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It’s All About The Client Experience

Your clients represent your most reliable source of growth, so consider them your greatest asset.

In wealth management, one of your greatest drivers of sustained growth is not the solutions you offer or even the advice you give. It’s how you can make your clients feel about you. Improve their experience and bottom-line growth will follow.

Enhancing the client experience is 100% within your control. Here are four drivers that can create an enhanced client experience:

1. Technology That Engages. Today’s technology platforms need to do more than meet expectations around portfolio management and reporting. They need to leverage client information to exceed expectations through personalized touches and interactions. Through CRM, they can inform and deliver technology-enabled, data-driven touches efficiently and unobtrusively.
2. A Customer Journey Worth Taking. Every stage of the customer journey needs to be examined with a client-benefit focus:
○ Frictionless onboarding. Tech savvy companies are raising the bar on client interactions. Make it easy, even pleasant, to become a client.
○ Retention begins on Day 1. Don’t ignore your clients once they’re a “captive” audience. Curbing attrition isn’t an activity, it’s a mindset.
○ Client communication and interactions need to be proactive and regular. This lets your clients know you’re constantly thinking about them.
3. Organizing Around the Client
Put the client at the top of your company’s organizational chart. That will mean everyone in the organization works for the client, and everyone, no matter what their role, will know it. When a client calls, it’s the boss calling. Make client satisfaction a lead item on your compensation scorecard.
4. Clients as Brand Ambassadors
○ Organize interesting, enjoyable events and ask your clients to invite their friends and colleagues. It’s less aggressive than an outright request for referrals but serves the same purpose.
○ Involve them. Consider setting up an advisory council that you invite your top clients to join. Even if they turn you down, they’ll give you credit for asking them.

Your clients represent your most reliable source of growth, so consider them your greatest asset.