3 min

The Ways Financial Advisors Can Disrupt The Client Experience

As you struggle to build new business relationships and increase your assets under management, headwinds in the industry are making the job even harder.

There is a growing trend toward fintech companies and robo-advising platforms which promise to provide better service and convenience at a lower cost. Simultaneously, fee compression is driving you to perform more with less. Through it all, client expectations continue to rise.

To break through difficulties, you should focus on the client experience. The era of client-centricity is upon us, and advisors who don’t provide superior client service will lose out. And with Millennials set to acquire trillions in the next few decades, the pressure couldn’t be higher.

So, what will it take to elevate the client experience to the next level? DISRUPTION.

By reimagining how you interact with clients, advisors can become proactive disruptors. Competing against a firm that does all of these things would be challenging if you were not also doing something similar.

You and your clients can both benefit from disrupting the client engagement process by following these 3 efforts:

Getting feedback is excellent, but you must engage clients in designing your own customer experience from the beginning. Instead, we should focus on creating an experience with clients that fits their lives, enabling the next disruption: personalization.

An excellent example of expert personalization is Apple’s customer service approach. The company’s website asks customers what contact method they prefer: online chat, phone call, or email. If they choose “phone call,” they’re given a call time. If there’s a wait involved after they’re called, they’re asked what music they’d like to listen to until a rep picks up.

In the future, you should think about service differently. When you think about standardization in the past, it might help if you shifted to saying that you want efficiencies while also wanting personalization.

Client diversity can make it challenging for advisors to provide exceptional service to each client, and the only thing they have in common is that they work with you. Despite our ability to deliver good service, some can only craft something significant and differentiated around the needs of some.

People need specialized advice in a world filled with robo-advisors and investment blogs that say one thing but do another. Each time people turn around, another talking head excites them or makes them run away.

When navigating a world full of confusion and noise, you should at least be someone clients can trust to help them.

Redefining the client experience is difficult, but our conversations suggest a way forward. There is one common purpose to all of the information we described: personal attention and personalized service should be combined to enhance client participation, empowerment, and confidence. To accomplish this goal, advisors with a future-oriented perspective must develop customized strategies that help clients communicate and achieve their objectives based on emotional intelligence and new technologies.

There is no doubt that disruption creates new challenges. Whether financial advisors can turn disruption into new opportunities is the REAL challenge.

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