FOX has been working to determine what makes for a great experience for the client of a family office.

Throughout 2015, FOX studied more than 30 businesses across a variety of industries—including notable brands such as Apple and Ritz-Carlton Hotels—in pursuit of determining what constitutes an optimal client experience and understanding how it can apply to the family office. Our research on this topic began as a FOX Thought Leaders Council™ initiative related to a family client’s relationship with their advisors, but as we have delved deeper into the realm of family client experience, we have found that our findings may apply just as well to the service families receive from their family offices as they do to the service they receive from their advisors.

At the heart of our client experience findings are several consistent themes that professionals in other industries use to guide their client experience:

1. Great client experiences are not only designed and engineered to be consistent but provide an experience that are unique to that firm.
2. Among the best client experience brands, there is an ongoing commitment to define the experience, identify specific areas to invest in, and measure outcomes. All of this is informed by clients.  
3. Building great experiences for clients and employees have helped firms realize their vison and strengthen their culture.

Our research has revealed that, to achieve a great client experience, a firm must meet three simple tests in the eyes of the client:

1. Is the provider meeting needs in a way that proves the value of their services/products?
2. Is it easy to do business with them?
3. Is the experience emotionally engaging? (Satisfying this test is the most important to an exceptional client experience.)

It is essential to note that the order of these test cannot be broken—that is, you likely cannot have an emotionally engaging experience without the client also believing that you are successfully helping them meet their needs.

We think single family offices, too, can benefit from studying these concepts and considering the same sort of deliberate steps toward creating experiences with fellow family members. These experiences are important enough to pay attention to and can provide exceptional experiences for families and advisors that are trying to achieve their goals.

Interested in learning seven ways you can improve your family client experience? Click here to read more.