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Written by: Brandon Steele CFP®, ChFC® | Mainsail Financial Group
As advisors, service is what sets us apart, is what will keep clients, and is what creates raving fans for our business. At the end of the day, we are in the people business. Providing unparalleled client service should be our primary focus and having high standards around client service is a must for all financial advisors. As advisors, we know that this is the easiest and most effective way to drive client satisfaction across the board. As a founder and advisor, client service is something I strive to improve upon each and every day with my team. Below are 5 critical areas that make the biggest impact on client service.
Going above and beyond:
Executing successful client service is not as simple as just avoiding bad experiences. Rather, providing excellent client service requires investing time to focus on consistently providing a service that surprises and delights a client. The idea is to create as many “wow” moments as possible.
Although this sounds like a giant hill to climb, it does not need to be complicated. Simply doing the easy things consistently is enough to create these “wow” moments and build a reputation that suggests you are always on top of things. These tasks can be as simple as answering emails and returning voicemails the same day, being consistent with outbound touches and follow up, or simply checking in on a personal matter. Successful client service does not need to be rocket science, but it does require consistency to create this experience.
That said, creativity with the solutions you provide to your clients can very quickly demonstrate value and set you apart. Rather than taking a client’s simple question at surface level, taking the time to do thorough research to ensure nothing is missed can pay off in dividends. If you can get creative, think outside the box, and provide the optimal solution for any client’s need, you will quickly demonstrate the level of care you put into their finances – just be careful of overcomplicating the issue.
Being proactive:
Being proactive is all about having the discipline to make the effort to get ahead of communication. This may come in the form of proactive outreach or following up on outstanding items.
Over the years I have realized the value in always being the first to reach out to clients. The idea is that with consistent, proactive outreach clients feel you are anticipating their needs. If you are doing this well, you will notice very little incoming client communication because your proactive outreach is always one step ahead. To help me stay on top of this I run a list every week of clients that have not been contacted recently. I will then use this list to call these clients throughout the week. Additionally, I carve out time in my calendar specifically for this proactive client outreach, making sure to always tie in something personal as a part of these outbound touch points.
I have realized over time that one of the most important parts of my job is also being proactive to help keep clients accountable, guide them, and follow up to be sure any action items are completed. Years ago, I felt my job was simply to communicate to a client what actions to take. I noticed a huge shift in my client relationships and retention when I shifted my framework and belief that it is my job to always be the one to tie up loose ends. A plan with no action does not help anyone. For any action steps, I send them in a follow up email and operate under the assumption that it is completely on my plate to follow up on these items for the client. I have also found it extremely helpful to schedule time every Friday to make sure I follow up with clients and help them to close any open loops.
Exceeding expectations:
Managing expectations is extremely important for sustaining long-term relationships. Often, relationship challenges stem from expectations that were not met. I have found this extremely important to remember with client relationships as well.
As important as it is to set expectations, it is equally important to be cautious of setting low expectations, as you may find the client frustrated before you even get started. I have found it important to set expectations that are reasonable but more importantly, making sure I always exceed them. If there is something to be done, sharing what you will do, when you will do it, then doing it better and sooner than you said has been key to strengthening client relationships.
Utilizing tools as a team to improve service:
If you work within a team, you are likely familiar with how this approach can improve your client service. Collaboration provides multiple perspectives, allows you to work as a cohesive unit, and collectively elevate the client experience. Having team members with set roles solidifies service standards and ensures they are met on everything from scheduling reviews, handling service requests, follow up on administrative items to communicating recommendations, and helping to tie up loose ends.
The golden rule to providing great service is to know the clients you serve inside and out. There are countless tools you can use to capture and ensure you are always familiar with a client’s personal and financial needs. If you do work in a team, the more each team member knows the client, the more the client will feel you know and care. Regardless of the tool or CRM utilized within the organization, it requires each team member to use them well to get the most from them.
Focusing on the little things:
Small things show that you value the relationship and allow clients to even become great friends. Small things come in the form of remembering details, calling instead of emailing, and bringing positivity.
To help remember details, simply taking notes and being truly interested in them will give you a leg up. This can be as simple as recognizing and being the first to say happy birthday, remembering pet’s names, calling to just say hi, or asking about kids or grandkids can show how much you care quickly.
In today’s world it has become easier and easier to hide behind the keyboard. Some client communication can be done via email, but I will sometimes catch myself sending emails when I know a call would be better. Emails can help maintain a relationship, but it is difficult to grow a relationship through email. In an effort to consistently grow a relationship, I have found phone calls much more effective. A simple phone call allows us as advisors to understand, gain more context, and have true dialogue – especially when discussing something personal, calling to say hi, or addressing a complex issue.
When communicating with a client a positive attitude should not be overlooked. Positivity can set up a relationship where clients look forward to your call or meeting with you. Of course, it is important to meet the client where they are and be empathetic during tough times. Enthusiasm is contagious and if you can leave a client with hope in each conversation and provide a path towards a brighter future, a positive attitude can go a long way.
Above all else, a focus on constantly striving to make client service better is one of the best ways to grow our business as advisors. With that said, bad service can be one of the most detrimental challenges. Bad service creates holes and a reputation that very quickly affects the entire business. Instead, focusing on improving service every week can move the needle forward consistently. The best part is all these service strategies are easy to do, it just requires the discipline to make them a priority. By simply being thoughtful about the service you provide, a focus on making slight improvements all the time, and acting on ideas to be proactive in outreach, you can significantly elevate your service and the client experience.
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Brandon Steele CFP®, ChFC® is a financial advisor, CEO, and co-founder of Mainsail Financial Group in Bellevue, Washington. Since graduating from Washington State University, Brandon has spent the last decade working to help educate and prepare families for retirement. In 2021, Brandon wrote his first book, Retire by Design, where he shares thoughtful strategies to help readers design a purposeful retirement plan. Additionally, Brandon has been featured in Forbes, Business Insider, and Puget Sound Business Journal, among others. In 2024, AdvisorHub selected Brandon as one of the Top 200 RIA Advisors to Watch and as a Fastest Growing Advisor in 2023 and 2022. In his free time, Brandon is an avid golfer and enjoys spending time with his dog, Sophie.