Expert: Vincent Tiseo, Goldman Sachs Asset Management International
Facilitator: Roderic Rennison, Rennison Consulting
Does Client Service = Client Experience? No! They are very different.
Service is King! The major reason why clients hire or fire (sack) their advisers is due to service:
Question 1: How do you build a great Client Experience in the Digital Age? (Group Discussion)
Digital will be the #1 Growth strategy for wealth managers over the next two years. Yet 75% report their strategy is lacking.
(Source: Salesforce, Financial Services Cloud, 2017)
Why should you (the adviser) care?
- 58% of an Adviser’s time can be digitized with AI (artificial intelligence)
- 57% of the financial services sales happens on-line, before they meet a live person
- HNW Demand. Advisers spend 55% of their time on client-facing activities. HNW investors demand more (closer to 80%)
*(Sources: Value of Premium Wealth Management (Adviser), CFA Institute, 2017
Digital (defined and usage)
- Client
- Adviser/Firm
- Website
- Social Media
- Adviser primarily uses to “push” information
- Clients primarily uses to “pull” information and also “share” info with others
- Robo Advisers- not really a threat; more of an efficiency strategy for firms
Question 2: How are you enhancing the Client Experience? (Group Discussion)
- Enabling clients to transact online
- Look and feel of websites
- Facilitating client preferences
Question 3: What types of digital strategies are you employing? (Group Discussion)
- Virtual Groups
- Events
- Facilitated Meetings
Social Media use is increasing
- Firm Uses:
- Brand Building
- Education
- Attract Clients
- Client Uses:
- Communications channel that they can control
- Content is user-generated
- Examples: Shared experiences, finding an adviser, adviser reviews
Websites
- What constitutes a great website?
- Everything in one place
- The joining experience
- Ease of navigation
- Being “benefit rich” and feature poor
- Treating everyone fairly but not equally
Summary of digital Advantages
- Helps to build a great Client Experience
- Better Connection and communication with clients (especially the next generation)
- Markedly increases advice delivery. ADVICE is what clients ultimately pay for, value, and appreciate
- Gives you time to focus on being a great “Financial Therapist”
REMEMBER:
Strive to be HIGH TOUCH and HIGH TECH
