In the world of financial services, referrals are the gold standard for acquiring new clients. They come with the “borrowed trust” of the referring friend or family member and typically meet the minimum AUM requirement because they run in the same circles as your current clients. With the rise of AI clogging up other forms of digital communication, the value of a referral is increasing. So, do you need to wine and dine your best clients to get more referrals? You can if you want, but it all starts with providing an exceptional client experience.
Personalized Communication
Understanding your clients’ needs, preferences, and life goals is the cornerstone of personalized communication. This means going beyond the numbers to truly get to know your clients. Regular check-ins are crucial. These can be scheduled quarterly reviews or informal touchpoints just to see how things are going.
Tailored advice based on these interactions makes clients feel valued and understood. When it comes to the client experience in wealth management, it’s about making each client feel like they are your only client. For example, if a client mentions a significant life event, like a child going off to college or an upcoming retirement, make a note of it and follow up with relevant advice and support. This level of attention builds strong, trust-based relationships.
Mario and I attended a conference last year where one of the guest speakers spoke about creating an unforgettable client experience and there was something she said that really stuck with us. She said, imagine if your client could rate you on a scale of 1-10 after every interaction, sort of the way you can do with Uber. Would that client give you a high rating? If you’re doubtful or saying no, it might mean some adjustments should be made to how you do things. Sure, maybe it is because you don’t have enough time or are busy trying to onboard that new hire or have surge meetings coming up. But think about this when you meet with your clients: “How can I get a 10-star rating every time?” Now, we know this is shooting for the moon, but hey. At least if you shoot for the moon and miss, you’ll land among the stars. Small improvements over time can make all the difference.
Streamlining Processes
Efficiency is another big one. It is the key to providing a high level of service without burning out. How are you using technology to handle routine tasks such as scheduling, document management, or logging meeting notes? Having the right technology not only saves time but also reduces the likelihood of errors.
Implementing a robust CRM system can help you keep track of client interactions, preferences, and important dates. Automation tools can send out reminders for meetings, birthdays, or important financial deadlines. By streamlining these processes, you can free up time to focus on what really matters: building deeper relationships with your clients.
Proactive Client Management
Anticipating clients’ needs and addressing potential issues before they become problems is a hallmark of exceptional service. This means staying ahead of market trends, regulatory changes, and other factors that could impact your clients’ financial well-being. But regularly reviewing and adjusting your clients’ portfolios can be a huge vampire on your time. Not to mention sending out timely updates and insights that are relevant to their specific situations. For instance, if a new tax law is about to be implemented, you may want to inform your clients in advance and advise them on how it might affect their financial plans.
But let’s be honest, this is yet another task on your growing to-do list and you already wear so many hats. And from a numbers perspective, hiring in-house isn’t always the best answer. In fact, there are fewer cases where hiring in-house outweighs using an Outsourced CIO to fill those gaps and open time on your calendar. Imagine having a go-to partner to answer questions you might not know the answer to (and won’t be able to find without hours of research). With East Bay, our clients are able to access a private library of information to use at their disposal, either for their own edification or to share with their clients. And in some situations, our advisors even ask us to sit in on meetings when they are super keen on the investment topic the client is interested in learning about. There are simply so many ways that we can support advisors when it comes to investment management and client education and support. In short, hiring an OCIO provider like East Bay is one of the most proactive moves you can take.
Creating a Welcoming Atmosphere
Every interaction with your clients should be pleasant and professional, whether it’s in person or virtual. This starts with creating a welcoming atmosphere in your office and extends to your online presence. Ensure your office space is comfortable and inviting, with amenities like refreshments and a pleasant waiting area.
For virtual interactions, invest in high-quality video conferencing tools and make sure your online portals are user-friendly. Promptly return calls and emails, and always be courteous and respectful. A welcoming atmosphere helps clients feel at ease and reinforces their decision to trust you with their financial future.
If you’re unsure if your virtual space looks professional, there are a ton of resources on YouTube about how to look like a pro on camera. With a few small upgrades like adding a ring light or investing in a microphone, you can really improve the look and feel of your virtual client and prospect calls.
Delegating and Elevating
Delegating and elevating is about focusing on what you do best and delegating the rest. For many advisors, this means concentrating on financial planning and client relationships rather than getting bogged down in the minutiae of portfolio and investment management. If you want to focus solely on planning without wasting hours on researching,, and adjusting portfolios, an Outsourced Chief Investment Officer (OCIO) might be the perfect solution. An OCIO can handle the complexities of investment management, allowing you to dedicate more time to your clients and deliver a higher level of personalized service. This not only improves your efficiency but also enhances the overall client experience. Less falls through the cracks and clients grow ever more confident in your ability to serve them.
Benefits of Working with East Bay Investment Solutions
By prioritizing personalized communication, streamlining processes, being proactive, creating a welcoming atmosphere, and embracing the concept of delegating and elevating, you can significantly elevate your client experience. When clients feel genuinely cared for and well-served, they are more likely to share their positive experiences with friends and family. This leads to a steady stream of high-quality referrals, helping your business grow sustainably and with the right kind of clients. An exceptional client experience not only fosters loyalty but also transforms your clients into enthusiastic advocates for your services.
If nothing else, our clients are very vocal about how we’ve improved their client experiences and helped them grow.
“I will say from the beginning East Bay exceeded my expectations, and I feel the value you provide to my clients has only increased as my firm has grown. My firm’s AUM has nearly tripled over (our first three years together), and I’m sure East Bay has been part of the reason why.” – David M., CFP®, Founder
In response to our communication about Silicon Valley Bank collapse
“I just wanted to follow up and let you know that we all found your timely SVB piece to be very valuable. As you know, we turned it into a blog post and sent out comms to our clients- all with a quicker turnaround than normal. We are looking forward to using more of your content as we dig more into our own marketing and communications push. Steve in particular mentioned how much he enjoyed how clearly and simply this recent piece was written.” – Aaron B., CFP®, CPWA®
If you’re ready to get back to planning and improve the great client service you’re already providing, let’s talk. Schedule your complimentary intro call to learn if we’re right for you.
Or, if you’re not sure you’re ready, simply take our “Is an OCIO Right for Me?” Quiz here.
We look forward to welcoming you into the East Bay community.
These testimonials are from current or past East Bay clients who were not compensated for their testimonials and no conflict of interest exists between these clients and East Bay Investment Solutions.