By Philip D. Armstrong
Major Market Strategist
Clear and transparent communications are the buzzwords du jour in financial services. Strategies and tactics are carefully planned to ensure account holders receive all required disclosures and account information.
And yet, onboarding of new account holders often hits a snag at “the moment of truth” — when that first fee is about to hit. This is exasperated by the beneficial grace period that waives maintenance fees for the first 30-60 days, setting false expectations moving forward.
Programmed alerts after 30-45 days go a long way to setting expectations with new account holders and avoiding sticker shock when the first fees hit.
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