Recently I attended a Broadway musical and it was a wonderful experience…the performers, musicians, stage and lyrics created a magical experience that will stay with me for years. Although Broadway tickets are certainly not inexpensive, I was willing to pay the high price for the experience, and I think it was worth ten times the ticket price. I think a Broadway production is similar to the financial services industry in that both want to offer an amazing customer experience that will positively impact the individual’s life. And both can deliver excellent performances thanks to practiced-to-perfection consistency.
A Broadway show would not succeed if the performances were inconsistent. Critics would certainly give negative reviews. Similarly, as a Financial Advisor, if you are delivering an inconsistent experience for your clients you are unlikely to receive good reviews or referrals from them.
A positive client experience is derived from a well thought out and consistent process that takes a client from first handshake to a long-term, mutually beneficial relationship. And it starts with your onboarding process.
Review these steps to ensure you have a structured, consistent process for onboarding new clients and give it all the excellence of a Broadway show.
Identify your process. The first thing to recognize is that onboarding a new client is the beginning of the process and the relationship. I recommend writing all of the steps required to achieve the intended result. Identifying the tasks improves clarity of each step and displays a framework to follow. What do you want your clients to know about you and how you run your business? How can they expect to work with you going forward? What are the most important items you want your clients to understand early?
Don’t overdo it with the details. It’s important to create an onboarding process that can be followed with consistency. Unnecessarily elaborate and extensive processes can become overwhelming, fail to add value, and worse, instill a lack of confidence with a new client. Pick a process you can stick to that works for you.
Price is only an issue in the absence of value. In today’s financial advisor world, it’s easy for a client to see how much they are paying for the products and services you are providing. It’s critical for you to clearly display the value you are providing your clients. One of the best ways to lay the foundation for a meaningful relationship is to explain your role and what you will deliver, set reasonable expectations and clearly identify how you get compensated. If you are doing this with every client from the beginning, then you are setting a high standard of value for your client.
Realize this is a pathway to success. Having clear and logical processes is something that highly successful financial advisors have in their practice. It allows them to remain flexible in our ever- changing environment. You will also realize your clients crave the consistency of your processes and appreciate your reliability. The more you can automate in your practice, the more you can ensure tasks and responsibilities are being completed accurately and on time.
By providing a consistent, clear, and thorough onboarding process, you elevate the client experience to something of excellence. Then, like Broadway, you too can command a top ticket price, earn those glowing reviews, and gain repeat followers and referrals. Be like Broadway!
By Ryan Tingey
Investment Program Manager
Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”) or Sorrento Pacific Financial, LLC ("SPF"), registered broker-dealers (Members FINRA (www.finra.org) / SIPC (www.sipc.org)) and SEC Registered Investment Advisors. Products offered through CFS and SPF: are not federally insured, are not guarantees or obligations of banks or credit unions, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS or SPF. Credit Unions and Banks have contracted with CFS and SPF to make non-deposit investment products and services available to credit union members and bank customers.