How Financial Advisors Can Use Technology to Improve the Client Experience

It costs more to acquire a new client than to keep one.

A?2020 Kitces Research report?proved this business philosophy. More than 800 financial advisors participated in a survey found the average total cost for a financial advisor to acquire a new client is $3,119 per client.

That’s a lot of money, significantly when it directly impacts your budget.

Since acquiring a new client costs thousands of dollars, why do many financial advisors fall short in creating a fantastic client experience to ensure loyalty for decades and ultimately generations?

According to the?Financial Advisor Client Experience Report by Qualtrics, clients switch advisors for three main reasons:

• high fees
• poor client service
• lack of individual attention

All of these reasons can be traced back to unmanaged or mismanaged client expectations, which are all part of the client experience.

Do not allow your financial services business to fall into this trap.

Start to think about what you can do to ensure your new client has the very best experience with you and your team – from the very start.

Onboarding is just one part of the overall client experience but can make a big difference in how your clients perceive you and your team. A streamlined onboarding process also reduces the amount of time you are chasing down paperwork, setting the relationship’s tone, and frees up your time to do other things.

If you don’t already have a client onboarding process in place, here are some key reasons to make developing one a high priority:

• A uniform onboarding process ensures that all of your business dealings with your clients run smoothly.?Because you go through the same process with every client, you will have access to organized information at your fingertips. You’ll spend less time remembering conversations and more time helping your clients achieve their goals.
• Clients feel validated and confident in their choice to trust you.?When new clients experience a well-planned, thoughtful onboarding process, they believe that you will guide them to financial success the same way. This helps ease any resistance and eliminates any worries clients might have about working with you.
• Clients know what to expect without feeling overwhelmed.?For many, wealth-building and investing are complex topics – they don’t have the years of expertise you possess. By designing a step-by-step onboarding process, your new clients can learn to interact with you to produce the best results possible.

No time to define and implement a client onboarding process yourself? Financial advisors turn to done-for-you services like OnBord to create positive, memorable client experiences without all the guesswork (and manual work).

To discover how OnBord is helping advisors like you win and keep more clients with less effort,?schedule a demo today!