FVP Holdings
12 Ways To Provide Optimal Customer Service As A Finance Professional
31 Aug 2020

Customer Services

1. Admit When You’re Not An Expert

Advisers need to do a better job listening and then address the issues. Collecting all data and asking questions is important. If you don’t have the technical knowledge, ask for help. Admitting you are not an expert in every area, but finding experts who can help adds credibility and trust to what you already do. Keep the client involved, and remember — great communication is critical.

2. Consistently Communicate

Communication is one of the biggest reasons customers will leave you for the competition. Make sure they always know you’re there and you’re paying attention. Send a short note regarding a recent economic event, news of a new hire at your firm, or even bad news, just keep them in the loop. Customers want to know what’s going on, so make sure you’re consistently communicating with them.

3. Show Them You Care

In today’s highly competitive world of financial advice, clients care more about how much you care about them. If the only thing to discuss is the market, your clients will lose interest and may look to an adviser focused on the bigger life picture. It is the job of the professional to stimulate the imagination of their clients to help them live to the fullest, not generate the highest returns.

4. Dedicate A Service Team For Existing Clients

It’s easy to spend a lot of money on getting new clients. However, you shouldn’t forget the clients who have already shown faith in you. Hire some help or build a team that is focused solely on existing clients, so that those clients get high priority when they phone you or reach out for help. Have that team check-in with clients on a regular basis to see if there are any questions or needs.

5. Don’t Hide Behind Emails

In the always-connected world, we live in, it is easy to think you are maintaining a relationship because you sent an email or a text to one of your clients. We all have stories about how an email sent or received was misinterpreted. Whenever feasible, make an effort to sit down face to face with people who are paying you for a service. At the end of the day, people do business with people, not corporations.

6. Know Your Client

It sounds simple, but most financial professionals handle their clients with a cookie-cutter philosophy. A client that has $200,000 in assets has different needs and goals than the client with two million, 20 million, and so forth. Your clients will appreciate your personal service and know you care about them. Most importantly, the results will show in your performance.

Customer Services

7. Ask For Feedback

Each year, we host a dinner for our clients where we ask for feedback on their client experience. It gives us an opportunity to hear about improvements we can make in communication, technology, events, and other services. It shows our clients that we value their opinions and builds trust, which strengthens our relationship with them and ultimately helps us bring on more clients in the future.

8. Start By Defining Superior Service

Before we can create a sustainable differentiation through superior service, we have to first make the effort to clearly define and articulate what constitutes superior service. Then we have to make the investment to demonstrate to potential clients that the service they are about to receive is worth paying a premium for.

9. Have A Custom Approach

People have different definitions of great service. Financial professionals must understand what great service means to each client and tailor their approach. Some don’t want to hear from their adviser unless there’s an issue, others like frequent contact. Some prefer impromptu meetings via video, others prefer in-person quarterly meetings. Customization is key to providing great service.

10. Invest In Technology

Investing in technology to simplify your processes is key. Having the right tools and resources available is crucial when maintaining ongoing client relationships. When you invest in technology that makes it easy for your team to communicate and provide quality service to clients, you’re also investing in their professional success. Their success equals company success.

Customer Services

11. Be Proactive

You need to be proactive. As an example, review your databases for file size and corruption periodically so you can prevent issues before they become an actual problem. Another way is to periodically monitor your numbers. If you are getting off-track, you need to see it and pivot quickly.

12. Offer A Single Point Of Contact

Regardless of the size of your team, and no matter how many people may be working on an account at any given time, clients should always feel there is a dedicated person taking full responsibility for their account and their concerns. It’s too easy for clients to feel they’re getting the runaround if they keep being passed on to different individuals or departments. Eliminate that risk.