Expert: Tom Hawkins, Charles Stanley Facilitator: Ben Wright, Change Squared
Headlines:
- What advisers think be very different to clients, so it’s important to ask clients them directly. This could be via a survey or by creating an advisory board which brings a client to give an end customer perspective
- Client segmentation is much more about life stage than level of wealth. A good CIP should have segmentation based on clients’ needs not the level of investments they hold with the adviser
- Transfer the relationship from the adviser to the firm to create consistent delivery of services and brand loyalty. If the client perceives their relationship to be with the firm, it also helps protect client base against retiring/leaving advisers and increases brand loyalty
- To get a consistent client experience that seems natural, script 90% of the client journey, but leave 10% open to the individual advisers to put their flair on it
- A good outcome is one that meets the expectations – take time to set clear expectations with clients and then deliver the agreed outcomes
Discussion points:
During the introductions from everyone, and regularly through the roundtable discussion, we heard how lots of advisers are now starting to focus more on how they communicate and support their clients.
Advisers see there being opportunities to communicate with and support clients in better ways through the delivery of Consumer Duty implementation plans. Many are creating videos and podcasts with creative/punchy titles to share updates and useful insight with their clients.
Advisers are also checking in with clients more frequently to ensure their clients do understand the personal recommendations and advice that is being given.
Key takeaways:
- Now is the time for advisers to review the consistency of their client experience and advice and service offering. Make sure to ask clients as part of the research process and ask for feedback along the way
- There is no action for government/regulator – this is in the hands of firm owners
- Advisers and clients think differently – make sure you ask your client what they want
