With years of experience in product marketing and content generation in the financial services industry, Sean is committed to providing informative and impactful content to financial professionals and the clients they serve.
Amid shifting fiduciary standards and the proliferation of robo-advice, it is increasingly difficult to attract prospects and retain clients. Providing your clients with a tailor-made experience from the earliest stages of the relationship can significantly increase client retention. Client experience focuses on the working relationship between a client and the advisor.
Can spending time and money on creating a unified, influential client experience set you apart from the competition?
Utilizing a cohesive suite of technology platforms can help facilitate a smooth transition from client on-boarding. Start by having a mutual understanding of expectations from the very beginning of the relationship. Sit down with your clients; understand their goals and habits. Next, gather important data from your clients by using the collaborative fact finder. This allows you to gain a thorough understanding of even the most complex financial situation. Once you have this information, you will be able to identify cash flow deficits and other shortfalls, as well as provide sound advice on how to get your clients back on the right track. Harnessing this data and converting it into a comprehensive financial plan will enable clients to conceptualize how to take the next step of their journey, and will solidify your importance to their financial future.
Can you ensure that the client has a positive experience?
There is only one way to ensure your clients are happy - discuss it directly with them. Ask for their honest feedback by giving them a short survey. This will allow you to measure their experience and how that factors into your communication style. Regardless of their feedback, it is always helpful to continue to familiarize yourself with their communication preferences. Do they enjoy monthly newsletters, or would they prefer one quarterly? Do they want targeted information? If so, what is the best way to request that from you? According to a 2016 annual benchmark published by Forrester Research , "A strong emotional connection with a brand is a stronger driver of loyalty than factors like 'ease' and 'effectiveness.'" By creating meaningful relationships with your clients, you are solidifying yourself as an integral part of their life. Convenience is not everything, and the efforts of a devoted financial advisor can make a world of difference.
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