What Do Your Clients Expect From You?

What Do Your Clients Expect From YouClients have come to expect a certain level of service, accessibility, and responsiveness in their day-to-day lives. Consumers’ increasingly digital lifestyles are changing traditional customer service models more than ever. Mobile access now offers the opportunity to deliver highly personalized customer service experiences 24/7. That said, you can expect the future client base to be more diverse, as they become more mobile.

Investors expect transparency with their advisors and expect to be heavily involved in decisions about their investment strategy.

Financial advisors can use technology to enhance their overall value to their clients. By enabling advisors to have the ability to access and share information while connecting with clients in real-time and on-demand they will increase their position of strength with their clients. This technology can also provide an important new level of transparency for investors. New solutions, such as e-signatures and portal-based performance reporting, give investors a direct line of sight into their finances, including how their advisor is implementing advice and overall progress against long-term goals.

Understanding what your clients expect from you is just as important as planning for the next generation of investors. Are you ready to meet those expectations?

Whether it is creating a robust online presence through websites for your firm or harnessing mobile and cloud technology which will allow you to adapt and deliver service the way these clients expect it, now is exactly the right time to focus on the future with regard to building the overall strength of your firm.

Planning for the next generation of investors is important because much of the industry’s current success has been built on a now aging population. According to Financial Advisor Magazine, nearly 70 percent of financial advisor’s clients are retired or expected to retire within the next 10 years and, among this group, 63 percent are drawing down their portfolios, including principal. At the same time, there is $16 trillion in wealth transfer expected by 2050 and, more than $3.5 trillion is already in the hands of millenials and Generation X.

Another caveat: By 2020, women will control nearly $11 trillion, with 70 percent of the expected $16 trillion in wealth transfer handed over to women[1]. Therefore, clients will be more racially and culturally diverse, too.  If you don’t have anyone in your firm who resembles another ethnic group or another background — half of our client firms don’t have a woman in an advisor or leadership role — this is really going to be challenging.

How can you prepare to give your clients what they expect? Advisors need to take active steps at the individual firm level to be out in front of this opportunity.

There are four key ways for financial advisors to position their firms for success:

Make yourself known by developing a clear firm value proposition and then communicating your value proposition across your network.

Demonstrate how you are different. Millennials and Generation X investors are looking for an advisor who can build a trusted relationship based on empathy and understanding of the whole person, not just their financial goal. Identify, acquire and develop the right talent to connect with and understand the new generation of investors.

Ignite changes happening within your firm. You have an opportunity to lead and shape everything from relationships to new models to emerging technologies. You have helped make this industry what it is today have the opportunity to apply your experience to the coming changes to ensure a vibrant future for your firm.

For more information on Summit Brokerage Services, visit www.joinsummit.com or contact us at (800) 354-5528.

This blog and website are for informational, educational and discussion purposes only, and the owner of this blog makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. Summit Brokerage Services, Inc., Summit Financial Group Inc., and any of their affiliated entities and principals are not a law firms or an accounting firms, or substitutes for an attorney or accountant. Although topics may be discussed on this blog that may involve legal, accounting, or investment issues, nothing on this blog shall be deemed to constitute the practice of law, legal advice, investment advice, and/or tax advice. Summit Brokerage Services, Inc., and its affiliates do not, and cannot provide any kind of advice, explanation, opinion, or recommendation about possible legal rights, remedies, defenses, options, selection of forms or strategies. The content on this blog is “as is” and carries no warranties. You should consult an experienced professional regarding tax consequences of specific transactions.

No reader should act in reliance on anything discussed in this blog without prior consultation with a licensed professional who is qualified to evaluate the reader’s individual facts and circumstances and offer an informed professional opinion with respect thereto. If any reader takes action or makes decisions based solely on the information on this blog without prior consultation with a qualified, licensed professional, the reader does so at his or her own risk and agrees that Summit shall have no liability resulting from such unilateral action or decisions by the reader.

Summit makes every effort to provide accurate and truthful information in its posts on this blog, but in no way expressly or impliedly warrants or guarantees the accuracy of its postings and/or the information posted here by others. All information is believed to be from reliable sources, however we make no representation as to its completeness or accuracy.

Summit may, on occasion, post links to information maintained on other websites. Such links and the information thereon are not under Summit’s control.  The mere appearance of a link to a third party site does not mean that Summit has undertaken a review or approval of the link and/or its contents.  Readers must treat information from third party links at the reader’s own risk, and Summit accepts no liability with respect to such third party information. Please note that the third party’s privacy policy and security practices may differ from Summit Brokerage Services, Inc., Summit Financial Group, Inc. and its subsidiaries’ standards. We assume no responsibility for nor do we control, endorse or guarantee any aspect of your use of the linked site.

[1] ThinkAdvisor, November 6, 2014: Schwab’s Hathi: What Clients Expect Now.

Stay Connected

Subscribe to Summit Brokerage

Personalized Industry Newsfeed For You

Thank you. You are now subscribed.

Close

Thank you. We will get in touch with you shortly.

Close