January 6, 2020 / by Don Connelly / Managing the Relationship / 0 comments
Great client service should be a given. But according to a recent study from Cerulli Associates, less than a third of advisors strongly agreed that their practices go above and beyond to serve their clients, or that their clients offer repeatable and consistent client experiences.
At the same time, 72% of advisory firm principals say client service is a key differentiator.
Folks, if 72% say great service is a differentiator, it’s no longer a differentiator. It’s now the industry standard.
That said, some firms are clearly doing a better job than others. And those are the firms that are attracting bigger clients, with more assets to manage.
Let’s have a look at what they do differently and what are some key components to delivering great client service.
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For Clients Expecting 5-Star Service, Exceptional Communications Is Not Enough—Proactive Communication Is the New Standard
December 5, 2022 / by Don Connelly / Managing the Relationship / 0 comments
Top financial advisors understand that superior client communications are paramount to building a successful practice. That is supported by a widely published survey by Financial Advisor Magazine, revealing that 72% of clients cite poor client communications as the number one reason they leave their financial advisor.
If 72% of clients expect exceptional client communications as a condition for staying with an advisor, it’s no longer a differentiator—it’s merely table stakes for advisors who hope to compete for their business. So how can financial advisors who do focus on elevating the client communications game stand out to clients with higher expectations of what five-star service should look like?
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How to Provide the Level of Service Clients Will Talk About
September 19, 2022 / by Don Connelly / Managing the Relationship / 0 comments
By now, financial advisors with any ambition of success know that the only way to stand out in a vast sea of sameness is by providing an extraordinary customer experience—one that can turn your clients into stark raving fans. To do anything less relegates you to the ranks of every other advisor who prides themselves on providing “excellent service” to their clients. “Excellence” is now a minimum expectation of clients who have been raising the bar for advisors for the last decade.
So, what is an extraordinary client experience, and how can advisors consistently deliver it? The challenge for advisors is there is no standardization for delivering superior client service. One client is different from the next in how they view the level of service provided. The level of communication and engagement that suits one type of client may fall short for another type.
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4 Reasons Financial Advisors Should Invest in Education and Self-Development Early On
May 11, 2020 / by Don Connelly / Best Practices / 0 comments
“If a man empties his purse into his head, no man can take it away from him. An investment in knowledge always pays the best interest.”
— Benjamin Franklin
Warren Buffett is perhaps the most successful investor there ever was. Not from just one or two big hits, but from a long string of investment successes over more than six decades. But he didn’t get where he is now without studying very hard at Wharton, then at Columbia, where he studied with the legendary Benjamin Graham.
Further, like a Roth IRA, self-development pays off the most when you do it aggressively early in life. The benefits of learning and knowledge compound over time (as long as you keep learning).
Here are four reasons why you should start investing in education and self-development as early in your Financial Advisor career as you can.
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The 4 Pillars of Great Client Service
January 6, 2020 / by Don Connelly / Managing the Relationship / 0 comments
Great client service should be a given. But according to a recent study from Cerulli Associates, less than a third of advisors strongly agreed that their practices go above and beyond to serve their clients, or that their clients offer repeatable and consistent client experiences.
At the same time, 72% of advisory firm principals say client service is a key differentiator.
Folks, if 72% say great service is a differentiator, it’s no longer a differentiator. It’s now the industry standard.
That said, some firms are clearly doing a better job than others. And those are the firms that are attracting bigger clients, with more assets to manage.
Let’s have a look at what they do differently and what are some key components to delivering great client service.
Read more
Making Your Service Memorable
July 30, 2018 / by Don Connelly / Storytelling, analogies and power phrases / 0 comments
Let’s talk about outstanding service. That’s the rare commodity in this country. Americans have forgotten what good service is. People around the world have forgotten what good service is. And I’m telling you, if you want to outperform the competition, don’t have just good service, make your service memorable; service people will talk about.
Listen to the audio or read the transcript below to learn Don’s thoughts on memorable service.
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