The way people experience financial advice is constantly evolving. But the rapid uptake of digital technology in recent years has accelerated shifts in both client experience and expectation.
Back in August I caught up with Brett Arnol, General Manager at Viridian Advisory, for an Ensombl podcast partnered by CFS.
We discussed the impact that the Covid-19 pandemic and subsequent lockdowns across Australia had made on financial advice. How the pandemic has reshaped the client experience.
It can be difficult to remember how life was before the pandemic, but video meetings were far from ubiquitous. A few advisers may have heard of Zoom, others would have used Skype, but they were really just dabbling (as we all were).
Fast forward five years and our daily working lives are now dominated by video calls. Even in a corporate environment it is not uncommon to dial-in to a hybrid work meeting occurring a short distance away.
For advisers, the benefits of this uptake are boundless. But it has also set a new expectation for their clients.
While traditional face-to-face meetings remain, their purpose has been reframed by the advent and convenience of video calls. Today (unlike in 2019) a face-to-face meeting has far greater significance. Savvy advisers are aware of this and understand whether a client interaction calls for a proper sit-down or an accessible-from-anywhere Microsoft Teams meeting.
In a post-pandemic world, most advisers have experienced an acceleration in their adoption of technology to keep pace with customer expectations.
Beyond the impacts of the pandemic, generational shifts are adding a bit more complexity into the mix, and there is no longer a single solution when it comes to engaging with clients of different age groups.
Personalised engagement
Speaking with Brett on the podcast, it was interesting to hear firsthand how he has witnessed the evolution of the client experience over time.
As a former financial adviser himself, Brett has seen client interactions move from only face-to-face meetings through to regular touch points and information sharing across client portals, apps and other forms of technology.
At CFS we’re now seeing the next generation of wealth accumulators who are seeking advice having completely different expectations than their parents.
Consider how often you look at your phone. You may even be reading this article on your phone right now. You may then go into a different app or check your bank balance before jumping onto Amazon. Smartphone technology and apps have become pervasive.
In this new reality the digital expectations of consumers and have moved up a few rungs. In fact, the bar is now high. A base level expectation is that you have a digital presence that works effectively. To meet or exceed client expectations you really need to personalise your interactions.
Don’t just send a template email that you’ve sent to all your other clients – that doesn’t work anymore. Nobody will open it.
Don’t send a nudge or a notification that isn’t relevant. All it will do is annoy the recipient.
Any interaction from an adviser to a client needs to be carefully considered, personalised and should require the client to take action. If it’s not prompting me to take action, you’ve just wasted my time.
Know your client
Ultimately, it comes down to knowing your clients and understanding the different ways in which they wish to interact with you. Once you have that knowledge you can then begin building out the various communication channels you need, personalising your messages and building deeper client relationships.
For many practice owners this can be a daunting task. If you’re struggling to improve your client experience or integrate a new piece of technology, don’t do it yourself. Get an expert to help you and be very deliberate in executing this as an initiative.
Delegate the project to someone within your team who can run with it. Set up governance around it. Map out the experience you want and build a roadmap to get there.
Your tech and data needs can be sorted out along the way, one step at a time. Stay committed to the task and have faith that your cost savings will fund the improvements and unlock plenty of upside and growth.
CFS Edge puts advisers in control of the platform experience, to suit their working style, and customise their clients’ experience to suit their relationship and appetite for online access. Visit CFS Edge to find out how to unlock greater potential in your business.
