Transform Customers into Life-Long, Referral-Generating Clients

Your client experience is the centerpiece of your practice. Last fall, a visit to a medical service provider demonstrated the power of a well-thought-out, meticulously designed client experience. This approach successfully converted a typical customer into a loyal client who would likely generate numerous referrals. Many financial advisors strive to create this type of client experience.

Managing the Client Experience

A client experience will happen whether or not you plan it. To create a great client experience, an ever-evolving framework needs to be put in place. This framework identifies the processes, activities, and client touchpoints that differentiate your business from competitors. A company’s client experience should evolve in response to changes in the business model, the introduction of new technology, and new industry regulations.

Here are the five most important aspects of a world-class client experience that financial advisors should not overlook:

1. Great Prep and Communication:
Purposeful and organized communication is the most important characteristic of a world-class client experience. The quality of your communication should be immediately apparent in every touchpoint with both prospective and current clients. Determine the type of communication required before each interaction, identify the goal, and plan the follow-up communication. Knowing your client includes understanding how each client wants to receive communications from your team.

If you can meet their communication needs, your initial client experience should include detailed examples of the communications clients will receive in person, by email, by telephone and voicemail, and by text (if allowed by your firm). New employees should be introduced to your client experience plan during the onboarding process and taught the intricacies of the client experience, the role they play in that process, and their responsibilities to ensure the consistency and quality of service each client experiences.

2. Pre-Meeting Communications:
To have a successful initial meeting with a prospective client, advisors need some of the client’s financial information. To ensure the prospect brings along their financial information, the pre-meeting communications must specify the type of information the client should bring to the meeting or email in advance. Examples include investment account statements, retirement account statements, tax returns, etc. From time to time, advisors also need information from existing clients. Having up-to-date client information ensures preparation for meetings will be seamless.

3. Personalize All Interactions:
Personalization can make a significant impact. For example, a medical services provider greeted a client with birthday wishes and every employee acknowledged the client’s birthday during interactions. This level of personalization shows that the provider knew who the client was, why they were there, where they were in the process, and what was needed from them. Personalizing interactions demonstrates attention to detail and a genuine interest in the client.

4. Follow-Up After Each Appointment:
After each meeting with you, your client should receive a summary of the appointment, including the advisor’s next steps, the date and time of the next appointment or phone call, and a reminder of what the client needs to do to prepare for that meeting. Consistent follow-up ensures that clients feel valued and informed.

5. Ask for Feedback and Reviews:
Requesting feedback and reviews should be constant but not obnoxious. Younger clients, such as Generation X and younger, are more likely to give social media reviews than older clients, such as Baby Boomers and older. To encourage reviews, make sure you give all clients a way to tell the world just how wonderful you are. Provide one card with a QR code for technologically proficient clients to give social media reviews and another card for clients who prefer to write down their feedback.

Now is the perfect time for you to create a client experience format, if you don’t have one, or to fine-tune the one you have, based on these principles. A world-class client experience helps to show prospects and clients that you are a step ahead of the competition.