The Power of the Client Service Experience

Date: Aug 29 2012

Charlie Grace, Senior Consultant

I will be conducting our Wealth Advisor Master Class next month with FOX Founder and CEO Sara Hamilton. Much of the program will focus on the sales and service models of elite wealth advisors serving the ultra-high-net-worth market, so I’ve been thinking a lot lately about how firms compete and differentiate themselves.

FOX recently published an interesting study looking at key trends in the structure and operation of integrated wealth advisory businesses. The study found that while product offerings were similar from firm to firm, there was one final frontier in the realm of differentiation: client experience.
Top wealth advisors are increasingly seeking more standardized models of service delivery, while trying to bring the client experience to life in their sales processes. They are taking a number of steps to create more efficient and consistent service models, including:
  • Implementing new technologies
  • Establishing process improvement teams to eliminate service inconsistencies between offices and regions
  • Beefing up support resources to maximize the effectiveness of their advisors 
In addition, they are making a conscious effort to display their service proficiency in the sales cycle by exhibiting a "white glove" approach in everything from scheduling appointments to answering inquiries. In doing so, they give prospects an opportunity to test-drive the client experience.
The end result? Industry leaders are setting themselves apart by crafting the kinds of unique client experiences consumers routinely find at major retailers like Apple or Nordstrom. The industry leaders are finding ways to make the value of integrated services, and the unique way they provide those services, tangible. And that’s often half the battle in business development.