Sometimes I worry that it’s not obvious why we all need to obsess about the client experience. I worry the objectives are too vague, or the cost savings or business benefits are not sufficiently quantifiable.
Then I think about it as a consumer of other services, and it reminds me that all of us must, at all times, be dedicated to a positive client experience.
Last week, I went to a routine medical appointment. First came the usual extensive collection of my personal information. With no regard for my privacy, it was collected orally and in front of everyone else in line. When that was finally completed, I was shown to an examination room. In the past, the doctor has arrived promptly and the appointment completed in 10 minutes or less.
This time, I waited 40 minutes before anyone came in. Luckily, I could pick up emails. At the 40-minute mark, a nurse arrived to explain that the doctor had just started another procedure and would be another five to 10 minutes. She provided neither an apology nor an acknowledgement of my wait.
Fifteen minutes later, the doctor arrived. She was professional, she seemed knowledgeable and she very clearly explained next steps. I had every confidence in her abilities. However, she never apologized for the wait nor the disrespect shown for me and my time.
And then it got silly. I was told to go back to the desk to make an appointment for a follow-up phone call to discuss test results. The only time offered was 9:30 in a few weeks. Then came the instructions.
I was to be ready for a call anytime between 8 a.m. and 1 p.m. The caller ID may not show the doctor’s name, and may in fact indicate No Caller ID or Private Caller — calls I tend to avoid as they often indicate scams or sales tactics. If I didn’t pick up after a second try, I would forfeit my appointment.
In addition, the reminder call that I would get a week earlier would indicate that it was an in-person appointment. I should ignore that and just know that it would be a phone appointment. Their system apparently could not recognize the difference. When I lightly joked about these instructions, the appointment-maker replied sternly that the doctor was very busy and had many patients to call and see. Sigh.
Sadly, I’m sure this experience won’t sound unusual.
Notwithstanding my confidence in the doctor’s professional ability, I was aggravated by the long delay at my appointment and stunned at how the follow-up appointment call could eat up most of a morning or more. I was disappointed that my personal information was confirmed so publicly. I was astonished that each member of the team who interacted with me was only focused on the doctor’s schedule, rather than giving a second thought to my experience as a patient and whether I had somewhere else to be (I did). If it were easier to find a doctor in Ontario, I would be looking for someone else.
Advisor lessons
Let’s bring this back to our industry. Sometimes we get complacent — we think the fact that we’re capable and confident in our abilities can overcome a lack of focus on our clients’ experience with us. We believe the cost of improving processes or tools that support clients outweighs the benefit, and that clients will stay and be happy anyway. We assume that our clients will be referrals and, better yet, ambassadors for us. But if we don’t focus on providing an exceptional experience for them, why should they?
Should we be complacent? At a time when Amazon and other platforms with which we all interact regularly are making it easier and faster to do business, why do we think our clients won’t expect similar levels of service? Why wouldn’t they be irritated when we ask them the same questions repeatedly? If a client believes we’re capable, will that be enough to overcome persistent aggravations in dealing with us?
Six suggestions for advisors and firms:
- Client centricity will save money and make money. When we don’t take the time to revisit processes regularly and leverage technology (including AI) to be more efficient, there are real out-of-pocket costs. Examples include the time spent by team members answering basic client questions or processing manual tasks. There are also lost revenue opportunities when clients aren’t delighted, including the opportunity to collect more assets from a client and be the beneficiary of their referrals.
- Don’t use our complex, heavily regulated industry as an excuse. Too many still blame a bumpy client experience on compliance — including to clients. Instead, continue to push for ways to simplify client-facing tools, processes and approach. The regulatory environment has become more flexible, and we should take better advantage of that. Too often, we just add the next regulatory response on top of our existing processes. Instead, we should redesign the end-to-end process and actively seek ways to streamline it.
- Great investment results will not satisfy all clients. Yes, some may be satisfied with grizzly service if returns are excellent, but that will not be enough for all clients. In any event, excellent returns are not consistently sustainable. And as we continue to shift from a product to an advice focus, returns are not the only things that clients value. Instead, they want to know that you understand their goals and have peace of mind that you’re helping meet them.
- Every team member counts. Each member of your team represents you and your business. Once you settle on a set of values and a culture through which to serve clients, ensure everyone’s aligned. Just one team member who doesn’t share your goals around a positive client experience will be a weak link and leave a negative impression.
- Every client counts. While it’s natural to want to treat large clients better, you should still deliver a great experience to all clients. It’s important to your brand and reputation and increases client loyalty. Satisfied clients of all sizes are more likely to send more assets and more referrals your way. And of course, you never know when a smaller client is going to become a large one.
- Think about client experience through their lens. As an expert, you know too much about your business and it’s difficult to understand the client perspective. It’s important to find a way to put yourself in the client’s shoes. There are many ways to do this, including asking clients, using co-design practices or bringing in outside help. Don’t fall into the trap of assuming every client thinks the same way you do. They don’t.
We cannot be certain that clients won’t act on their frustration with a mediocre client experience. Client experience matters. I’m almost certain that it’s easier to find a new advisor than a new doctor.