A recent study released by Family Office Exchange (FOX) found that wealth advisory firms are further standardizing the way that they deliver services, much like an Apple store. Things like automating processes, eliminating service inconsistencies between offices and regions, and designating teams to be responsible for process improvements and consistency are all new initiatives.
"Standardization can help advisors become more efficient, while giving firms a more sustainable business model over the long term," said David Lincoln, FOX managing director of research.
As reported in an AdvisorOne article, the study, "Enhancing the Client Experience," found that firms are doing more to bring the client experience to life in the sales process and are showing greater sensitivity in the way they treat clients in everything from responsiveness to scheduling meetings.
This report is a follow-up to a FOX study from last year, which showed that the need for growth was leading wealth advisory firms to stronger sales cultures and reinvigorated sales efforts.
Lincoln added that, "One of the big final frontiers for differentiation is creating ‘a service experience,’ much like, for example, a consumer receives when shopping in an Apple store."
Specifically, wealth advisors' products vary little from one firm to the next, and are thus adopting a more involved needs assessment in the sales cycle.
While Lincoln's advice was aimed towards financial and wealth advisors, every company should take note, as quality customer service is vital for all businesses to thrive. A third party answering service is already aware of ways to enhance the client experience, and will keep customers feeling important through all forms of communication. Through phone conversations or the use of a text messaging service, clients will always be able to access a friendly, informative customer service professional.