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“The only way to know how customers see your business, is to look at it through their eyes.” – Daniel R. ScrogginService means different things to different people. Service is also a tangible experience, which can range from poor to excellent. In the financial services industry, service is critical to retaining loyal clients. It is largely the foundation on which a partnership with the client is built, and it is this partnership that is crucial for long-term client retention. With a partnership, communication is enhanced, which builds trust. The greater the trust, in turn, the more information the client will disclose and the more accurate the adviser’s advice will be.
Clients need to feel that they are part of an organisation that cares about them and their money. The service experience starts at the financial planning process, where the financial adviser and client agree up front on a financial planning strategy. The process from the planning to the actual realisation of the financial plan needs to be smooth and professional.
With today’s rigorously regulated environment in which the financial adviser operates, the financial planner has to be confident that the service standards of the product provider are best for both them and their clients.
When the financial adviser and product provider can deliver the expected service to the client, the client’s experience is positive and warm.
Service for clients also needs to be ongoing. Clients need to feel as if their money is being looked after and that they constantly remain top of mind with their financial adviser. Ongoing service could involve small gestures such as phoning clients for their birthday, enquiring about their families and their health.
Ongoing service further entails initiatives that add value to clients and show that they still are involved in the financial planning process, such as presenting clients with regular articles and presentations on market trends.
Annual reviews of the financial plan are critical, where the financial adviser and client meet to assess the plan for relevance and necessary changes. Such initiatives maintain the clients’ sense of value and show that they are part of a professional organisation that keeps them in touch with their money and financial affairs.
Forming partnerships
Partnerships between the financial adviser and product provider are as critical as client partnerships. They are key for the product provider to understand how the financial adviser’s business operates, its business philosophies and strategy, its specialisation and client focus, and what it requires from the product provider in terms of product and service.
The product provider also needs to understand the end client’s expectations from the financial adviser. The product provider’s service is not measured by how many times financial advisers are visited, but by the value the product provider can provide to the financial adviser, which will ultimately be passed on to the clients.
With today’s technology, it is easy to become distant or complacent, as communication via e-mail and SMS often replaces communication in person. While a functional business needs a strong technological foundation, we must never lose sight of the importance of personal contact – be it with the product provider and financial adviser, or the financial adviser and client.
There is still nothing quite like receiving a handwritten thank-you note or birthday card. There is no replacement for personal relationships. This is an ongoing balancing act between the appropriate use of technology and service with a personal touch.
In summary, the key to excellent service is about the right balance. Long-standing relationships and partnerships are based on trust, good communication and consistent delivery of excellent service.
Cassandra De Nobrega
