Experience is everything. With price differentiation decreasing and client expectations increasing, firms compete on client experience more than ever.
But what do clients actually want in a financial experience? There are five key qualities to be on the lookout for.
Personalized
Clients don’t want one-size-fits-all advice or the same recommendations as everyone else. They want to be known and understood by their advisor and have that come through with customized recommendations and a personalized experience.
One survey found that the two reasons clients “break up” with their advisor are the quality of financial advice and the quality of their relationship. The best way to retain clients, according to the survey? Gain a deeper understanding of your clients and their unique needs and goals.
Clients don’t want advice that is generic or not personalized to their lives and goals. A great experience starts with advisors building a relationship with their clients and getting to know them, including their interests, goals, life events, future plans and priorities. It also comes through in personalizing how clients want to be contacted and delivering an all-around experience that meets their needs.
Convenient
It’s no surprise that today’s clients are busy and want to make the most of their time. An ideal client experience is convenient for them, making it easy for them to feel connected to their finances and involved without requiring too much time. Research found that 22% of consumers are dissatisfied with their current financial advice because it is too complex to follow. Convenience means providing simple and effective workflows that don’t require clients to jump through hoops or have a degree in finance.
Clients want advisors to be available and provide frequent, clear updates. Empower clients with resources so they can access their portfolio on their own schedule instead of waiting to hear back from the firm.
Digital
A convenient experience is nearly impossible without digital tools. Clients value their time and want advisors to lean into digital tools to save time and simplify processes. With the right platforms and dashboards, clients can do everything from completing paperwork to checking balances quickly and conveniently.
A digital-first experience begins from the start and automates many aspects of data collection during new client onboarding. It can also include using digital tools to show clients various scenarios and projections. Online dashboards or portals provide clients with a convenient way to view everything in place and communicate with the firm as needed. If there’s a way to add digital tools or automation to the experience, chances are that clients will want it.
Transparent
Part of having a strong experience is being able to trust the advisor and know where their money stands. Clients want advisors to be honest and upfront about services, fees and potential conflicts of interest. One survey found that more than half of clients consider transparency to be an extremely important factor when choosing an advisor.
Transparency builds trust and should be seen throughout the client experience. It starts with being open about your processes before the client opens an account and continues as advisors provide regular, honest updates about their portfolio and the market. When advisors are open and honest with clients, it encourages clients to ask questions and be more involved in their finances.
Expert
Clients want to feel like they are getting value from their financial advisor. That comes through in the financial advice and how advisors answer questions and explain financial topics. Younger investors in particular tend to be more involved with their money and want to learn from advisors. In their eyes, a smooth experience involves feeling open to ask questions and receive accessible answers. Clients want a collaborative approach to make decisions with their advisor instead of simply being told what to do.
Your best partner for providing a smooth client experience is Docupace. With dozens of integrations, we can create a customized, digitally led platform for a smooth back-office and client experience. Click here to schedule a discovery call.
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