Each time an advisor interacts with a current or prospective client, that experience impacts the relationship’s conclusion—will the current client stay with you, and will the prospective client come on board. The entire client experience (CX), a significant predictor of business development, is made up of these individual moments. Healthy customer connections provide advisors with lasting strength and renewed marketability. Client satisfaction (or dissatisfaction) has a direct influence on the bottom line.
The pandemic turned the CX upside down. The pandemic was, and remains, a scary time for us all, especially for those who invest in the market. Many advisors faced frantic emails and phone calls from clients when being able to meet in person was not an option. But advisors, like their clients, adapted and learned a lesson or two about the everchanging client experience along the way. Here are four lessons learned by advisors as a result of the pandemic.
1. Embrace the Technology
Before the pandemic, advisors relied on inviting office spaces and hosting in-person events to enhance connections with both current and prospective clients. Since the pandemic, both advisors and clients have had to rely on technology and remote tools to keep in touch, and that trend still remains. Clients have realized they don’t need to wait to come into the office to meet with their advisor—they are just a video call away! Advisors need to keep using these tools if they want to continue to be competitive. Remember, location doesn’t matter as much now as clients are happy to work with advisors remotely.
2. Explore the Unthinkable
If the pandemic has taught us anything, it’s that we need to plan for the unthinkable. When meeting with clients, explore areas of previously invisible risk; have your clients think long and hard about the “what ifs” based on their circumstances and what they’ve learned during the pandemic. Then work with them to develop measures to mitigate these previously unthinkable events, so they are less likely to become a problem in the future.
3. Go the Extra Mile
As an advisor, it is in your nature to be helpful, but now, more than ever, you may need to provide assistance and advice that falls outside the traditional advisor-client relationship. Many clients have been through a tough time financially due to the pandemic—jobs lost, savings depleted—and they are afraid and feel alone. Sometimes you need to forget about the financial planning part of your work with clients and think about the human connection. So, pick up the phone and call your clients you know are struggling just to check in. Or pass your client’s name along when you know of a job opening that may be a good fit. Your clients will remember all the little extras, and this will strengthen your relationship and their trust in you when it comes to the financial part of your job.
4. Take Care of Yourself
Another thing the pandemic has taught us is that self-care is essential. And, yes, taking care of yourself has an impact on the CX. You certainly can’t take care of your clients’ needs if you don’t take care of yourself. Some self-care tips include eating healthy, exercising, get enough sleep, making time for family and friends, and trying to incorporate something you love doing every day. Making self-care a priority will reflect in your overall happiness, which will make you more motivated when working with your clients. Clients like working with an enthusiastic advisor. ☺
At Visio Wealth Partners, we understand the challenges of being an advisor in this post-pandemic world. We can help you navigate the “new normal” and provide you with the tools you need to enhance the client experience and gain more clients. We’re hiring! Want to learn more about joining our team? Contact us today.
