We all know that exceptional customer service is important in any business. Financial advisers, in particular, are aware of the need — most of you proudly highlight your great customer service on your websites and marketing materials. Yet customer service is usually somewhat reactive in nature. It’s what you do when a client calls or reaches out, and it isn’t always proactive or consistent. Client experience, on the other hand, goes beyond service to create lasting impressions, positive associations, and a passionate, loyal following — and that’s a powerful thing.
Recently, I had the opportunity to interview Jon Picoult, author of "From Impressed to Obsessed: 12 Principles for Turning Customers and Employees into Lifelong Fans." Picoult is a customer experience expert and helps companies impress their clients, inspire their employees and create raving fans who drive business growth. I highly recommend this book and wanted to share four of the author’s insights on client experience that are particularly relevant to financial advisers.
Go beyond satisfaction. In the opening line of Picoult’s book, he states, “If you’re aspiring to satisfy your customers, then you are aspiring to mediocrity.” This contradicts the widespread business belief that customer satisfaction is what matters most. The key point here is that people expect to have their needs met in some way, and it’s very easy — just a few clicks on the internet — to find an alternative provider.
Satisfied customers aren’t necessarily loyal ones, and they don’t drive ROI and profitability the way that a raving fan does. The author has researched the metrics to help businesses understand the value that can come from successful client experiences, and the results are staggering!
Create memorable experiences. On the practice management team at Commonwealth, we often work with advisers on their scale and efficiency and help them develop processes to streamline paperwork and operations. All of this is essential for a modern business, but it’s worth reevaluating your processes to see if there’s also a chance for better client engagement.
For example, filling out paperwork is often necessary, but it isn’t a fun or compelling activity for clients. And staff who use efficiency as their only benchmark might miss out on relationship-building conversations and cues during the process. Perhaps you could celebrate the completion of all paperwork with a small gift or letter. That way, clients’ memory of the experience is ending on a high note rather than a low point.
Make it effortless. One of Picoult’s key principles is to make tasks as easy as possible for the client. He discusses “customer effort” as the amount of time and energy people need to accomplish something with either you or your business. This includes the mental exertion that’s sometimes needed to understand financial planning or investment concepts. If you’ve ever discussed a topic with clients that you thought would be an easy decision for them, only to have them look at you blankly and ask you to start over, then it’s important to reexamine your approach.
The main way to counteract this issue is to look at your client’s experience from their point of view, from pulling into the parking lot to accessing their account. Look for areas where you can take work off their shoulders, whether that’s sending a prompt response or thinking ahead to answer their next question. And don’t be afraid to ask your clients if they experienced any specific pain points or have suggestions for how you might improve the experience for them and others.
Remember to personalize. There are many great takeaways in Picoult’s book, but my favorite section was on personalizing the experience. Letting clients know that you are listening to them and prioritizing their unique needs is one of the most important things you can do to build and keep relationships. Little things, such as remembering specific milestones or celebrating achievements, show clients that you care in ways that go beyond the financial realm.
Cultivating a client experience should be woven into everything you do as an adviser, from acquiring your relationship to maintaining it. When you give people this memorable, personalized experience, it can help create enduring loyalty for your business. And that’s a great client experience, all by itself!
Kristine McManus serves as chief advisor growth officer at Commonwealth Financial Network.
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