, $50, and $300, which may be helpful in some cases).
Check it out, and share the idea with them. After all, as their trusted financial advisor, it’s your job to help clients see the effect of that extra $1. With this infographic, showing them is easy. (Here’s a short link you can use to send them the image only, not this whole post: bit.ly/PowerOfExtraDollar)
(Infographic source CreditDonkey)