November 15, 2023
5 Tips for Maintaining High Satisfaction
During the holidays, we hear words like “merry,” “joyful,” and “cheer.” These words, as financial advisors, are synonymous with what we want to hear from our clients about the relationship we have with them. So, in the spirit of the upcoming holidays, I want to close out 2023 with five tips for delivering and maintaining an exceptional client experience and satisfaction:
- Set Clear Expectations Upfront
Begin the client relationship by clearly outlining what they can expect from you and your services. Provide details on how you will work together, communicate, and evaluate progress. Make sure clients understand your offerings, fees, and value proposition. Setting expectations prevents surprises down the road. For example, a best practice is to document your services and your client’s preferences in one of your first meetings.
- Maintain Robust Communication
Schedule regular check-ins based on the client’s preferences to discuss their financial situation, goals, and your progress collaborating. Communication should go both ways—solicit feedback and address concerns promptly. Try using video in addition to the phone for convenient yet personal touchpoints between formal reviews.
- Demonstrate Expertise and Trustworthiness
Back up your advice and service with substantial expertise. Continue building financial acumen through ongoing training and education. Foster trust by always putting client interests first, avoiding conflicts of interest, and maintaining confidentiality and professionalism. Your capabilities and character keep clients confident in you. Don’t be shy in sharing new designations and continuing education. And when you are quoted in the press, promote it in your email newsletters and social media.
- Deliver Personalized Guidance
Make recommendations tailored specifically to each client’s unique goals and needs—no cookie-cutter plans. Get to know their priorities, values, risk tolerance, and life circumstances. Help clients feel understood as an individual. Personalization demonstrates you have their best interest in mind. According to Forrester’s US Customer Experience Index for wealth management in 2022, wealth management clients say the most important elements of a firm’s customer experience are relationship management, personalized advice, and easy access to information
- Commit to Continuous Improvement
Consistently look for ways to enhance your client service. Monitor satisfaction through surveys and net promoter scores. Ask for feedback on how you can improve. Invest in better technology, resources and skills. Setting a mindset of continuous improvement shows clients their experience matters.
Keeping clients satisfied for the long-haul requires understanding and meeting their evolving needs. Follow these tips to exceed expectations, build loyalty, and make sure your clients won’t dream of going anywhere else.
