Personalization is a key element of improving the client experience. People expect to receive recommendations based on previous purchasing behavior, they expect to receive services personalized to their needs, and they expect to be treated as an individual rather than just another faceless consumer.
The keyword is “expect.” Personalization is no longer optional. Consumers expect personalization and the organizations that don’t deliver will suffer for it.
But how can you personalize the client experience? After all, you’re a financial advisor, not a multibillion-dollar company. The good news is that it doesn’t take a lot. Here are a few tips to help you personalize the client experience.
Put the Client First
No matter what you do, your client always has to come first. While the idea of knowing your client has been an essential part of the financial advisory world for ages, you have to take things a step further than tradition.
This is because the accepted policy is to understand a client only to the point of understanding what investment would be suitable for them. However, to really create a personalized experience, you need to know much more.
You must learn what drives your clients. You need to understand their aspirations, their motivations, and their fears. Only then can you create a truly personalized experience that will boost client loyalty to the point where they will become your advocates.
To gain this knowledge, though, you will have to develop a strong relationship with your client that isn’t limited to advising them on transactions and executing the ones they agree with. You need to actually get to know them on a personal level.