The One Factor Every Advisor-Client Relationship Comes Down To

Across all industries, client expectations are changing. Wealth management for the ultra-wealthy is no exception.

With the advent of technological disruptors and on-demand everything, consumers now expect high-quality services that don’t just meet, but defy their expectations. This challenge is clearly a lofty one, especially for advisors servicing the ultra-wealthy community, whose members have (rightfully) come to expect world-class quality and service from luxury brands such as Mercedes Benz and Ritz Carlton.

But with the right analysis and planning, any company can improve its client experience.

“I think that, in every industry, people need to extrapolate from the examples set by client experience leaders like Zappos and Starbucks,” says Dr. Joseph Michelli, Ph.D., C.S.P., author and speaker at the 2016 FOX Wealth Advisor Forum. “But if you get right down to it, there’s nothing more personal than someone’s money, and the kind of life that that money allows someone to have. So advisors should work to develop an understanding of what their clients need to be successful, and what they can do to help those clients achieve their goals. Because if I (as an advisor) can help you achieve your well-being, then my well-being will be taken care of in turn.”

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Michelli says that developing a premier advisor-client relationship ultimately comes down to trust, and that that trust is based in part on the kind of experience your company can deliver. Essentially, firms should build “over-delivery” into their experience offering—the more that you are able to over-deliver, the more trust you’ve established.

“There’s a lot of competition in the financial services space, and to differentiate yourself, you really have to think about the total package.  It’s not just about excellence in your product and excellence in your speed of service, but it’s also about providing an experience that conveys trust and safety both now and into the future,” says Michelli. “And I believe that failing to instill feelings of trust and safety is what accounts for the gap between what companies are offering and what customers will be looking for or expecting.”

Amy Hart Clyne (Executive Director, FOX Knowledge Center) and I discussed more findings from FOX’s client experience research in our webinar, “Differentiation in the Ultra Wealth Market: How do you Construct Great Client Experiences?” The webinar is free for all FOX members and is available for purchase by non-FOX members.