Illustrations as infographics
27th April 2013
Combating the avalanche that comes with increased disclosure with infographics. There has been a good deal of talk in the trade media in the last few weeks about the admin overload which IFAs are facing post RDR.
As a retirement products illustrations specialist we recognise all too well that as disclosure levels increase so does the complexity and length of the documentation. There is a danger that with each new disclosure requirement comes a fresh column of numbers and an additional clause in the KFI to explain that number in more detail.
We work very hard with our clients to find the clearest possible illustration layouts and descriptors so that customers can understand the new information that they are being given post-RDR. But inevitably increased disclosure delivers diminishing ‘information returns’ to the customer if layouts are not regularly reviewed and rationalised.
One IFA suggested in the media that all this regulatory documentation could easily be synthesised into 10 pages if providers and regulatory bodies put their heads together. This was a great suggestion but we wondered if we could go even further than this to make the information even more consumer friendly.
With this in mind Dunstan Thomas has come up with a new idea for communicating key product features and expectations at new application and review stages. The idea is borrowed from the digital marketing world: it is infographics.
Essentially infographics are a combination of graphics, (often animated) illustrations and raw data and information, to communicate key messages which stimulate engagement and sales while educating the audience a little at the same time. Here is an example from a recruitment firm serving the digital media and advertising agency markets: http://vitamintalent.co.uk/ux-statistic/#Introduction
Infographics can be used convey key information about a retirement or investment product while a customer is online. More static equivalents could be printed off to go on top of customer information packs as a graphical summary of the key information. They could be used online to help get the next generation of retirement savers more engaged in the subject.
If the concept proves successful it could be used by some of the savvier IFA firms to promote the value of financial planning and help position themselves as the right type of adviser firm for the next generation.
Do you think infographics could be applied to our market support new business and review illustrations and introduce the next generation to the power of financial planning?