Jun 21, 2022

InvestmentNews guest practice management column: The bedrock of client experience

Smiling young woman at a desk in a sunny room, talking on a cell phone with one hand and working on a laptop with the other

Recent history suggests that, unless totally neglected, or misled, most clients won’t fire their advisor.

But that’s partly because the economic climate, and the markets, in the U.S., have been strong for well over a decade.

So why should advisors double down on service if historically there’s been so little risk of losing large numbers of clients to competitors?

In Allworth’s latest practice management column for InvestmentNews, the case is clearly laid out that these are anything but “normal times,” and, in the face of a declining market, inflation, and the vestiges of a seemingly never-ending pandemic, that most advisors need to improve their client communications.

From the article….

You probably know that once a client selects a financial advisor, they rarely leave. In fact, according to McKinsey & Company, client retention rates hover right around 94%. 

Given the loyalty clients show toward their advisors, it’s understandable for you to wonder, “Why should I put more effort into a client experience program?”

Because things change.

Those ‘things’ could be anything from new competing technologies, continued industry consolidation, jarring market volatility, or as we’ve all seen, a pandemic. The point is that we must acknowledge two things: First, the role client experience plays in how we guide families through good times and bad, and second, the role a proactive approach plays in how you deliver that experience.

Here are three key elements of a client experience program and why they matter for you and the people you serve.

Read the full article at investmentnews.com