6 Strategies To Help Financial Advisors Improve The Client Experience




A financial advisor, like any professional, may overlook some aspects of the client experience. Because of their line of work, customer trust and satisfaction are of the utmost importance. In the end, a client will move on very quickly if they are unhappy with how someone is handling their money.


We know the importance of a top-notch client experience in the finance industry, as well as how to deliver it. Here are 6 common shortfalls in your client experience that you can correct:


1. Provide Greater Access To Information

Clients are often unaware of the variety of investment options available to them. The ability to invest in private markets is no longer limited to wealthy individuals. Clients will gain knowledge of investment options by consuming highly digestible content. All of us remember our favorite teachers, and financial advisors are no different.


2. Implement More Frequent Check-ins

In many cases, financial advisors fail to follow up with their clients. The bare minimum is an annual review, but many things happen throughout the year, such as having to refinance your home equity line, investing in your company's retirement plan, etc. Check-ins throughout the year should be scheduled to ensure that everything is on track. By doing so, you demonstrate your commitment to your clients.


3. Give Client Communication A Personal, Relevant Touch

Be sure that every email you send or contact you make with a client is relevant. There is a great deal of spam and "content" out there offering free financial advice. Ensure that all your contact points are relevant, understandable, and actionable. Your clients will know that communication from you is always helpful and important when you act as the specialist advisor.


4. Integrate Digital And Virtual Services

Onboarding has never been more critical than it is since the beginning of 2020. In the digital age, physical signatures add friction to a simple process. Rather, give your clients the option of submitting documents online via DocuSign or a similar app. In addition, adding virtual meetings to your clients' options will give you more flexibility (and remove location-based barriers).


5. Anticipate Clients’ Needs

The modern customer service process-and, specifically, the client experience of fiduciaries like financial planners-consists of highly personalized service influenced by tools such as validated behavioral insights. Professionals (including financial advisors) are investing in technology that helps them predict what their clients want, need, and do before they even know it.


6. Consider Each Client’s Concerns And Goals

Many companies forget the first word in "customer service" is "customer." Each client has his or her own concerns and goals. Thus, firms must provide a tailored client experience, and advisors need to pay attention before answering questions.




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